00                            HOUSE BILL NO. 388                                                                          
01 "An Act relating to state loans for oil and gas projects in the Cook Inlet sedimentary                                  
02 basin; relating to the Alaska Energy Authority; relating to the Alaska Industrial                                       
03 Development and Export Authority; and providing for an effective date."                                                 
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. AS 44.83 is amended by adding a new section to read:                                                  
06                 Article 5A. Cook Inlet Reserve-Based Lending.                                                         
07            Sec. 44.83.550. Cook Inlet reserve-based lending fund. (a) The Cook Inlet                                  
08       reserve-based lending fund is established in the authority. The fund consists of                                  
09       appropriations made to the fund by the legislature.                                                               
10 (b)  The authority may use money in the fund to make one or more reserve-                                               
11 based loans to fund projects the authority considers necessary to increase oil and gas                                  
12 production from the Cook Inlet sedimentary basin. In this subsection, "reserve-based                                    
13 loan" means a loan made against and secured by an oil and gas field or undeveloped or                                   
14       developed oil and gas assets.                                                                                     

01    * Sec. 2. AS 44.88 is amended by adding a new section to read:                                                     
02                 Article 10A. Cook Inlet Reserve-Based Lending.                                                        
03            Sec. 44.88.850. Cook Inlet reserve-based lending fund. (a) The Cook Inlet                                  
04       reserve-based lending fund is established in the authority outside of the revolving                               
05       fund. The fund consists of appropriations made to the fund by the legislature.                                    
06 (b)  The authority may use money in the fund to make one or more reserve-                                               
07 based loans to fund projects the authority considers necessary to increase oil and gas                                  
08 production from the Cook Inlet sedimentary basin. In this subsection, "reserve-based                                    
09 loan" means a loan made against and secured by an oil and gas field or undeveloped or                                   
10       developed oil and gas assets.                                                                                     
11    * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).