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SB 255: "An Act relating to refunding of certain outstanding bonds issued by the Alaska Industrial Development and Export Authority concerning the Snettisham hydroelectric project and related assets; and providing for an effective date."

00                             SENATE BILL NO. 255                                                                         
01 "An Act relating to refunding of certain outstanding bonds issued by the Alaska                                         
02 Industrial Development and Export Authority concerning the Snettisham hydroelectric                                     
03 project and related assets; and providing for an effective date."                                                       
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. The uncodified law of the State of Alaska is amended by adding a new section                          
06 to read:                                                                                                                
07       LEGISLATIVE APPROVAL REGARDING REFUNDING CERTAIN                                                                  
08 OUTSTANDING BONDS. (a) The Alaska Industrial Development and Export Authority may                                       
09 issue bonds for the purpose of refunding outstanding bonds issued August 18, 1998, as                                   
10 authorized by sec. 25, ch. 111, SLA 1996, to finance the acquisition of the Snettisham                                  
11 hydroelectric project and related assets. The principal amount of the refunding bonds                                   
12 described in this subsection may not exceed $100,000,000 and may include the costs of                                   
13 refinancing, funding reserves, and other costs considered reasonable and appropriate by the                             
14 Alaska Industrial Development and Export Authority for purposes of refunding the                                        
01 outstanding bonds.                                                                                                      
02       (b)  Subsection (a) of this section constitutes the legislative approval required by                              
03 AS 44.88.095(g).                                                                                                        
04    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).