00                            HOUSE BILL NO. 218                                                                          
01 "An Act relating to the payment of dividends by the Alaska Aerospace Development                                        
02 Corporation to the state, and to appropriation of the dividend for fiscal year 2008."                                   
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 14.40 is amended by adding a new section to read:                                                  
05            Sec. 14.40.959. Dividend. (a) The corporation shall adopt a policy for payment                             
06       of a dividend to the state each fiscal year. The amount of the dividend for a fiscal year                         
07       may not be less than 25 percent or more than 50 percent of the net income of the                                  
08       corporation for the base fiscal year. The dividend for a fiscal year may not exceed the                           
09       total unrestricted net income of the corporation for the base fiscal year. The dividend                           
10       for a fiscal year shall be made available by the corporation before the end of that fiscal                        
11       year. The corporation shall notify the commissioner of revenue when the dividend for                              
12       a fiscal year is available for appropriation.                                                                     
13            (b)  In this section,                                                                                        
14                 (1)  "base fiscal year" means the fiscal year ending two years before the                               

01       end of the fiscal year in which the payment is made;                                                              
02                 (2)  "net income" means the corporation's change in net assets as set out                               
03       in the audited financial statements of the corporation for the base fiscal year,                                  
04       excluding amounts attributable to intergovernmental transfers, capital contributions,                             
05       grants, or impairment losses on projects financed under AS 14.40.821 - 14.40.990;                                 
06                 (3)  "unrestricted net income" means the corporation's unrestricted                                     
07       change in net assets as set out in the audited financial statements of the corporation for                        
08       the base fiscal year, excluding amounts attributable to intergovernmental transfers,                              
09       capital contributions, grants, or impairment losses on development projects financed                              
10       under AS 14.40.821 - 14.40.990.                                                                                   
11    * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to                          
12 read:                                                                                                                   
13       APPROPRIATION OF DIVIDEND. The legislature may appropriate to the retirement                                      
14 fund, as that term is defined in AS 14.25.220, or for any other public purpose, the dividend                            
15 made available to the state for fiscal year 2008 by the Alaska Aerospace Development                                    
16 Corporation under AS 14.40.959.