00HOUSE CS FOR SENATE BILL NO. 92(STA)                                                                                    
01 "An Act requiring that, in addition to its operating budget, activities of the                                          
02 Alaska Housing Finance Corporation, except the corporation's unsubsidized                                               
03 mortgage loan activities and except certain of the corporation's multi-family loans                                     
04 and projects, are subject to the Executive Budget Act."                                                                 
05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
06    * Section 1.  AS 18.56.089(a) is amended to read:                                                                    
07  (a)  The provisions of AS 37.07 (Executive Budget Act)                                                                
08   (1)  apply to                                                                                                        
09   [(A)]  the operating budget of the corporation, to all [;                                                         
10   (B)  AMOUNTS PAYABLE FROM CORPORATE EARNINGS                                                                        
11 OR ASSETS OF THE CORPORATION FOR GRANTS OR GRANT                                                                        
12 PROGRAMS AUTHORIZED BY THIS CHAPTER;                                                                                    
13   (C)  INTEREST RATE SUBSIDIES AND BUILDING                                                                           
14 SUBSIDIES AS DETERMINED BY THE CORPORATION, EXCEPT                                                                      

01 SUBSIDIES PAYABLE FROM THE CORPORATION'S ARBITRAGE                                                                      
02 EARNINGS;                                                                                                               
03   (D)]  activities of the corporation under AS 18.55, and, except                                                    
04 as otherwise specifically provided in (2) of this subsection, to the activities                                         
05 of the corporation under this chapter [AS 18.55.010 - 18.55.960];                                                      
06   (2)  do not apply to activities of the corporation under this chapter that                                          
07 relate to                                                                                                               
08   (A)  the corporation's borrowing of money as provided in                                                            
09 this chapter to make, purchase, and service mortgage loans, including the                                               
10 issuing of its obligations or evidence of that borrowing and the repayment                                              
11 of the debt obligation;                                                                                                 
12   (B)  multi-family loans and projects not to exceed                                                                  
13 $10,000,000 individually that may require grants or tax credits or that use                                             
14 arbitrage earnings as subsidies; and                                                                                    
15   (C)   the corporation's loan programs for which a subsidy is                                                        
16 not provided [EXCEPT AS PROVIDED IN (1) OF THIS SUBSECTION OR                                                          
17 AS OTHERWISE SPECIFICALLY PROVIDED IN THIS CHAPTER].