AK HB350

Changes the bond debt reimbursement moratorium end date from July 1, 2025 to July 1, 2022 for school construction or major maintenance projects authorized between January 1, 2015 and the effective date.

Increases state reimbursement rates for tax-exempt bonds authorized on or after July 1, 2022 from 50-40 percent to 70-60 percent for principal and interest payments on school construction, additions, and major rehabilitation projects exceeding $200,000.

Amends AS 14.11.100(18) and (19) to raise reimbursement percentages: subsection (18) increases from 50 percent to 70 percent, and subsection (19) increases from 40 percent to 60 percent.

Eliminates the prohibition on approving bond debt reimbursement applications for indebtedness authorized between January 1, 2015 and July 1, 2022 by repealing restrictive provisions in AS 14.11.014(d), 14.11.100(s), and 14.11.102(c) effective July 1, 2022.

Becomes effective immediately with retroactive application to July 1, 2022 if enacted after that date.