CSHB 404(L&C): "An Act relating to the dividend made available to the state by Alaska Housing Finance Corporation."
00 CS FOR HOUSE BILL NO. 404(L&C) 01 "An Act relating to the dividend made available to the state by Alaska Housing Finance 02 Corporation." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 18.56.089(c) is amended 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 before 07 the end of that fiscal year. The legislature may appropriate the dividend for affordable 08 and workforce housing [CAPITAL] projects. The corporation shall notify the 09 commissioner of revenue of the amount of each dividend under this subsection for 10 inclusion in the state operating budget and shall also notify the commissioner when 11 each dividend is available for payment to the state. The amount of the dividend for a 12 current fiscal year is calculated as follows: 13 (1) the lesser of $103,000,000 or 75 percent of the adjusted change in 14 net assets of the corporation for the base fiscal year;
01 (2) minus the amount of money from the corporation used during that 02 current fiscal year for bond repayment and other costs related to the bonds issued 03 under 04 (A) ch. 26, SLA 1996, up to a maximum of $1,000,000; 05 (B) sec. 10(b), ch. 130, SLA 2000; 06 (C) sec. 1, ch. 1, SSSLA 2002; 07 (D) sec. 4, ch. 120, SLA 2004; and 08 (3) minus any appropriation of unrestricted unencumbered money of 09 the corporation during the current fiscal year, other than an appropriation for the 10 corporation's operating budget.