HB 23 Summary

• Transfers construction and operation responsibilities for the Knik Arm bridge from the Knik Arm Bridge and Toll Authority to the Department of Transportation and Public Facilities, with the authority retaining operation of the completed bridge.

• Establishes four new state funds: the Knik Arm construction fund, toll bridge revenue fund, toll bridge revenue bond redemption fund, and toll bridge revenue bond reserve fund to manage bridge financing and operations.

• Authorizes the state bond committee to issue up to $300,000,000 in toll bridge revenue bonds, conditioned on Federal Highway Administration approval of a loan for at least 30 percent of total project costs.

• Permits the authority to collect tolls, fees, and other charges that may exceed actual operating costs, with revenue dedicated to debt service, federal loan repayment, and other federally authorized purposes.

• Transfers all Knik Arm Bridge and Toll Authority assets, contracts, property, and obligations to the Department of Transportation and Public Facilities upon the Act's effective date of July 1, 2014.