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SB 255 am H(reengrossed): "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; relating to a municipal tax exemption for certain assets and projects of the Alaska Industrial Development and Export Authority; providing for an effective date by amending an effective date in sec. 3, ch. 117, SLA 2000, as amended by sec. 2, ch. 74, SLA 2003; and providing for an effective date."

00                      SENATE BILL NO. 255 am H(reengrossed)                                                              
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; relating to a municipal tax exemption for certain assets and                                
04 projects of the Alaska Industrial Development and Export Authority; providing for an                                    
05 effective date by amending an effective date in sec. 3, ch. 117, SLA 2000, as amended by                                
06 sec. 2, ch. 74, SLA 2003; and providing for an effective date."                                                         
07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
08    * Section 1. The uncodified law of the State of Alaska is amended by adding a new section                          
09 to read:                                                                                                                
10       LEGISLATIVE APPROVAL REGARDING REFUNDING CERTAIN                                                                  
11 OUTSTANDING BONDS. (a) The Alaska Industrial Development and Export Authority may                                       
12 issue bonds for the purpose of refunding outstanding bonds issued August 18, 1998, as                                   
13 authorized by sec. 25, ch. 111, SLA 1996, to finance the acquisition of the Snettisham                                  
01 hydroelectric project and related assets. The principal amount of the refunding bonds                                   
02 described in this subsection may not exceed $100,000,000 and may include the costs of                                   
03 refinancing, funding reserves, and other costs considered reasonable and appropriate by the                             
04 Alaska Industrial Development and Export Authority for purposes of refunding the                                        
05 outstanding bonds.                                                                                                      
06       (b)  Subsection (a) of this section constitutes the legislative approval required by                              
07 AS 44.88.095(g).                                                                                                        
08    * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to                          
09 read:                                                                                                                   
10       RETROACTIVITY. The amendment in sec. 3 of this Act is retroactive to July 1,                                      
11 2007.                                                                                                                   
12    * Sec. 3. Section 19, ch. 117, SLA 2000, as amended by sec. 2, ch. 74, SLA 2003, is                                
13 amended to read:                                                                                                        
14            Sec. 19. Section 3 of this Act takes effect November 30, 2009 [JULY 1, 2007].                            
15    * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).