CSHB 471(CRA): "An Act increasing the maximum amount of loans from the bulk fuel revolving loan fund operated by the Alaska Energy Authority; 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 Alaska Industrial Development and Export Authority; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 471(CRA) 01 "An Act increasing the maximum amount of loans from the bulk fuel revolving loan 02 fund operated by the Alaska Energy Authority; relating to the definitions of 'net 03 income' and 'unrestricted net income' for purposes of determining the amount of the 04 Alaska Industrial Development and Export Authority's dividend to the state; relating to 05 communities within which rural development loans may be made by the Alaska 06 Industrial Development and Export Authority; and providing for an effective date." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. AS 42.45.250(e) is amended to read: 09 (e) Loans made from the bulk fuel revolving loan fund to one borrower in any 10 fiscal year are not subject to AS 42.45.060 and 11 (1) may not exceed $200,000 [$100,000]; 12 (2) shall be repaid in one year or less; and 13 (3) may not exceed 90 percent of the wholesale price of the fuel
01 purchased. 02 * Sec. 2. AS 44.88.088(b)(2) is amended to read: 03 (2) "net income" means the authority's change in net assets [NET 04 INCOME] as set out in the audited financial statements of the authority for the base 05 fiscal year, excluding amounts attributable to intergovernmental transfers, capital 06 contributions, or grants; 07 * Sec. 3. AS 44.88.088(b)(3) is amended to read: 08 (3) "unrestricted net income" means the authority's unrestricted change 09 in net assets [NET INCOME] as set out in the audited financial statements of the 10 authority for the base fiscal year, excluding amounts attributable to 11 intergovernmental transfers, capital contributions, or grants. 12 * Sec. 4. AS 44.88.610(a) is amended to read: 13 (a) The authority may use money from the rural development initiative fund to 14 make a loan of up to $100,000 to a person, or a loan of up to $200,000 to two or more 15 persons, to be used for working capital, equipment, construction, or other commercial 16 purposes by a business located in a community with a population of 5,000 or less that 17 is not connected by road or rail to Anchorage or Fairbanks, or with a population 18 of 2,000 or less that is connected by road or rail to Anchorage or Fairbanks. A 19 person who has received a loan under this subsection may not be granted another loan 20 until after the original loan is entirely repaid. For purposes of this subsection, 21 (1) "community" means a city as defined in AS 29.71.800 or an 22 unincorporated community as defined in AS 29.60.140; and 23 (2) "connected by road" does not include a connection by the 24 Alaska marine highway system. 25 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 26 read: 27 TRANSITION. AS 44.88.088(b)(2) and (3), as amended in secs. 2 and 3 of this Act, 28 first apply to calculations made for base fiscal year 2002 and apply thereafter. 29 * Sec. 6. This Act takes effect immediately under AS 01.10.070(c).