Section 44.88.095. Bonding limitations.

   (a) The authority may not issue bonds in a 12-month period in an amount that exceeds $400,000,000, excluding refunding bonds.
   (b)   [Repealed, Sec. 24 ch 123 SLA 1990]. 
   (c) Before entering into a lease or other agreement under AS 44.88.090(e) regarding a project for which the authority agrees to issue bonds in an amount in excess of $10,000,000, there must be filed with the authority a certified copy of a resolution of the governing body of the political subdivision of the state, if any, in which the project is to be located, consenting to the location of the project. The consent need only refer to the general nature of the project ultimately to be acquired or financed, as set out in a request of the proposed project applicant. Before entering into a lease or other agreement under AS 44.88.090(e) regarding a project, the authority shall find, on the basis of all information reasonably available to it, that
        (1) the project and its development under this chapter will be economically advantageous to the state and the general public welfare and will contribute to the economic growth of the state;
        (2) the project applicant is financially responsible;
        (3) provision to meet increased demand on public facilities that might result from the project is reasonably assured; and
        (4) the project will provide, or retain, employment reasonably related to the amount of the financing by the authority, considering the amount of investment for each employee for comparable facilities and other relevant factors.
   (d) Before adopting a resolution approving a project to be financed under AS 44.88.172 for which bonds must be issued, the authority shall, on the basis of all information reasonably available to it, make findings, with respect to the project, as described in (c)(1) - (4) of this section, and also find that
        (1) the project is economically and financially feasible and able to produce revenue adequate to repay the bonds or loans with which it is financed;
        (2) the project complies with applicable law; and
        (3) issuance of the bonds is not expected to adversely affect the ability of the state or any political subdivision of the state to market other bonds.
   (e) Before entering into an agreement to finance or to develop a proposed project financed under AS 44.88.172 for which bonds must be issued, the authority shall obtain the approval of each Regional Resource Advisory Council appointed under AS 44.88.174 or municipality in the area in which the proposed project is to be located. Approval under this subsection must be evidenced by a certified copy of a resolution of the council or of the governing body of the municipality. Before considering a resolution regarding the approval or rejection of the development or financing of a proposed project under this subsection, a Regional Resource Advisory Council shall conduct a public hearing in the region. If a proposed project is located in a municipality, the governing body of the municipality shall conduct a hearing on the proposed project.
   (f) Before entering into an agreement to finance or to develop a proposed project financed under AS 44.88.172 for which bonds must be issued, the authority shall compile and make available to the public a document that summarizes the projected economic, social, and environmental effects of the project; and, in conjunction with the Department of Fish and Game, the Department of Natural Resources, the Department of Environmental Conservation, and the Department of Labor and Workforce Development, the authority shall conduct a public hearing on the projected effects of the project.
   (g) The authority may issue bonds in an amount greater than $25,000,000 to assist in the financing of a development project under AS 44.88.172 - 44.88.177 only if approved by the legislature, excluding refunding bonds. Refunding bonds may be issued without further approval by the legislature in a principal amount sufficient to provide funds for the payment of all bonds to be refunded by them and, in addition, for the payment of all other amounts that the authority considers appropriate in connection with the refunding, including expenses incident to the redeeming, calling, retiring, or paying of the outstanding bonds, the funding of reserves, and the issuance of the refunding bonds.

Notes

Recent Bills that will modify this

HB 105 AIDEA: BONDS;PROGRAMS;LOANS;LNG PROJECT

Implemented As

3 AAC 99.100
3 AAC 99.110
3 AAC 99.120
3 AAC 99.130
3 AAC 99.135
3 AAC 99.210
3 AAC 99.220
3 AAC 99.500
3 AAC 99.520
3 AAC 99.530

History

(Sec. 8, 9, 24 ch 123 SLA 1990; am Sec. 3, 4 ch 51 SLA 1992; am Sec. 4 ch 111 SLA 1996; am Sec. 3 ch 109 SLA 1998; am Sec. 8 ch 117 SLA 2000; am Sec. 1 ch 74 SLA 2003; am Sec. 3, 4 ch 71 SLA 2010; am Sec. 2, 3 ch 39 SLA 2015)