HCS SB 92(FIN): "An Act redefining the activities of the Alaska Housing Finance Corporation that are subject to the Executive Budget Act."
00HOUSE 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].