SCS HB 256(FIN) am S: "An Act relating to a dividend payment to the state made by the Alaska Housing Finance Corporation each fiscal year; and providing for an effective date."
00 SENATE CS FOR HOUSE BILL NO. 256(FIN) am S 01 "An Act relating to a dividend payment to the state made by the Alaska Housing 02 Finance Corporation each fiscal year; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 18.56.089 is amended by adding new subsections to read: 05 (c) The corporation shall make a dividend available to the state each fiscal 06 year. The corporation shall pay the dividend for a current fiscal year to the state 07 before the end of that fiscal year. The legislature may appropriate the dividend for 08 capital projects. The corporation shall notify the commissioner of revenue of the 09 amount of each dividend under this subsection for inclusion in the state operating 10 budget and shall also notify the commissioner when each dividend is available for 11 payment to the state. The amount of the dividend for a current fiscal year is calculated 12 as follows: 13 (1) the lesser of $103,000,000 or 75 percent of the net income of the 14 corporation for the base fiscal year;
01 (2) minus the amount of money from the corporation used during that 02 current fiscal year for bond repayment and other costs related to the bonds issued 03 under 04 (A) ch. 26, SLA 1996, up to a maximum of $1,000,000; 05 (B) sec. 10(b), ch. 130, SLA 2000; 06 (C) sec. 1, ch. 1, SSSLA 2002; and 07 (3) minus any appropriation of unrestricted, unencumbered money of 08 the corporation during the current fiscal year, other than an appropriation for the 09 corporation's operating budget. 10 (d) In (c) of this section, 11 (1) "base fiscal year" means the fiscal year ending two years before the 12 end of the current fiscal year in which the dividend is made available to the state; 13 (2) "dividend" means a payment made to the state under (c) of this 14 section; 15 (3) "net income" means the corporation's operating income before 16 deducting nonoperating expenses, special items, and transfers as set out in the audited 17 financial statements of the corporation for the base fiscal year. 18 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 19 read: 20 TRANSITION: PHASE-IN OF AMOUNT OF DIVIDEND. (a) Notwithstanding the 21 amount of the annual dividend under AS 18.56.089(c), added by sec. 1 of this Act, the 22 dividend is calculated as follows for the following years: 23 (1) fiscal year 2004: 24 (A) $103,000,000; 25 (B) minus the amount of money from the Alaska Housing Finance 26 Corporation used during fiscal year 2004 for bond repayments and other costs related 27 to the bonds issued under 28 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 29 (ii) sec. 2, ch. 129, SLA 1998; 30 (iii) sec. 10(b), ch. 130, SLA 2000; 31 (iv) sec. 1, ch. 1, SSSLA 2002; and
01 (C) minus any appropriation of unrestricted, unencumbered money of 02 the corporation during fiscal year 2004, other than an appropriation for the 03 corporation's operating budget; 04 (2) fiscal year 2005: 05 (A) $103,000,000; 06 (B) minus the amount of money from the Alaska Housing Finance 07 Corporation used during fiscal year 2005 for bond repayments and other costs related 08 to the bonds issued under 09 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 10 (ii) sec. 2, ch. 129, SLA 1998; 11 (iii) sec. 10(b), ch. 130, SLA 2000; 12 (iv) sec. 1, ch. 1, SSSLA 2002; and 13 (C) minus any appropriation of unrestricted, unencumbered money of 14 the corporation during fiscal year 2005, other than an appropriation for the 15 corporation's operating budget; 16 (3) fiscal year 2006: 17 (A) $103,000,000; 18 (B) minus the amount of money from the Alaska Housing Finance 19 Corporation used during fiscal year 2006 for bond repayments and other costs related 20 to the bonds issued under 21 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 22 (ii) sec. 2, ch. 129, SLA 1998; 23 (iii) sec. 10(b), ch. 130, SLA 2000; 24 (iv) sec. 1, ch. 1, SSSLA 2002; and 25 (C) minus any appropriation of unrestricted, unencumbered money of 26 the corporation during fiscal year 2006, other than an appropriation for the 27 corporation's operating budget; 28 (4) fiscal year 2007: 29 (A) the lesser of $103,000,000 or 95 percent of the net income of the 30 Alaska Housing Finance Corporation for fiscal year 2005; 31 (B) minus the amount of money from the Alaska Housing Finance
01 Corporation used during fiscal year 2007 for bond repayments and other costs related 02 to the bonds issued under 03 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 04 (ii) sec. 10(b), ch. 130, SLA 2000; 05 (iii) sec. 1, ch. 1, SSSLA 2002; and 06 (C) minus any appropriation of unrestricted, unencumbered money of 07 the corporation during fiscal year 2007, other than an appropriation for the 08 corporation's operating budget; 09 (5) fiscal year 2008: 10 (A) the lesser of $103,000,000 or 85 percent of the net income of the 11 Alaska Housing Finance Corporation for fiscal year 2006; 12 (B) minus the amount of money from the Alaska Housing Finance 13 Corporation used during fiscal year 2008 for bond repayments and other costs related 14 to the bonds issued under 15 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 16 (ii) sec. 10(b), ch. 130, SLA 2000; 17 (iii) sec. 1, ch. 1, SSSLA 2002; and 18 (C) minus any appropriation of unrestricted, unencumbered money of 19 the corporation during fiscal year 2008, other than an appropriation for the 20 corporation's operating budget. 21 (b) For purposes of this section, "net income" has the meaning set out in 22 AS 18.56.089(d). 23 * Sec. 3. This Act takes effect July 1, 2003.