HB0122d -1- CSHB 122(FIN) am New Text Underlined [DELETED TEXT BRACKETED] 33-LS0623\U.A CS FOR HOUSE BILL NO. 122(FIN) am IN THE LEGISLATURE OF THE STATE OF ALASKA THIRTY-THIRD LEGISLATURE - SECOND SESSION BY THE HOUSE FINANCE COMMITTEE Amended: 5/8/24 Offered: 5/6/24 Sponsor(s): REPRESENTATIVES TOMASZEWSKI, McCabe, D.Johnson, C.Johnson, Cronk, Wright, Allard, Carpenter, Stapp, Stutes, Rauscher A BILL FOR AN ACT ENTITLED "An Act authorizing the Alaska Railroad Corporation to issue revenue bonds to finance 1 the replacement of the Alaska Railroad Corporation's passenger dock and related 2 terminal facility in Seward, Alaska; authorizing the Alaska Railroad Corporation to 3 issue revenue bonds to finance the completion of the Port MacKenzie Rail Extension in 4 Point MacKenzie, Alaska; and providing for an effective date." 5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 6 * Section 1. The uncodified law of the State of Alaska enacted in sec. 4(a), ch. 30, SLA 7 2022, is amended to read: 8 (a) The Alaska Railroad Corporation is authorized to issue revenue bonds 9 under AS 42.40.250 to finance the replacement of the Alaska Railroad Corporation's 10 passenger dock and related terminal facility in Seward, Alaska, and associated costs, 11 including, without limitation, reserves for debt service and capitalized interest, if 12 necessary or appropriate, and costs of issuance. The replacement dock and terminal 13 33-LS0623\U.A CSHB 122(FIN) am -2- HB0122d New Text Underlined [DELETED TEXT BRACKETED] facility must accommodate Alaska marine highway system vessels with side 1 loading doors. The maximum principal amount of bonds that the Alaska Railroad 2 Corporation may issue under this section is $135,000,000 [$60,000,000]. The Alaska 3 Railroad Corporation may issue the bonds in a single issuance or in several issuances, 4 without limitation as to number of issuances or timing, and as the Alaska Railroad 5 Corporation determines best furthers the purpose of financing the replacement of the 6 Alaska Railroad Corporation's passenger dock and related terminal facility in Seward, 7 Alaska, and associated costs. The bonds shall be repaid from dock revenue or other 8 funds available to the Alaska Railroad Corporation. The general credit of the Alaska 9 Railroad Corporation and the state may not be pledged for the repayment of the bonds. 10 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 11 read: 12 LEGISLATIVE AUTHORIZATION AND APPROVAL. (a) The Alaska Railroad 13 Corporation is authorized to issue revenue bonds under AS 42.40.250 to finance the 14 completion of the Port MacKenzie Rail Extension in Point MacKenzie, Alaska, and 15 associated costs, including, without limitation, reserves for debt service and capitalized 16 interest, if necessary or appropriate, and costs of issuance. The maximum principal amount of 17 bonds that the Alaska Railroad Corporation may issue under this section is $58,000,000. The 18 Alaska Railroad Corporation may issue the bonds in a single issuance or in several issuances, 19 without limitation as to number of issuances or timing, and as the Alaska Railroad 20 Corporation determines best furthers the purpose of financing the extension of the Alaska 21 Railroad Corporation's rail from Point MacKenzie, Alaska, to Houston, Alaska, and 22 associated costs. The bonds shall be repaid from revenue or other funds available to the 23 Alaska Railroad Corporation. The general credit of the Alaska Railroad Corporation and the 24 state may not be pledged for the repayment of the bonds. 25 (b) The authorization under (a) of this section extends to bonds issued to refund the 26 bonds authorized in this Act. The principal amount of the bonds authorized in this Act may be 27 increased in an issue of refunding bonds in an amount equal to the costs of refunding. 28 (c) This section constitutes the approval required by AS 42.40.285 for the issuance of 29 the bonds described in this section. 30 (d) The bonds authorized to be issued under this section are issued by a public 31 33-LS0623\U.A HB0122d -3- CSHB 122(FIN) am New Text Underlined [DELETED TEXT BRACKETED] corporation and an instrumentality of the state for an essential public and governmental 1 purpose. 2 (e) In this section, "bonds" means bonds, bond anticipation notes, notes, refunding 3 bonds, or other obligations. 4 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c). 5