00 HOUSE CS FOR SENATE BILL NO. 92(FIN)                                                                                    
01 "An Act redefining the activities of the Alaska Housing Finance Corporation that                                        
02 are subject to the Executive Budget Act."                                                                               
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 18.56.089(a) is amended to read:                                                                    
05  (a)  The provisions of AS 37.07 (Executive Budget Act)                                                                
06   (1)  apply to                                                                                                        
07   (A)  the operating budget of the corporation;                                                                       
08   (B)  amounts payable from corporate earnings or assets of the                                                       
09 corporation for grants or grant programs authorized by this chapter;                                                    
10   (C)  interest rate subsidies and building subsidies as determined                                                   
11 by the corporation [, EXCEPT SUBSIDIES PAYABLE FROM THE                                                                 
12 CORPORATION'S ARBITRAGE EARNINGS];                                                                                      
13   (D)  the amount and source or sources of the total annual                                                          
14 appropriation for the corporation's loan programs for which a subsidy is not                                            
01 provided, but the provisions of AS 37.07 are not otherwise applicable to that                                           
02 appropriation;                                                                                                          
03   (E)  the amount and source or sources of the total annual                                                           
04 appropriation for the corporation's multi-family housing loans and the                                                  
05 corporation's housing programs and housing projects if a subsidy is                                                     
06 provided from the corporation's arbitrage earnings for the loans, programs,                                             
07 or projects, but the provisions of AS 37.07 are not otherwise applicable to                                             
08 that appropriation; and                                                                                                 
09   (F)  except as otherwise specifically provided in (2) of this                                                       
10 subsection, the activities of the corporation under AS 18.55 and the activities                                       
11 of the corporation under this chapter [AS 18.55.010 - 18.55.960];                                                      
12   (2)  do not apply to activities of the corporation under AS 18.55 and this                                         
13 chapter that                                                                                                           
14   (A)  relate to the corporation's borrowing of money as                                                              
15 provided in this chapter to make or purchase mortgage loans, including the                                              
16 issuing of its obligations or evidence of that borrowing and the repayment                                              
17 of the debt obligation;                                                                                                 
18   (B)  relate to the corporation's ability to refinance existing                                                      
19 mortgage loans in order to achieve a lower interest rate; or                                                            
20   (C)  are directly attributable to the servicing of mortgage                                                         
21 loans, including real estate acquired by the corporation as a result of                                                 
22 foreclosure [EXCEPT AS PROVIDED IN (1) OF THIS SUBSECTION OR                                                           
23 AS OTHERWISE SPECIFICALLY PROVIDED IN THIS CHAPTER].