AK SB157

Directs Alaska Permanent Fund Corporation to transfer $22,700,000 from the mental health trust fund principal to a separate trust land development account for revenue-producing facilities on mental health trust land.

Authorizes the state bond committee to issue up to $22,700,000 in certificates of participation for construction of the Alaska Mental Health Trust Authority Subport Office Building in Juneau, with total estimated construction cost of $45,400,000.

Authorizes Department of Administration to enter into two separate lease agreements with the Alaska Mental Health Trust Authority for office space: one 20-year lease with estimated annual payments of $1,759,802 and one 30-year lease with estimated annual payments of $3,665,000.

Requires lease payments from the 20-year lease to be used to pay principal and interest on the certificates of participation, with all lease payments subject to annual legislative appropriation.

Vests building ownership in the Alaska Mental Health Trust Authority at the end of the 20-year lease term and grants the authority management and operational control of the facility.