This bill amends existing laws related to municipal educational service areas and municipal bonds in Alaska. It introduces a new section, AS 29.47.210, which allows unified municipalities, boroughs, or home rule or first-class cities to establish educational service areas for the purpose of acquiring, constructing, improving, and equipping schools. The ordinance for such an area must cover at least 25% of the municipality's residents and specify the maximum bonded indebtedness and types of taxes or assessments that can be levied. Additionally, the bill requires that any bond issuance or tax levying in these areas must be approved by the governing body and a majority of voters, with specific voting requirements based on whether the indebtedness is limited to the educational service area or involves the entire municipality.

The bill also updates existing provisions regarding the publication of notices for general obligation bond elections, requiring the governing body to publish a notice of total existing bonded indebtedness and include specific details about the educational service area. It clarifies that the indebtedness of a service area remains with the area that incurred it, regardless of any legal challenges to its formation. Furthermore, the definition of "municipal bond" is expanded to include bonds issued as general obligations of a service area under the new educational service area provisions. The act is set to take effect on July 1, 2026.

Statutes affected:
HB0319A, AM HB 319, introduced 02/18/2026: 29.10.200, 29.35.450, 29.47.210, 29.47.190, 29.47.450, 29.47.440, 44.85.410