Legislative Action
Alaska State Senator Linda Menard and House Representative Mark Neauman introduced a set of companion bills in 2011 to establish a project reserve fund and clarify that the project is an infrastructure project backed by the state. These changes were necessitated by the national 2008 financial crisis. It would allow the state to repay the private investors when toll revenue is building up in early years after opening.
Senate Bill 079 sets aside $150 Million into a "reserve fund",paid by the State General Funds to cover the estimated deficits for the first three years. Senate Bill 080 says KABATA bonds will now be "obligations of the state."
KABATA CFO Kevin Hemenway told the Legislature's transportation committees that if the reserve fund dropped far enough "it would be subject to appropriation for replenishment."
The bills passed the House but stalled in the Senate. They are expected to be re-introduced in the 2013 legislative session.
Read more about this topic: Knik Arm Bridge
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