SB 182: "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 BILL NO. 182 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 corporation shall notify the commissioner of 08 revenue of the amount of each dividend under this subsection for inclusion in the state 09 operating budget and shall also notify the commissioner when each dividend is 10 available for payment to the state. The amount of the dividend for a current fiscal year 11 is calculated as follows: 12 (1) the lesser of $103,000,000 or 75 percent of the net income of the 13 corporation for the base fiscal year; 14 (2) minus the amount of money from the corporation used during that
01 current fiscal year for bond repayment and other costs related to the bonds issued 02 under 03 (A) ch. 26, SLA 1996, up to a maximum of $1,000,000; 04 (B) sec. 10(b), ch. 130, SLA 2000; 05 (C) sec. 1, ch. 1, SSSLA 2002; and 06 (3) minus any appropriation of unrestricted, unencumbered money of 07 the corporation during the current fiscal year, other than an appropriation for the 08 corporation's operating budget. 09 (d) In (c) of this section, 10 (1) "base fiscal year" means the fiscal year ending two years before the 11 end of the current fiscal year in which the dividend is made available to the state; 12 (2) "dividend" means a payment made to the state under (c) of this 13 section; 14 (3) "net income" means the corporation's operating income before 15 deducting nonoperating expenses, special items, and transfers as set out in the audited 16 financial statements of the corporation for the base fiscal year. 17 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 18 read: 19 TRANSITION: PHASE-IN OF AMOUNT OF DIVIDEND. (a) Notwithstanding the 20 amount of the annual dividend under AS 18.56.089(c), added by sec. 1 of this Act, the 21 dividend is calculated as follows for the following years: 22 (1) fiscal year 2004: 23 (A) $103,000,000; 24 (B) minus the amount of money from the Alaska Housing Finance 25 Corporation used during fiscal year 2004 for bond repayments and other costs related 26 to the bonds issued under 27 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 28 (ii) sec. 2, ch. 129, SLA 1998; 29 (iii) sec. 10(b), ch. 130, SLA 2000; 30 (iv) sec. 1, ch. 1, SSSLA 2002; and 31 (C) minus any appropriation of unrestricted, unencumbered money of
01 the corporation during fiscal year 2004, other than an appropriation for the 02 corporation's operating budget; 03 (2) fiscal year 2005: 04 (A) $103,000,000; 05 (B) minus the amount of money from the Alaska Housing Finance 06 Corporation used during fiscal year 2005 for bond repayments and other costs related 07 to the bonds issued under 08 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 09 (ii) sec. 2, ch. 129, SLA 1998; 10 (iii) sec. 10(b), ch. 130, SLA 2000; 11 (iv) sec. 1, ch. 1, SSSLA 2002; and 12 (C) minus any appropriation of unrestricted, unencumbered money of 13 the corporation during fiscal year 2005, other than an appropriation for the 14 corporation's operating budget; 15 (3) fiscal year 2006: 16 (A) $103,000,000; 17 (B) minus the amount of money from the Alaska Housing Finance 18 Corporation used during fiscal year 2006 for bond repayments and other costs related 19 to the bonds issued under 20 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 21 (ii) sec. 2, ch. 129, SLA 1998; 22 (iii) sec. 10(b), ch. 130, SLA 2000; 23 (iv) sec. 1, ch. 1, SSSLA 2002; and 24 (C) minus any appropriation of unrestricted, unencumbered money of 25 the corporation during fiscal year 2006, other than an appropriation for the 26 corporation's operating budget; 27 (4) fiscal year 2007: 28 (A) the lesser of $103,000,000 or 95 percent of the net income of the 29 Alaska Housing Finance Corporation for fiscal year 2005; 30 (B) minus the amount of money from the Alaska Housing Finance 31 Corporation used during fiscal year 2007 for bond repayments and other costs related
01 to the bonds issued under 02 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 03 (ii) sec. 10(b), ch. 130, SLA 2000; 04 (iii) sec. 1, ch. 1, SSSLA 2002; and 05 (C) minus any appropriation of unrestricted, unencumbered money of 06 the corporation during fiscal year 2007, other than an appropriation for the 07 corporation's operating budget; 08 (5) fiscal year 2008: 09 (A) the lesser of $103,000,000 or 85 percent of the net income of the 10 Alaska Housing Finance Corporation for fiscal year 2006; 11 (B) minus the amount of money from the Alaska Housing Finance 12 Corporation used during fiscal year 2007 for bond repayments and other costs related 13 to the bonds issued under 14 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 15 (ii) sec. 10(b), ch. 130, SLA 2000; 16 (iii) sec. 1, ch. 1, SSSLA 2002; and 17 (C) minus any appropriation of unrestricted, unencumbered money of 18 the corporation during fiscal year 2008, other than an appropriation for the 19 corporation's operating budget. 20 (b) For purposes of this section, "net income" has the meaning set out in 21 AS 18.56.089(d). 22 * Sec. 3. This Act takes effect July 1, 2003.