Signed by Governor Sean Parnell

Vote Smart's Synopsis:

Vote to adopt a conference report that establishes funding for the Knik Arm Bridge and Toll Authority, effective July 1, 2014.

Highlights:

• Transfers all rights, real property, financial contracts and obligations of the Knik Arm Bridge and Toll Authority (KABATA) to the Department of Transportation and Public Facilities (Sec. 14).

• Authorizes the Department of Transportation and Public Facilities to construct the Knik Arm Bridge and requires upon completion of the project, the transfer of control of the bridge and its facilities to KABATA (Sec. 9).

• Specifies that the Department of Transportation and Public Facilities maintains ownership of the bridge and its property after the transfer, retaining the power to reconstruct and improve the bridge and its property (Sec. 9).

• Authorizes KABATA to operate and manage the Knik Arm Bridge and its facilities, including, but not limited to, collecting toll fees (Sec. 2).

• Establishes the Toll Bridge Revenue Fund as a separate fund of the state consisting of all revenue, fees, charges, and rentals received by the state from the ownership or operation of toll bridges and facilities and improvements used in connection with the toll bridges and facilities (Sec. 12).

• Authorizes the funds from the Toll Bridge Revenue Fund be used for the following purposes (Sec. 12):
• To pay or secure payment of the principal of and interest on bonds;
• To redeem bonds before their fixed maturities; 
• To pay indebtedness to the Federal Highway Administration, United States Department of Transportation; and
• To be subject to appropriation by the legislature for any other purpose for which federal funds may be obligated by the state. 

Full Bill Text

Vote Smart's Synopsis:

Vote to adopt a conference report that establishes funding for the Knik Arm Bridge and Toll Authority, effective July 1, 2014.

Highlights:

• Transfers all rights, real property, financial contracts and obligations of the Knik Arm Bridge and Toll Authority (KABATA) to the Department of Transportation and Public Facilities (Sec. 14).

• Authorizes the Department of Transportation and Public Facilities to construct the Knik Arm Bridge and requires upon completion of the project, the transfer of control of the bridge and its facilities to KABATA (Sec. 9).

• Specifies that the Department of Transportation and Public Facilities maintains ownership of the bridge and its property after the transfer, retaining the power to reconstruct and improve the bridge and its property (Sec. 9).

• Authorizes KABATA to operate and manage the Knik Arm Bridge and its facilities, including, but not limited to, collecting toll fees (Sec. 2).

• Establishes the Toll Bridge Revenue Fund as a separate fund of the state consisting of all revenue, fees, charges, and rentals received by the state from the ownership or operation of toll bridges and facilities and improvements used in connection with the toll bridges and facilities (Sec. 12).

• Authorizes the funds from the Toll Bridge Revenue Fund be used for the following purposes (Sec. 12):
• To pay or secure payment of the principal of and interest on bonds;
• To redeem bonds before their fixed maturities; 
• To pay indebtedness to the Federal Highway Administration, United States Department of Transportation; and
• To be subject to appropriation by the legislature for any other purpose for which federal funds may be obligated by the state. 

Full Bill Text

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that establishes funding for the Knik Arm Bridge and Toll Authority, effective July 1, 2014.

Highlights:

• Authorizes the Knik Arm Bridge and Toll Authority (KABATA) to make and execute agreements, contracts, and all other instruments with the state or another governmental unit or agency for the purpose of obtaining financing for KABATA’s construction projects (Sec. 2).

• Authorizes KABATA to apply for and accept gifts, grants, or loans from the state (Sec. 2).

• Authorizes KABATA to exercise powers of eminent domain to acquire land or an interest in land, provided that the Federal Highway Administration has approved a loan to KABATA for the construction of the Knik Arm Crossing (Sec. 2).

• Authorizes KABATA to issue bonds in an aggregate amount that is no more than $500 million, provided that KABATA has received prior legislative approval to issue the bonds (Sec. 5).

• Establishes the Toll Bridge Revenue Fund as a separate fund of the state consisting of all revenue, fees, charges, and rentals received by the state from the ownership or operation of toll bridges and facilities and improvements used in connection with the toll bridges and facilities (Sec. 9).

• Authorizes the funds in the Toll Bridge Revenue Fund to be used for the following purposes (Sec. 9):
• To pay or secure payment of the principal of and interest on bonds;
• To redeem bonds before their fixed maturities; and
• To be subject to appropriation by the legislature for any other purpose for which federal funds may be obligated by the state.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes funding for the the Knik Arm Bridge and Toll Authority, effective July 1, 2014.

Highlights:

• Authorizes the Knik Arm Bridge and Toll Authority (KABATA) to make and execute agreements, contracts, and all other instruments with the state or another governmental unit or agency for the purpose of obtaining financing for KABATA’s construction projects (Sec. 2).

• Authorizes KABATA to apply for and accept gifts, grants, or loans from the state (Sec. 2).

• Authorizes KABATA to exercise powers of eminent domain to acquire land or an interest in land, provided that the Federal Highway Administration has approved a loan to KABATA for the construction of the Knik Arm Crossing (Sec. 2).

• Authorizes KABATA to issue bonds in an aggregate amount that is no more than $500 million, provided that KABATA has received prior legislative approval to issue the bonds (Sec. 5).

• Establishes the Toll Bridge Revenue Fund as a separate fund of the state consisting of all revenue, fees, charges, and rentals received by the state from the ownership or operation of toll bridges and facilities and improvements used in connection with the toll bridges and facilities (Sec. 9).

• Authorizes the funds in the Toll Bridge Revenue Fund to be used for the following purposes (Sec. 9):
• To pay or secure payment of the principal of and interest on bonds;
• To redeem bonds before their fixed maturities; and
• To be subject to appropriation by the legislature for any other purpose for which federal funds may be obligated by the state.

Full Bill Text

Full Bill Text