"An Act amending the Knik Arm Bridge and Toll Authority Act and the powers and authority of the authority to finance construction and maintenance of the Knik Arm Bridge, to set and collect tolls, and to carry out its duties; and providing for an effective date. "
"I ask for your support of HB 471 to give KABATA the authority to finalize financial arrangements to complete the financing of the construction, operation and maintenance of the bridge."
- Rep. Stoltze
The Legislature created the Knik Arm Bridge and Toll Authority (KABATA) in 1993 to construct a toll bridge across the Knik Arm and connect the Municipality of Anchorage and the Matanuska-Susitna Borough to develop, stimulate, and advance the economic welfare of the state and further the development of public transportation systems in the vicinity of the Upper Cook Inlet. To accomplish the task assigned by the Legislature, KABATA must supplement the federal-aid funds authorized by Congress with significant additional public and private sector financing.
The changes to KABATA's statute reflects advice provided to KABATA from the Department of Transportation's Transportation Infrastructure Finance and Innovation Act (TIFIA) executives and other public and private financing experts that these clarifying amendments are essential for their participation in the financing of this project.
The provisions of HB 471:
Provide exclusive authority to KABATA to set the amount of the bridge tolls.
Provide explicit authority to enter into public-private partnerships for the construction, maintenance and operation of the toll bridge.
Authorize obtaining non-recourse loans from the US DOT's TIFIA loan program.
Set the dollar of non-recourse revenue bonds that may be issued and refunded.
Provide means for the collection of tolls and other obligations owing KABATA in the operation of the toll bridge.
I ask for your support of HB 471 to give KABATA the authority to finalize financial arrangements to complete the financing of the construction, operation and maintenance of the bridge.