AK SB163

Authorizes issuance of general obligation bonds not exceeding $450,000,000 for municipal port projects, subject to voter ratification by majority vote.

Establishes the "2012 port project fund" to receive bond proceeds and appropriates $450,000,000 to the Department of Commerce, Community, and Economic Development for distribution as grants to eight municipalities for port improvements.

Allocates bond funds to specific projects: Port of Anchorage ($200,000,000), Port MacKenzie Rail Extension ($110,000,000), and six smaller ports ranging from $10,000,000 to $50,000,000 each.

Appropriates $2,250,000 from the general fund to the state bond committee for costs related to bond issuance and administration, to be reimbursed from bond proceeds.

Requires ballot question submission at the first general election after the Act's effective date; the Act takes effect immediately.