[{"_1":2,"_112":-5,"_113":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6253517,"mediaKeyId","3181363-df5b88b7e4be4d81ef5105c497e44210","parentId",3181363,"title","Mat-Su Borough refinancing reduces state’s lease-purchase commitment on Goose Creek, Williams says","audioSeconds",2019,"startMs",1496000,"endMs",3515000,"viewUrl","/Search/View?dp=1&key=3181363-df5b88b7e4be4d81ef5105c497e44210&start=1496&end=3515","thumbnailUrl","https://assets.pipeline.soar.com/3181363-df5b88b7e4be4d81ef5105c497e44210/thumbnail_1496000.jpg","articleUrl","/articles/6253517/Alaska/Mat-Su-Borough-refinancing-reduces-states-lease-purchase-commitment-on-Goose-Creek-Williams-says","mediaUrl","https://secure.pipeline.soar.com/6253517-8bd474dce9e964e1b67ff0b40cc1a5ab/orig.mp4?Expires=1771030815&Signature=g-Vl~VvdlCort5yHnPD3AEjt5aNIODGfscEeGVf~DCRZdeBhzo2ha22PL9Ps2BSdg4kXnlrOAOPvTavqTngfiMz5TylatBlYUFvSV60vtN9Tjk9pzgdLraLskPBqb3yzH9GrGDup-twni4YBH2raMIESbQcS1BJv18MesW6k17EQoBEqGRmbnGJFqOXR7yJsfuJNKzrIG3XeQ3mvdNfvB5zTcVIP5ijnX4~EU1Z-mmxxhk7Bn4y9wmmaW5Wp0He6G9h33WFq9UK14z7Mk~hqEMqc3mVN-9xawsn8j3UUOqsruTgZ7CVCmjxqewwkfH~-0cRq9CIloxQ46dFSWJmNUg__&Key-Pair-Id=KUT5TJCACFTXG","author","Alaska Legislature","date","2025-05-01T00:00:00Z","article","May 1, 2025 — The House Finance Committee heard that a recent refinancing by the Matanuska-Susitna Borough reduced the state’s projected payments tied to the lease-purchase of the Goose Creek Correctional Facility.

State Debt Manager Ryan Williams told the committee that the borough refinanced lease-purchase bonds and that the refinancing “decreased the subject to appropriation commitment by the state, to make payments to lease purchase the Goose Creek Correctional Facility.”

When asked how much remained on the obligation, Williams gave an approximate figure of $100 million remaining and said he could provide an exact amount if requested. Williams characterized the state’s legal position as a subject-to-appropriation commitment — not a traditional general-obligation bond payment — and told members it was important to continue making those appropriation payments when scheduled.

Ending

Committee members asked for clarifying detail on the remaining balance and the legal nature of the commitment; Williams said he would provide precise figures and follow-up materials. The committee did not take formal action on the item.","mediaType","Video","parentTitle","05/01/2025 09:00 AM House FINANCE","oneSentenceSummary","The Matanuska-Susitna Borough recently refinanced lease-purchase bonds tied to the Goose Creek Correctional Facility; State Debt Manager Ryan Williams said the transaction reduced the state's subject-to-appropriation commitment and left roughly $100 million outstanding.","taxTitle","2025 Legislature Alaska, Alaska","taxId",78559,"location","Alaska","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6253523,"Alaska International Airport System refinancing smooths annual debt service near $23 million, Williams says",138,724000,862000,"/Search/View?dp=1&key=3181363-df5b88b7e4be4d81ef5105c497e44210&start=724&end=862","https://assets.pipeline.soar.com/3181363-df5b88b7e4be4d81ef5105c497e44210/thumbnail_724000.jpg","/articles/6253523/Alaska/Alaska-International-Airport-System-refinancing-smooths-annual-debt-service-near-23-million-Williams-says","https://secure.pipeline.soar.com/6253523-92a8695d1475d965e3dc884da729702f/orig.mp4?Expires=1771030815&Signature=abacuzBub2Jp9spOfkf8Q3C717SBcxpRSVJtm16vXvi6QJoq52fQkScQOQTZa-A-4415LayMQh9PehSH7Lvc3uzmP7YurCjWVBLwh3s9AQKf~GO4Qa7J48JjSgfBrgzXI9~EHYlLc370fHiS0d0oEKyxMC3-zV26D2sQxUNuj~goQGuBVb~P-K469cASkxw9eaq5rpbCBAp-shgWmJgcPprNPo74jyGKjIq9DiFKonxmNJWR5-sIqnhRrHJQS5UGNGfIIn~6rTpzKNREDfbYUor6-sKlvIxZUvliaAAUJVyG22g551uQ44C2AU2QFf7YC3QTwih4VDswu4OlP-VCmA__&Key-Pair-Id=KUT5TJCACFTXG","May 1, 2025 — The Alaska House Finance Committee spent part of its May 1 session on details of a recent refinancing of Alaska International Airport System debt that Williams said smooths and stabilizes the airport’s annual debt-service profile.

State Debt Manager Ryan Williams told the committee the airport refinancing principally refunded bonds issued in 2016 and produced about $8.9 million in net present value savings. He said the transaction released roughly $7.5 million from an airport reserve fund that was used to redeem prior bonds and that the result was a “stable annual debt service payment of about $23,000,000 — a little under $23,000,000.”

Committee members asked whether proceeds from the refunding included project funds or newly authorized construction money. Williams replied that the refinancing transactions were used to pay off existing bonds and reduce interest expense and that “there's no, typically no project funds involved in these refinancing transactions; those would have been in the prior issuances.”

On which airports were included, Williams said the financing was for the Alaska International Airport System and most likely covered projects at the Anchorage International Airport.

On credit risk and security, Williams explained that airport debt was issued as revenue bonds secured by gross airport revenues and airline agreements that provide backstop coverage; he said that structure means the airport system’s debt does not represent a general obligation of the State of Alaska. He also noted that all new debt must be authorized by the State Bond Committee.

Ending

Williams told the committee that the authorization-to-market process and rating/disclosure steps take time; the bond-issuance cycle from authorization through delivery and receipt of funds can take “anywhere from … 2 to 6 months,” he said. No committee action was taken; members requested follow-up materials and market updates.","State Debt Manager Ryan Williams told the House Finance Committee the recent refinancing of Alaska International Airport System bonds produced roughly $8.9 million in NPV savings and stabilized annual debt service at just under $23 million; the bonds are revenue bonds secured by airport revenues and airline agreements, he said.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6253527,"Williams: Alaska’s credit ratings have improved but state remains a ‘unique’ credit",1187,1745000,2932000,"/Search/View?dp=1&key=3181363-df5b88b7e4be4d81ef5105c497e44210&start=1745&end=2932","https://assets.pipeline.soar.com/3181363-df5b88b7e4be4d81ef5105c497e44210/thumbnail_1745000.jpg","/articles/6253527/Alaska/Williams-Alaskas-credit-ratings-have-improved-but-state-remains-a-unique-credit","https://secure.pipeline.soar.com/6253527-82d2c96dd8fc023e3c90d92e918baf14/orig.mp4?Expires=1771030815&Signature=lh7nAbgIpg7KLB-eqD5LqNhOC6S7VJFqGHeW1lsDqSp3glr1lsLWdBRe1~rbmasFfeA621nKccBt8X0Ib8VlKmd2IfnR5Adb5tCQTy8GXkig~WjExWt5XVerJzGAaXiHCRR~ZHcDunKIROdDl3gNgE2BlmttH5~XoxOmYjxG7oiwPt8b471EnqrKSxTtWpWmGVKxv8rhfvQ0Vcc9ZU~We7U1XRLeTPaBUYQEGJWPCc0dqD6Lsqw2ygUa1MqvJt-xMYpS61OpsQLmERQrwmIUwwtr0qwYTN63c8eEZGQP2Orz1kNZ9I1CyjQOkR8MOZe89MDQZhmPIsfCMKAtvQmlFQ__&Key-Pair-Id=KUT5TJCACFTXG","May 1, 2025 — Credit rating agencies have recently upgraded parts of Alaska’s credit profile, but the state’s revenue mix and savings structure make comparisons with other states difficult, State Debt Manager Ryan Williams told the House Finance Committee.

Williams told members that several rating agencies now assign Alaska high investment-grade scores: he noted Crowell Bond Rating Agency’s upgrade to AA+, Moody’s recent upgrades (including a move for the airport system) and an improved outlook reported by Moody’s for the state.

“Crowell Bond Rating Agency upgraded the state's general obligation credit rating to AA plus,” Williams said, and he added that Moody’s upgraded the airport system and changed the state outlook to positive.

Why it matters: Higher credit ratings lower borrowing costs, broaden the investor base and can reduce the spread between higher- and lower-rated state issuances. Committee members said they want more comparative context about where Alaska sits among states, especially given Alaska’s lack of a broad-based tax.

Key rating drivers and state distinctiveness

Williams told the committee rating analysts examine government framework, financial management, the economy, and debt and liability profiles. He said several features strengthen Alaska’s credit picture: sizable reserves, an accelerated general obligation paydown, a well-funded pension picture in combined reporting, and the Permanent Fund and its percent-of-market-value transfer (POMV).

At the same time, he said, the state is unusual because it relies heavily on oil-and-gas revenue and investment earnings. “The reliance on oil was maybe 80% back in the day, but now it's reduced all the way to 30%,” Williams said, adding that agencies treat Alaska as “a significantly unique credit.”

Committee follow-up

Representative Galvin asked how many other states lack a broad-based tax; Williams said he would provide an analysis to the committee. Members also asked for better current market slides; Williams agreed to distribute updated materials.

Ending

Committee members said they want additional comparative analysis to understand how changes to revenue structure or to the Permanent Fund’s reserve arrangements could affect ratings and borrowing costs. Williams said he will return follow-up materials to provide that context.","State Debt Manager Ryan Williams told the House Finance Committee that recent credit-rating upgrades and a positive outlook reflect improved reserves and management but Alaska’s reliance on oil and the Permanent Fund make it structurally different from most states.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6253530,"House Finance Committee hears state debt update; refinancings saved about $37 million",3340,669000,4009000,"/Search/View?dp=1&key=3181363-df5b88b7e4be4d81ef5105c497e44210&start=669&end=4009","https://assets.pipeline.soar.com/3181363-df5b88b7e4be4d81ef5105c497e44210/thumbnail_669000.jpg","/articles/6253530/Alaska/House-Finance-Committee-hears-state-debt-update-refinancings-saved-about-37-million","https://secure.pipeline.soar.com/6253530-b439cb418acfad098bab69fa18f5f0c6/orig.mp4?Expires=1771030815&Signature=Pqu76ktm954hyVjSN0qha8HxT~3ziuyeCaeP8mcVsxQIt5B0LkcuJRORYeLIScjZG2bSx1yC7hKlxGtdWMAGryY4BTaI64085IsXaIBTDP-w1-w7szxc5JDCsU2gTU7TjCWNjVoQyqYZLcRUQ6d4g8DUSX-2juM19PVoW~s9zbJCAmkEwfZtgyelNv~8JEwcuDN8XJcfeF~PzCGvJM~zHu4Q-V7x9P0xXQWTdE3hQYEgShbwd06uuHYeLQmI1lRNRkWiuRvzDHmgZM3zmuDxjfsfPVypbTtRrzpM4Vf~evEPRo7sq~o1D1hOS889dMiWYaTvKxz~4WrEWD4VFjybew__&Key-Pair-Id=KUT5TJCACFTXG","June 1, 2025 — The Alaska House Finance Committee on May 1 heard a presentation from State Debt Manager Ryan Williams on the state’s recent refinancing activity, current debt load and credit ratings.

Williams told the committee the state completed five refinancing transactions over the past roughly 10 months that totaled approximately $600 million in par value and produced about $37 million in net present value savings. He said none of the transactions extended the original maturities.

“The refinancing transactions … issuing a total par amount of approximately 600,000,000. Net present value savings have been about 37,000,000,” State Debt Manager Ryan Williams said during the presentation.

Why it matters: refinancing that lowers net debt-service costs reduces the state’s long-term outlays and can ease annual budget pressure. Williams said the transactions included general obligation and revenue-bond refundings and had attracted national investors.

Supporting details and scope

Williams said the airport transaction released about $7.5 million from a reserve fund and produced roughly $8.9 million in net present value savings. He described other recent transactions, including a Matanuska-Susitna Borough refinancing tied to the Goose Creek Correctional Facility and municipal bond bank closings for local projects.

The Department of Revenue’s public figures in the presentation included:
- Five refunding transactions over about 10 months, total par roughly $600 million and total NPV savings about $37 million.
- Airport issuance about $118 million, NPV savings about $8.9 million; roughly $7.5 million drawn from the reserve fund as part of that transaction.
- Matanuska-Susitna Borough refinancing of lease-purchase bonds tied to Goose Creek (described in the presentation as roughly $100 million outstanding and savings around $5.6 million, or 5.35%).
- A municipal bond bank transaction closed in April with total par about $55.6 million; refunding components saved roughly $1.9 million (about 3.8% of refunded par).
- Alaska public debt reported at about $11.6 billion as of June 30, 2024, with state general obligation bonds near $470 million outstanding, subject-to-appropriation commitments of about $608 million (including certificates of participation and lease-purchase obligations), and a combined unfunded actuarial accrued liability (UAAL) reported near $4.4 billion.

Committee questions and process notes

Committee members asked how refinancing interacts with project funds and whether proceeds include new project allocations. Williams said refinancing transactions in the examples were used to pay off old bonds and reduce interest costs; they did not provide new project money. He also said all new debt must be authorized through the State Bond Committee and that the authorization-to-delivery process can take “anywhere from … 2 to 6 months” depending on the project and required market disclosures.

No formal action was taken; the session was a staff presentation and question-and-answer exchange. Commissioner Crum, who joined on the line, praised the debt team’s work in the capital markets: “Not only are we saving money for the state, we’re actually enhancing the overall economic market,” he told the committee.

Ending

Williams told members he would follow up with additional detail at the committee’s request (for example, a list of entities eligible to use the municipal bond bank). The presentation concluded with a reminder that the Department’s Alaska Public Debt book and a debt-affordability analysis accompany the public figures cited in the briefing.","State Debt Manager Ryan Williams told the Alaska House Finance Committee on May 1 that five recent refinancing transactions totaling about $600 million in par produced roughly $37 million in net present value savings and did not extend maturities.","actionData","errors"]

Article not found

Mat-Su Borough refinancing reduces state’s lease-purchase commitment on Goose Creek, Williams says

Alaska International Airport System refinancing smooths annual debt service near $23 million, Williams says

Williams: Alaska’s credit ratings have improved but state remains a ‘unique’ credit

House Finance Committee hears state debt update; refinancings saved about $37 million