CSHB 175(L&C): "An Act making an appropriation under art. IX, sec. 17(c), Constitution of the State of Alaska, from the constitutional budget reserve fund to the Alaska Industrial Development and Export Authority for power projects; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 175(L&C) 01 "An Act making an appropriation under art. IX, sec. 17(c), Constitution of the State of 02 Alaska, from the constitutional budget reserve fund to the Alaska Industrial 03 Development and Export Authority for power projects; and providing for an effective 04 date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. ALASKA INDUSTRIAL DEVELOPMENT AND EXPORT AUTHORITY. 07 The sum of $62,200,000 is appropriated from the constitutional budget reserve fund (art. IX, 08 sec. 17(c), Constitution of the State of Alaska) to the Department of Community and 09 Economic Development, Alaska Industrial Development and Export Authority, to be 10 allocated for the following purposes: 11 PURPOSE ALLOCATION 12 Payment as a no-interest loan under $12,000,000 13 AS 44.88.080(13) to the Cordova Electric 14 Association for completion of the Power Creek
01 hydroelectric project 02 Payment as a no-interest loan under 12,500,000 03 AS 44.88.080(13) to Copper Valley Electric 04 Association to pay the following capital construction debt: 05 PROJECT AMOUNT 06 Cogeneration project cost $7,500,000 07 Glennallen capacity addition 4,000,000 08 Waste heat project with school district 500,000 09 Department of Community and Economic 500,000 10 Development intertie study 11 Acquisition, design, and construction of a power 8,400,000 12 transmission intertie between Tok and 13 Chistochina 14 Payment as a no-interest loan under 4,800,000 15 AS 44.88.080(13) to the Homer Electric Association 16 for the Seldovia/Port Graham/Nanwalek regional 17 power project 18 Extension of the Anchorage-Fairbanks power 24,500,000 19 transmission intertie and upgrade of the intertie 20 to 230 kilovolts. 21 * Sec. 2. LEGISLATIVE INTENT. (a) It is the intent of the legislature that a loan made 22 under AS 44.88.080(13) from the appropriation made by this Act be repaid within 25 years. 23 (b) The Alaska Industrial Development and Export Authority shall deposit 24 repayments on the loans made from money appropriated by this Act into the constitutional 25 budget reserve fund (art. IX, sec. 17(c), Constitution of the State of Alaska). 26 * Sec. 3. CONSTITUTIONAL BUDGET RESERVE FUND. The appropriation made by 27 this Act is made under art. IX, sec. 17(c), Constitution of the State of Alaska. 28 * Sec. 4. LAPSE PROVISION. The appropriation made by this Act is for capital projects, 29 lapses under AS 37.25.020, and lapses into the constitutional budget reserve fund (art. IX, 30 sec. 17(c), Constitution of the State of Alaska). 31 * Sec. 5. This Act takes effect immediately under AS 01.10.070(c).