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Knowles Signs Bond, Debt Reinbursement Bills
Bills Authorize Voter Choice in November

 

July 03, 2002
Wednesday - 12:10 am


Anchorage - Gov. Tony Knowles on Tuesday signed into law two bills (House Bill 525 and House Bill 2002) authorizing a statewide November vote on transportation and school projects to be funded through general obligation (GO) bonds. Knowles also signed two bills authorizing debt reimbursement programs for school and miscellaneous capital projects statewide (House Bill 2003and House Bill 528). These four measures will build and repair dozens of schools; repair ports, harbors and roads; and improve the University of Alaska,
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the Anchorage Museum and other projects, creating hundreds of good Alaskan jobs in the process.

"The four bills I am signing today total nearly $800 million, which is one of the largest state commitments to construction and repairs in a generation," said Knowles. "These projects come at an opportune time, when interest rates are low. They will be phased in over several years to maximize the opportunity for Alaska contractors and Alaskan workers to do the high-paying jobs and for training young Alaskans."

The bills authorize funding mechanisms for school, university, harbor, transportation and other infrastructure projects throughout the state. Knowles' signature allows two packages of projects to go before Alaska voters in November for approval: one for schools, the other for transportation projects such as harbors and roads. The third bill takes effect automatically if the school bond package is approved by voters. The fourth bill is debt reimbursement for a grab bag of projects, from schools to harbors to power projects.

"We know that adequate classrooms facilitate learning," said Knowles. "Students can't focus on their lessons if their classrooms are falling apart around them." Two of the bills signed today, House Bill 2002 and 2003, allow funding for projects to address school needs across Alaska. The bills authorize construction of 13 new schools and repairs to 39 others. These bills also address important needs of the University of Alaska, with financing for nearly $62 million for 19 projects across the state. They include laboratory facilities here in Anchorage, in Fairbanks and Juneau, and classroom space in Valdez, Kenai, Sitka, Ketchikan, Homer, Palmer, Kotzebue, Nome and Bethel.

In addition to schools, the other main focus of these bills is Alaska's transportation needs. The bills include $277 million for 32 port and harbor improvements in 17 coastal communities and 19 road and highway improvement projects in 13 communities.

Because Alaska hasn't issued GO bonds in more than 20 years, the state does not have a formal bond rating. But all three national rating agencies have granted the state tentative AA bond ratings because of Alaska's solid state assets and growing economy.

As he signed the bills, Knowles addressed concerns raised by one of the projects, the extension of Abbott Loop Road in Anchorage to alleviate congestion at the busy Lake Otis - Tudor Road intersection.

"I strongly support the goal of alleviating traffic congestion in Anchorage," said Knowles. "But I know many Alaskans are concerned that the normal community planning process may not be followed. But I have directed state Transportation Commissioner Joe Perkins and his department to work with concerned citizens and lay out a plan for timely public comment at every reasonable opportunity in the siting, design and construction phases of this project."

Knowles held the press conference at Clark Middle School in Anchorage. The school was completed the same year Alaska became a state, in 1959. It is at the top of the Anchorage School District's list for sorely needed improvements such as providing vital ventilation and fire system improvements and making the school more technology user-friendly. The voters of Anchorage gave their blessing for these sorely needed repairs in April. The state of Alaska will reimburse Anchorage for those costs if the school bond package and related debt reimbursement program are approved by voters in November.

 

 

Source of News Release & Digital Photo:

Office of the Governor
Web Site

 

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