Legislature(2009 - 2010)
2009-01-28 House Journal
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Full Journal pdf2009-01-28 House Journal Page 0095 HB 90 HOUSE BILL NO. 90 by the House Rules Committee by request of the Governor, entitled: "An Act relating to bonding limitations and confidentiality of records and information of the Alaska Industrial Development and Export Authority; and providing for an effective date." was read the first time and referred to the Labor & Commerce and Finance Committees. The following fiscal note(s) apply: 1. Zero, Dept. of Commerce, Community, & Economic Development The Governor's transmittal letter dated January 23, 2009, follows: "Dear Speaker Chenault: Under the authority of Article III, Section 18, of the Alaska Constitution, I am transmitting a bill relating to bonding limitations and confidentiality of records and information of the Alaska Industrial Development and Export Authority (AIDEA). This bill would accomplish five things. Section 1 of the bill would exclude refunding and conduit revenue bonds from the 12-month bond limit of the Authority. AS 44.88.095(a) precludes AIDEA from issuing more than $400,000,000 of bonds during any 12-month period. Enactment of the bill would ensure that the 12-month bond limit would never preclude AIDEA from issuing refunding bonds to refinance existing development finance project debt on more favorable terms, or from issuing conduit revenue bonds for which AIDEA has no financial obligation to pay. Conduit revenue bonds are payable by the project developer and related parties, primarily from revenue generated by the project. Section 2 of the bill would eliminate the sunset of the statutory ability of AIDEA issuing bonds. AS 44.88.095(g) severely limits the ability of AIDEA to issue bonds. Before the July 1, 2007 statutory sunset, AS 44.88.095(g) authorized AIDEA to issue most bonds without further legislative approval; the sole exception being bonds in excess