HB 119: "An Act relating to the dividends from the Alaska Industrial Development and Export Authority; relating to the meaning of 'mark-to-market fair value,' 'net income,' 'project or development,' and 'unrestricted net income' for purposes of the Alaska Industrial Development and Export Authority; and providing for an effective date."
00 HOUSE BILL NO. 119 01 "An Act relating to the dividends from the Alaska Industrial Development and Export 02 Authority; relating to the meaning of 'mark-to-market fair value,' 'net income,' 'project 03 or development,' and 'unrestricted net income' for purposes of the Alaska Industrial 04 Development and Export Authority; and providing for an effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. AS 44.88.088(b) is amended to read: 07 (b) In this section, 08 (1) "base fiscal year" means the fiscal year ending two years before the 09 end of the fiscal year in which the payment is made; 10 (2) "mark-to-market fair value" means fixing the value of an 11 investment as its market value as of the financial reporting date; 12 (3) "net income" means the change in net position, or the equivalent 13 term under generally accepted accounting principles, of the revolving fund, the change 14 in net position of the Alaska Industrial Development and Export Authority sustainable
01 energy transmission and supply development fund (AS 44.88.660), or the change in 02 net position of the Arctic infrastructure development fund (AS 44.88.810) as set out in 03 the audited financial statements of the authority for the base fiscal year, excluding 04 amounts attributable to intergovernmental transfers, capital contributions, grants, [OR 05 IMPAIRMENT] losses on a project or development to the extent 06 [DEVELOPMENT PROJECTS] financed with state or federal grants or 07 appropriations, mark-to-market fair value based accounting entries, and noncash 08 accounting entries related to retirement obligations; 09 (4) "project or development" means 10 (A) an Arctic infrastructure development as defined in 11 AS 44.88.900(2); 12 (B) a development project as defined in AS 44.88.900(6); 13 (C) a project as defined in AS 44.88.900(13); or 14 (D) a qualified energy development as defined in 15 AS 44.88.900(16); 16 (5) [UNDER AS 44.88.172; (3)] "unrestricted net income" means the 17 unrestricted change in net position, or the equivalent term under generally accepted 18 accounting principles, of the revolving fund, the Alaska Industrial Development and 19 Export Authority sustainable energy transmission and supply development fund 20 (AS 44.88.660), or the Arctic infrastructure development fund (AS 44.88.810) as set 21 out in the audited financial statements of the authority for the base fiscal year, 22 excluding amounts attributable to intergovernmental transfers, capital contributions, 23 grants, [OR IMPAIRMENT] losses on a project or development to the extent 24 [DEVELOPMENT PROJECTS] financed with state or federal grants or 25 appropriations, mark-to-market fair value based accounting entries, and noncash 26 accounting entries related to retirement obligations [UNDER AS 44.88.172]. 27 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).