Alaska 2025-2026 Regular Session

Alaska Senate Bill SB184 Compare Versions

Only one version of the bill is available at this time.

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2	2	SB0184A -1- SB 184
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5	5	34-LS0483\N
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11	11	SENATE BILL NO. 184
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13	13	IN THE LEGISLATURE OF THE STATE OF ALASKA
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15	15	THIRTY-FOURTH LEGISLATURE - FIRST SESSION
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17	17	BY THE SENATE FINANCE COMMITTEE
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19	19	Introduced: 4/25/25
20	20	Referred: Finance
21	21
22	22
23	23	A BILL
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25	25	FOR AN ACT ENTITLED
26	26
27	27	"An Act relating to school bond debt reimbursement; and providing for an effective 1
28	28	date." 2
29	29	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 3
30	30	* Section 1. AS 14.11.014(d) is amended to read: 4
31	31	(d) Notwithstanding any other provision of law, the committee may not 5
32	32	recommend for approval an application for bond debt reimbursement made by a 6
33	33	municipality for school construction or major maintenance for indebtedness authorized 7
34	34	by the qualified voters of the municipality on or after January 1, 2015, but before 8
35	35	July 1, 2027 [2025].
36	36	9
37	37	* Sec. 2. AS 14.11.100(a) is amended to read: 10
38	38	(a) During each fiscal year, the state shall allocate to a municipality that is a 11
39	39	school district the following sums: 12
40	40	(1) payments made by the municipality during the fiscal year two years 13
41	41	earlier for the retirement of principal and interest on outstanding bonds, notes, or other 14 34-LS0483\N
42	42	SB 184 -2- SB0184A
43	43	New Text Underlined [DELETED TEXT BRACKETED]
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45	45	indebtedness incurred before July 1, 1977, to pay costs of school construction; 1
46	46	(2) 90 percent of 2
47	47	(A) payments made by the municipality during the fiscal year 3
48	48	two years earlier for the retirement of principal and interest on outstanding 4
49	49	bonds, notes, or other indebtedness incurred after June 30, 1977, and before 5
50	50	July 1, 1978, to pay costs of school construction; 6
51	51	(B) cash payments made after June 30, 1976, and before July 1, 7
52	52	1978, by the municipality during the fiscal year two years earlier to pay costs 8
53	53	of school construction; 9
54	54	(3) 90 percent of 10
55	55	(A) payments made by the municipality during the fiscal year 11
56	56	two years earlier for the retirement of principal and interest on outstanding 12
57	57	bonds, notes, or other indebtedness incurred after June 30, 1978, and before 13
58	58	January 1, 1982, to pay costs of school construction projects approved under 14
59	59	AS 14.07.020(a)(11); 15
60	60	(B) cash payments made after June 30, 1978, and before July 1, 16
61	61	1982, by the municipality during the fiscal year two years earlier to pay costs 17
62	62	of school construction projects approved under AS 14.07.020(a)(11); 18
63	63	(4) subject to (h) and (i) of this section, up to 90 percent of 19
64	64	(A) payments made by the municipality during the current 20
65	65	fiscal year for the retirement of principal and interest on outstanding bonds, 21
66	66	notes, or other indebtedness incurred after December 31, 1981, and authorized 22
67	67	by the qualified voters of the municipality before July 1, 1983, to pay costs of 23
68	68	school construction, additions to schools, and major rehabilitation projects that 24
69	69	exceed $25,000 and are approved under AS 14.07.020(a)(11); 25
70	70	(B) cash payments made after June 30, 1982, and before July 1, 26
71	71	1983, by the municipality during the fiscal year two years earlier to pay costs 27
72	72	of school construction, additions to schools, and major rehabilitation projects 28
73	73	that exceed $25,000 and are approved under AS 14.07.020(a)(11); and 29
74	74	(C) payments made by the municipality during the current 30
75	75	fiscal year for the retirement of principal and interest on outstanding bonds, 31 34-LS0483\N
76	76	SB0184A -3- SB 184
77	77	New Text Underlined [DELETED TEXT BRACKETED]
78	78
79	79	notes, or other indebtedness to pay costs of school construction, additions to 1
80	80	schools, and major rehabilitation projects that exceed $25,000 and are 2
81	81	submitted to the department for approval under AS 14.07.020(a)(11) before 3
82	82	July 1, 1983, and approved by the qualified voters of the municipality before 4
83	83	October 15, 1983, not to exceed a total project cost of (i) $6,600,000 if the 5
84	84	annual growth rate of average daily membership of the municipality is more 6
85	85	than seven percent but less than 12 percent, or (ii) $20,000,000 if the annual 7
86	86	growth rate of average daily membership of the municipality is 12 percent or 8
87	87	more; payments made by a municipality under this subparagraph on total 9
88	88	project costs that exceed the amounts set out in (i) and (ii) of this subparagraph 10
89	89	are subject to (5)(A) of this subsection; 11
90	90	(5) subject to (h) - (j) of this section, 80 percent of 12
91	91	(A) payments made by the municipality during the fiscal year 13
92	92	for the retirement of principal and interest on outstanding bonds, notes, or 14
93	93	other indebtedness authorized by the qualified voters of the municipality 15
94	94	(i) after June 30, 1983, but before March 31, 1990, to 16
95	95	pay costs of school construction, additions to schools, and major 17
96	96	rehabilitation projects that exceed $25,000 and are approved under 18
97	97	AS 14.07.020(a)(11); or 19
98	98	(ii) before July 1, 1989, and reauthorized before 20
99	99	November 1, 1989, to pay costs of school construction, additions to 21
100	100	schools, and major rehabilitation projects that exceed $25,000 and are 22
101	101	approved under AS 14.07.020(a)(11); and 23
102	102	(B) cash payments made after June 30, 1983, by the 24
103	103	municipality during the fiscal year two years earlier to pay costs of school 25
104	104	construction, additions to schools, and major rehabilitation projects that exceed 26
105	105	$25,000 and are approved by the department before July 1, 1990, under 27
106	106	AS 14.07.020(a)(11); 28
107	107	(6) subject to (h) - (j) and (m) of this section, 70 percent of payments 29
108	108	made by the municipality during the fiscal year for the retirement of principal and 30
109	109	interest on outstanding bonds, notes, or other indebtedness authorized by the qualified 31 34-LS0483\N
110	110	SB 184 -4- SB0184A
111	111	New Text Underlined [DELETED TEXT BRACKETED]
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113	113	voters of the municipality on or after April 30, 1993, but before July 1, 1996, to pay 1
114	114	costs of school construction, additions to schools, and major rehabilitation projects 2
115	115	that exceed $200,000 and are approved under AS 14.07.020(a)(11); 3
116	116	(7) subject to (h) - (j) and (m) of this section, 70 percent of payments 4
117	117	made by the municipality during the fiscal year for the retirement of principal and 5
118	118	interest on outstanding bonds, notes, or other indebtedness authorized by the qualified 6
119	119	voters of the municipality after March 31, 1990, but before April 30, 1993, to pay 7
120	120	costs of school construction, additions to schools, and major rehabilitation projects; 8
121	121	(8) subject to (h), (i), (j)(2) - (5), and (n) of this section and after 9
122	122	projects funded by the bonds, notes, or other indebtedness have been approved by the 10
123	123	commissioner, 70 percent of payments made by the municipality during the fiscal year 11
124	124	for the retirement of principal and interest on outstanding bonds, notes, or other 12
125	125	indebtedness authorized by the qualified voters of the municipality on or after July 1, 13
126	126	1995, but before July 1, 1998, to pay costs of school construction, additions to 14
127	127	schools, and major rehabilitation projects that exceed $200,000 and are approved 15
128	128	under AS 14.07.020(a)(11); 16
129	129	(9) subject to (h), (i), (j)(2) - (5), and (n) of this section and after 17
130	130	projects funded by the bonds, notes, or other indebtedness have been approved by the 18
131	131	commissioner, 70 percent of payments made by the municipality during the fiscal year 19
132	132	for the retirement of principal and interest on outstanding bonds, notes, or other 20
133	133	indebtedness authorized by the qualified voters of the municipality on or after July 1, 21
134	134	1998, but before July 1, 2006, to pay costs of school construction, additions to 22
135	135	schools, and major rehabilitation projects that exceed $200,000 and are approved 23
136	136	under AS 14.07.020(a)(11); 24
137	137	(10) subject to (h), (i), (j)(2) - (5), and (o) of this section, and after 25
138	138	projects funded by the bonds, notes, or other indebtedness have been approved by the 26
139	139	commissioner, 70 percent of payments made by the municipality during the fiscal year 27
140	140	for the retirement of principal and interest on outstanding bonds, notes, or other 28
141	141	indebtedness authorized by the qualified voters of the municipality on or after June 30, 29
142	142	1998, to pay costs of school construction, additions to schools, and major 30
143	143	rehabilitation projects that exceed $200,000, are approved under AS 14.07.020(a)(11), 31 34-LS0483\N
144	144	SB0184A -5- SB 184
145	145	New Text Underlined [DELETED TEXT BRACKETED]
146	146
147	147	and are not reimbursed under (n) of this section; 1
148	148	(11) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 2
149	149	funded by the bonds, notes, or other indebtedness have been approved by the 3
150	150	commissioner, 70 percent of payments made by a municipality during the fiscal year 4
151	151	for the retirement of principal and interest on outstanding bonds, notes, or other 5
152	152	indebtedness authorized by the qualified voters of the municipality on or after June 30, 6
153	153	1999, but before January 1, 2005, to pay costs of school construction, additions to 7
154	154	schools, and major rehabilitation projects and education-related facilities that exceed 8
155	155	$200,000, are approved under AS 14.07.020(a)(11), and are not reimbursed under (n) 9
156	156	or (o) of this section; 10
157	157	(12) subject to (h), (i), and (j)(2), (3), and (5) of this section, 60 percent 11
158	158	of payments made by a municipality during the fiscal year for the retirement of 12
159	159	principal and interest on outstanding bonds, notes, or other indebtedness authorized by 13
160	160	the qualified voters of the municipality on or after June 30, 1999, but before January 1, 14
161	161	2005, to pay costs of school construction, additions to schools, and major 15
162	162	rehabilitation projects and education-related facilities that exceed $200,000, are 16
163	163	reviewed under AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this 17
164	164	section; 18
165	165	(13) subject to (h), (i), (j)(2) - (5), and (p) of this section, and after 19
166	166	projects funded by the tax exempt bonds, notes, or other indebtedness have been 20
167	167	approved by the commissioner, 70 percent of payments made by a municipality during 21
168	168	the fiscal year for the retirement of principal and interest on outstanding tax exempt 22
169	169	bonds, notes, or other indebtedness authorized by the qualified voters of the 23
170	170	municipality on or after June 30, 1999, but before October 31, 2006, to pay costs of 24
171	171	school construction, additions to schools, and major rehabilitation projects and 25
172	172	education-related facilities that exceed $200,000, are approved under 26
173	173	AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this section; 27
174	174	(14) subject to (h), (i), (j)(2), (3), and (5), and (p) of this section, 60 28
175	175	percent of payments made by a municipality during the fiscal year for the retirement 29
176	176	of principal and interest on outstanding tax exempt bonds, notes, or other indebtedness 30
177	177	authorized by the qualified voters of the municipality on or after June 30, 1999, but 31 34-LS0483\N
178	178	SB 184 -6- SB0184A
179	179	New Text Underlined [DELETED TEXT BRACKETED]
180	180
181	181	before October 31, 2006, to pay costs of school construction, additions to schools, and 1
182	182	major rehabilitation projects and education-related facilities that exceed $200,000, are 2
183	183	reviewed under AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this 3
184	184	section; 4
185	185	(15) subject to (h), (i), (j)(2) - (5), and (q) of this section, and after 5
186	186	projects funded by the bonds, notes, or other indebtedness have been approved by the 6
187	187	commissioner, 90 percent of payments made by a municipality during the fiscal year 7
188	188	for the retirement of principal and interest on outstanding bonds, notes, or other 8
189	189	indebtedness authorized by the qualified voters of the municipality on or after June 30, 9
190	190	1999, but before October 31, 2006, to pay costs of school construction, additions to 10
191	191	schools, and major rehabilitation projects and education-related facilities that exceed 11
192	192	$200,000, are approved under AS 14.07.020(a)(11), meet the 10 percent participating 12
193	193	share requirement for a municipal school district under the former participating share 13
194	194	amounts required under AS 14.11.008(b), and are not reimbursed under (n) or (o) of 14
195	195	this section; 15
196	196	(16) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 16
197	197	funded by the tax exempt bonds, notes, or other indebtedness have been approved by 17
198	198	the commissioner, 70 percent of payments made by a municipality during the fiscal 18
199	199	year for the retirement of principal and interest on outstanding tax exempt bonds, 19
200	200	notes, or other indebtedness authorized by the qualified voters of the municipality on 20
201	201	or after October 1, 2006, but before January 1, 2015, to pay costs of school 21
202	202	construction, additions to schools, and major rehabilitation projects and education- 22
203	203	related facilities that exceed $200,000, are approved under AS 14.07.020(a)(11), and 23
204	204	are not reimbursed under (o) of this section; 24
205	205	(17) subject to (h), (i), and (j)(2), (3), and (5) of this section, 60 percent 25
206	206	of payments made by a municipality during the fiscal year for the retirement of 26
207	207	principal and interest on outstanding tax exempt bonds, notes, or other indebtedness 27
208	208	authorized by the qualified voters of the municipality on or after October 1, 2006, but 28
209	209	before January 1, 2015, to pay costs of school construction, additions to schools, and 29
210	210	major rehabilitation projects and education-related facilities
211	211	that exceed $200,000, are 30
212	212	reviewed under AS 14.07.020(a)(11), and are not reimbursed under (o) of this section; 31 34-LS0483\N
213	213	SB0184A -7- SB 184
214	214	New Text Underlined [DELETED TEXT BRACKETED]
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216	216	(18) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 1
217	217	funded by the tax exempt bonds, notes, or other indebtedness have been approved by 2
218	218	the commissioner, 50 percent of payments made by a municipality during the fiscal 3
219	219	year for the retirement of principal of and interest on outstanding tax exempt bonds, 4
220	220	notes, or other indebtedness authorized by the qualified voters of the municipality on 5
221	221	or after July 1, 2027 [2025], to pay costs of school construction, additions to schools, 6
222	222	and major rehabilitation projects and education-related facilities that exceed $200,000, 7
223	223	are approved under AS 14.07.020(a)(11), and are not reimbursed under (o) of this 8
224	224	section; 9
225	225	(19) subject to (h), (i), and (j)(2), (3), and (5) of this section, 40 percent 10
226	226	of payments made by a municipality during the fiscal year for the retirement of 11
227	227	principal of and interest on outstanding tax exempt bonds, notes, or other indebtedness 12
228	228	authorized by the qualified voters of the municipality on or after July 1, 2027 [2025], 13
229	229	to pay costs of school construction, additions to schools, and major rehabilitation 14
230	230	projects and education-related facilities that exceed $200,000, are reviewed under 15
231	231	AS 14.07.020(a)(11), and are not reimbursed under (o) of this section. 16
232	232	* Sec. 3. AS 14.11.100(s) is amended to read: 17
233	233	(s) Notwithstanding any other provision of law, the commissioner may not 18
234	234	approve an application for bond debt reimbursement made by a municipality for 19
235	235	school construction or major maintenance for indebtedness authorized by the qualified 20
236	236	voters of the municipality on or after January 1, 2015, but before July 1, 2027 [2025]. 21
237	237	* Sec. 4. AS 14.11.102(c) is amended to read: 22
238	238	(c) The commissioner may not allocate funds to a municipality under 23
239	239	AS 14.11.100 for the retirement of the principal of and interest on outstanding tax- 24
240	240	exempt bonds, notes, or other indebtedness authorized by the qualified voters of the 25
241	241	municipality on or after January 1, 2015, but before July 1, 2027 [2025]. 26
242	242	* Sec. 5. Section 6, ch. 3, SLA 2015, as amended by sec. 5, ch. 6, SLA 2020, is amended to 27
243	243	read: 28
244	244	Sec. 6. AS 14.11.014(d), 14.11.100(s), and 14.11.102(c) are repealed July 1, 29
245	245	2027 [2025]. 30
246	246	* Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 31 34-LS0483\N
247	247	SB 184 -8- SB0184A
248	248	New Text Underlined [DELETED TEXT BRACKETED]
249	249
250	250	read: 1
251	251	RETROACTIVITY. If this Act takes effect after July 1, 2025, this Act is retroactive to 2
252	252	July 1, 2025. 3
253	253	* Sec. 7. This Act takes effect immediately under AS 01.10.070(c). 4