1.2.5 Bond Sales

1.2.5 Bond Sales $.273 billion in 2002

From time to time the state sells bonds to fund construction projects which must then be paid off over time through debt retirement—interest payments and repayment of principal. General obligation bonds carry a guarantee of repayment by the state, and since it has been many years since the state has issued any general obligation bonds, there is no general obligation debt service in the budget.

The state does from time to time authorize the issuance of bonds that do not carry an explicit guarantee of repayment. Generally, but not always, these bonds are for facilities that produce a revenue stream that can be used for debt service. In FY 2002 the state authorized the issuance of $146 million in bonds for airport construction. These bonds will be paid off by the users of the international airports.

The state authorized the sale of $17 million in "certificates of participation" which is a kind of obligation to fund the construction of state facilities—in this case, the new Alaska Psychiatric Institute.

In FY 2002 the state authorized $110 million for the sale of a kind of "revenue anticipation bond" for school and other construction projects. These bonds will be repaid from revenues the state expects to receive in future years from the federal government as part of the settlement of the lawsuit with the tobacco industry.

Project	Amount
Revenue Anticipation Bond Appropriations in FY 2002
Department of Education and Early Development
Southwest Region - Togiak School Replacement	$29,182,163
Bering Strait - Koyuk School K-12 Replacement	11,660,343
Bering Strait - Golovin School Phase III	9,888,192
Bering Strait - Shishmaref School Roof Replacement/Renovation, Phase III	8,342,525
Pribilof Island - St. George School Remodel	4,513,164
Chatham - Angoon Elementary School Major Maintenance	2,066,257
Chatham - Angoon High School Major Maintenance	1,730,507
Wrangell City - Wrangell Elementary Schools Renovation	1,129,238
Alaska Gateway - Tok Multipurpose Recreational Complex Renovation Project	961,612
Lower Yukon - Alakanuk Mechanical System Upgrade	899,740
Yupiit - Tuluksak School Improvement - Planning	768,850
Lower Yukon - Emmonak Mechanical System Upgrade	574,885
Southwest Region - Koliganek School Improvement	451,993
Tanana City - Tanana Kitchen Renovation	438,539
Kenai Peninsula - Kenai Central High School Reinsulate Exterior Walls	385,610
Sitka City Borough - Blatchley Exterior Renovation/Repair	346,500
Yukon-Koyukuk - Nulato Structural Repairs	314,387
Kenai Peninsula - Seward Middle School Gym Reroof	278,275
Galena - Project Education Food Service Renovation	261,806
Iditarod Area - McGrath School Heating Design, Boiler Replacement and Repairs	235,200
Hoonah City - Hoonah Swimming Pool Sprinkler System	220,476
Iditarod Area - Takotna Community School Water Project	192,374
Yupiit - Akiak School Repairs	177,571
Kake City - Kake High School Renovation, Phase II	175,065
Iditarod Area - Blackwell School Heating Renovation/Site Repair	173,754
Kenai Peninsula - McNeil Canyon Replace Septic System	171,500
Galena - High School Remodel	167,846
Southwest Region - Ekwok, Koliganek, Togiak Schools Heating System Upgrade	122,256
Petersburg City - Fascia/Soffit Repair and Replacement	116,236
Iditarod Area - Innoko River School Bathroom, Shower and Underfloor Damage Repairs	46,746
Southwest Region - Clarks Point School Generator Building	35,989
Skagway City - Skagway Major Maintenance	35,598
TOTAL	$76,065,197
University of Alaska
University of Alaska - Anchorage Science/Biomedical Facilities Renovations/Classroom Renovation/Housing Safety Upgrades/Pool Replacement	$10,200,000
University of Alaska - Fairbanks Museum Expansion	4,000,000
University of Alaska - Southeast Egan Classroom	2,500,000
Ketchikan - Robertson/Hamilton Technical Education Complex Remodel	1,500,000
Bristol Bay Campus Addition	1,000,000
Matanuska-Susitna Ortner Warehouse Replacement	654,000
Kodiak - Vocational/Technical Classroom Rehabilitation and Completion	400,000
TOTAL	$20,254,000
Department of Transportation and Public Facilities
Cove Harbor Anchorage - Intermodal Marine Facility - Harbor	$6,000,000
Ketchikan - Bar Harbor South	3,938,000
Sitka - Thomsen Harbor, Crescent Harbor, Sealing	2,234,500
Dock and Supporting Facilities Improvement Pelican - Pelican Boat Harbor	1,451,142
TOTAL	$13,623,642
Source: Senate CS for House Bill No. 234 (FIN) am S

(Bond-funded capital expenditures are considered to be duplicated appropriations in the year in which the appropriation is authorized. This is to avoid the double counting which would result if the original appropriation AND the subsequent debt retirement were both included in net appropriations.)

1.2.5 Bond Sales $.273 billion in 2002

Revenue Anticipation Bond Appropriations in FY 2002