00                             SENATE BILL NO. 17                                                                         
01 "An Act amending the application deadline, and the standards applicable to                                              
02 determining whether a proposed new investment constitutes a qualified project, for                                      
03 purposes of the Alaska Stranded Gas Development Act; and providing for an effective                                     
04 date."                                                                                                                  
05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
06    * Section 1.  AS 43.82.100 is amended to read:                                                                     
07            Sec. 43.82.100.  Qualified project.  Based on information available to                                     
08       the commissioner, the commissioner may determine that a proposal for new                                          
09       investment is a qualified project under this chapter only if the project                                          
10                 (1)  [IS A PROJECT FOR THE EXPORT OF LIQUEFIED                                                          
11       NATURAL GAS;                                                                                                      
12                 (2)]  would produce at least 500,000,000,000 cubic feet of                                              
13       stranded gas within 20 years from the commencement of commercial                                                  

01       operations; and                                                                                                   
02                 (2)  [(3)]  is capable, subject to applicable commercial regulation                                 
03       and technical and economic considerations, of making gas available to meet the                                    
04       reasonably foreseeable demand in this state for gas within the economic                                           
05       proximity of the project.                                                                                         
06    * Sec. 2.  AS 43.82.170 is amended to read:                                                                        
07            Sec. 43.82.170.   Application deadline.  The commissioner of revenue                                       
08       or the commissioner of natural resources may not act on an application for a                                      
09       contract submitted under AS 43.82.120 unless the application is received by the                                   
10       Department of Revenue no later than December 31, 2001 [JUNE 30, 2001].                                      
11    * Sec. 3.  This Act takes effect immediately under AS 01.10.070(c).