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Sectional Analysis for SCS CSSSHB 76 (FIN) (EFD FLD H)
New Facilities for API

An Act providing for and relating to the issuance of certificates of participation to finance construction of a new facility to be known as the Alaska Psychiatric Institute; giving notice of and approving the entry into and the issuance of certificates of participation in a lease-purchase agreement for construction of a new facility to be known as the Alaska Psychiatric Institute; giving notice of the intent and approval to retain investment income from pertinent appropriations to be applied to the cost of construction of a new facility to be known as the Alaska Psychiatric Institute; relating to construction of a facility to be known as the Alaska Psychiatric Institute; and providing for an effective date.

Section 1: Findings and intent language.

Section 2: Requires the Commissioner of Health and Social Service to provide for the replacement of a new facility to be known as Alaska Psychiatric Institute ("API"). The new facility is to include a forensic psychiatric unit.

Section 3: Delegates authority to the Department of Health and Social Services to enter into a lease-purchase agreement for a new API facility.

Section 4: Provides that lease payments owed under the lease-purchase agreement are subject to appropriation by the Legislature.

Section 5: Authorizes the Department of Health and Social Services to enter into a lease-purchase agreement for a facility for API. The state bond committee is authorized to issue certificates of participation in the amount of $16,000,000. The amount received from the issuance of the certificates of participation is to be combined with $22,000,000 that has already been set aside for the construction of a replacement API along with $3,544,000 of investment income earned on other money sources for a total cost of construction, acquisition and equipping the project in the total amount of $41,744,000. Estimated annual amount of rental obligation under the lease-purchase agreement is $1,640,000 for the estimated total lease payment for the full term of the lease purchase agreement of $24,600,000. "Cost of construction" includes the various items set forth in the bill. Upon the payment of all principal and interest due under the agreement, the title to the facility shall vest in the State of Alaska. Authorizes the state bond committee to contract for certain activities in financing the project.

Section 6: Gives notice that Section 5 of the bill satisfies the notice and approval requirement under AS 36.30.085.

Section 7: Effective date section. The House failed to adopt this section.

ED2:05/08/01

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Attachments:

• Sponsor Statement for HB 76
• Print Friendly Version
  requires Adobe Acrobat Reader - 2 page(s) - 81 K

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