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HB 203: "An Act relating to the definitions of 'net income' and 'unrestricted net income' for purposes of calculating the dividends to be paid to the state by the Alaska Industrial Development and Export Authority; and providing for an effective date."

00                             HOUSE BILL NO. 203                                                                          
01 "An Act relating to the definitions of 'net income' and 'unrestricted net income' for                                   
02 purposes of calculating the dividends to be paid to the state by the Alaska Industrial                                  
03 Development and Export Authority; and providing for an effective date."                                                 
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  AS 44.88.088(b)(2) is amended to read:                                                               
06                 (2)  "net income" means the authority's change in net assets as set out in                              
07       the audited financial statements of the authority for the base fiscal year, excluding                             
08       amounts attributable to intergovernmental transfers, capital contributions, [OR] grants,                      
09       or impairment losses on development projects financed under AS 44.88.172;                                     
10    * Sec. 2.  AS 44.88.088(b)(3) is amended to read:                                                                  
11                 (3)  "unrestricted net income" means the authority's unrestricted change                                
12       in net assets as set out in the audited financial statements of the authority for the base                        
13       fiscal year, excluding amounts attributable to intergovernmental transfers, capital                               
14       contributions, [OR] grants, or impairment losses on development projects financed                             
01       under AS 44.88.172.                                                                                           
02    * Sec. 3.  The uncodified law of the State of Alaska is amended by adding a new section to                         
03 read:                                                                                                                   
04       APPLICABILITY.  AS 44.88.088(b)(2) and (3), as amended in secs. 1 and 2 of this                                   
05 Act, apply to the calculations under AS 44.88.088 for state fiscal year 2004, using base fiscal                         
06 year 2002, and for subsequent fiscal years.                                                                             
07    * Sec. 4.  This Act takes effect immediately under AS 01.10.070(c).