HB 471: "An Act relating to the definitions of 'net income' and 'unrestricted net income' for purposes of determining the amount of the Alaska Industrial Development and Export Authority's dividend to the state; relating to communities within which rural development loans may be made by the authority; and providing for an effective date."
00 HOUSE BILL NO. 471 01 "An Act relating to the definitions of 'net income' and 'unrestricted net income' for 02 purposes of determining the amount of the Alaska Industrial Development and Export 03 Authority's dividend to the state; relating to communities within which rural 04 development loans may be made by the authority; and providing for an effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. AS 44.88.088(b)(2) is amended to read: 07 (2) "net income" means the authority's change in net assets [NET 08 INCOME] as set out in the audited financial statements of the authority for the base 09 fiscal year, excluding amounts attributable to intergovernmental transfers, capital 10 contributions, or grants; 11 * Sec. 2. AS 44.88.088(b)(3) is amended to read: 12 (3) "unrestricted net income" means the authority's unrestricted change 13 in net assets [NET INCOME] as set out in the audited financial statements of the 14 authority for the base fiscal year, excluding amounts attributable to
01 intergovernmental transfers, capital contributions, or grants. 02 * Sec. 3. AS 44.88.610(a) is amended to read: 03 (a) The authority may use money from the rural development initiative fund to 04 make a loan of up to $100,000 to a person, or a loan of up to $200,000 to two or more 05 persons, to be used for working capital, equipment, construction, or other commercial 06 purposes by a business located in a community with a population of 5,000 or less that 07 is not connected by road or rail to Anchorage or Fairbanks, or with a population 08 of 2,000 or less that is connected by road or rail to Anchorage or Fairbanks. A 09 person who has received a loan under this subsection may not be granted another loan 10 until after the original loan is entirely repaid. For purposes of this subsection, 11 (1) "community" means a city as defined in AS 29.71.800 or an 12 unincorporated community as defined in AS 29.60.140; and 13 (2) "connected by road" does not include a connection by the 14 Alaska marine highway system. 15 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 16 read: 17 TRANSITION. AS 44.88.088(b)(2) and (3), as amended in secs. 1 and 2 of this Act, 18 first apply to calculations made for base fiscal year 2002 and apply thereafter. 19 * Sec. 5. This Act takes effect immediately under AS 01.10.070(c).