HCS CSSB 261(FIN): "An Act relating to the Special Olympics World Winter Games to be held in Anchorage in the year 2001; establishing a reserve fund for the games; providing certain duties and authority for the Alaska Industrial Development and Export Authority regarding financing for those games; and providing for an effective date."
00HOUSE CS FOR CS FOR SENATE BILL NO. 261(FIN) 01 "An Act relating to the Special Olympics World Winter Games to be held in 02 Anchorage in the year 2001; establishing a reserve fund for the games; providing 03 certain duties and authority for the Alaska Industrial Development and Export 04 Authority regarding financing for those games; and providing for an effective 05 date." 06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 07 * Section 1. FINDINGS. The legislature finds that 08 (1) holding the 2001 Special Olympics World Winter Games in Anchorage will 09 benefit the state through national and international recognition of the state as a location for 10 large-scale sporting events; 11 (2) the 2001 Special Olympics World Winter Games are expected to draw 12 thousands of athletes, coaches, and spectators to the state; 13 (3) the state's economy is expected to benefit from the influx of athletes, 14 coaches, and spectators who participate in or attend the 2001 Special Olympics World Winter
01 Games; 02 (4) the Alaska Industrial Development and Export Authority can fulfill its vital 03 economic development mission for the state by facilitating the 2001 Special Olympics World 04 Winter Games; 05 (5) by the holding of the 2001 Special Olympics World Winter Games in 06 Anchorage, the state will host the largest multisport event in the world in 2001, showcasing 07 its world-class competition venues and unparalleled natural beauty to a global television 08 audience; and 09 (6) the state and its people are proud to welcome athletes experiencing certain 10 developmental disabilities from around the world who will demonstrate their extraordinary 11 skills, dedication, courage, and joy during the 2001 Special Olympics World Winter Games. 12 * Sec. 2. RESERVE FUND ESTABLISHED. There is created in the Alaska Industrial 13 Development and Export Authority the 2001 Special Olympics World Winter Games reserve 14 fund to carry out the purposes of this Act. All money for the 2001 Special Olympics World 15 Winter Games granted to the authority by the United States government, all money 16 appropriated to the fund, and all money received by the authority from other grants, trusts, 17 bequests, and donations for those games shall be paid into the reserve fund. 18 * Sec. 3. ADMINISTRATION. (a) The authority may 19 (1) accept grants from the United States government for the 2001 Special 20 Olympics World Winter Games to be held in Anchorage; 21 (2) accept gifts, grants, trusts, bequests, or donations from any person for those 22 games; 23 (3) administer and invest the reserve fund in accordance with the powers and 24 responsibilities established in AS 37.10.071; 25 (4) use the reserve fund as the authority determines necessary to facilitate those 26 games; and 27 (5) designate agents and delegate the authority's powers under this Act to them 28 as necessary; 29 (b) The authority shall 30 (1) review the finance plan submitted to the authority by the local sponsor 31 organization under sec. 4 of this Act;
01 (2) annually 02 (A) determine whether there is sufficient money from all sources other 03 than from state appropriations to cover the valid obligations of the local sponsor 04 organization for the games; 05 (B) if there is insufficient money from those other sources, determine 06 the amount necessary to capitalize the reserve fund to fulfill the purposes of the 07 reserve fund, not to exceed a cumulative total of $4,000,000 of the cost limitation of 08 $8,000,000 as referenced in art. X, sec. 10.01, of the Special Olympic International 09 Charter; and 10 (C) report that amount to the governor and the legislature in the 11 certificate required by sec. 4(e) of this Act. 12 * Sec. 4. FINANCING AND FINANCIAL GUARANTEE PLAN. (a) If the local sponsor 13 organization desires a state financial guarantee plan for the games, the organization shall 14 prepare a finance plan for those games and submit that plan to the authority for approval no 15 later than 90 days after the effective date of this Act. The finance plan must include 16 (1) an estimate of the total cost of the games and a description of the sources 17 of money that will be used to finance the total cost of the games; 18 (2) an estimate of the operational costs of the games and a description of the 19 source of money that will be used to pay the operational costs; 20 (3) a method of financing the games that minimizes the cost to the state and 21 ensures the local sponsor organization uses its best efforts to minimize costs to the state. 22 (b) The local sponsor organization shall update the finance plan semiannually and 23 shall submit the updated plan to the authority for approval semiannually. 24 (c) The local sponsor organization shall provide to the authority additional information 25 reasonably requested by the authority. 26 (d) The finance plan and all updates are subject to approval by the authority following 27 reasonable due diligence by the authority to ensure state costs are minimized. 28 (e) The chair of the authority shall, at least annually, no later than January 2, make 29 and deliver to the governor and the legislature a certificate stating whether the local sponsor 30 organization has met the requirements of (a) - (d) of this section and stating the amount, if 31 any, determined under sec. 3(b)(2) of this Act, not to exceed a cumulative total of $4,000,000
01 of the cost limitation of $8,000,000 as referenced in art. X, sec. 10.01, of the Special Olympic 02 International Charter. If the local sponsor organization has met the requirements of (a) - (d) 03 of this section, the legislature may, after January 2, 2001, appropriate an amount not to exceed 04 $4,000,000 of the cost limitation of $8,000,000 as referenced in art. X, sec. 10.01, of the 05 Special Olympic International Charter. The amount appropriated shall be deposited by the 06 authority in the reserve fund. Nothing in this subsection creates a debt or liability of the state. 07 * Sec. 5. DEFINITIONS. In this Act, 08 (1) "authority" means the Alaska Industrial Development and Export Authority; 09 (2) "games" means the Special Olympics World Winter Games to be held in 10 Anchorage in the year 2001; 11 (3) "local sponsor organization" means the 2001 Special Olympics World 12 Games Organizing Committee or its successor organization; 13 (4) "reserve fund" means the 2001 Special Olympics World Winter Games 14 reserve fund. 15 * Sec. 6. This Act takes effect immediately under AS 01.10.070(c).