AK HB291

State unconditionally guarantees principal and interest on up to $600,000,000 in revenue bonds issued by the Alaska Housing Finance Corporation for purchasing mortgages for qualifying veterans.

State pledges its full faith, credit, and resources as general obligation security for bond payments, with pledge statement to be printed on bond face and signed by governor.

Alaska Housing Finance Corporation may issue bonds only if approved by qualified voters at the first general election after the act's effective date through a ballot proposition.

"Qualifying veteran" is defined as a person meeting the federal definition of "qualified veteran" under 26 U.S.C. 143.

Act takes effect immediately upon enactment.