2014-04-17                     Senate Journal                      Page 2553
Senator McGuire offered Amendment No. 1 :                                                                                        
                                                                                                                                
Page 1, line 2, following "state;":                                                                                           
     Insert "relating to the Alaska Industrial Development and                                                                
Export Authority revolving fund; limiting the use of the Alaska                                                               
Industrial Development and Export Authority sustainable energy                                                                
transmission and supply development fund for certain loans and                                                                
loan guarantees and allowing the development fund to be used as                                                               
security for a bond guarantee; amending the definition of                                                                     
'qualified energy development'; authorizing the Alaska Industrial                                                             
Development and Export Authority to issue bonds to finance the                                                                
infrastructure and construction costs of the Bokan-Dotson Ridge                                                               
rare earth element project and the Niblack project;"                                                                          
                                                                                                                                
Page 1, following line 9:                                                                                                       
     Insert new bill sections to read:                                                                                          
"* Sec. 2. AS 44.88.660 is amended to read:                                                                                   
          Sec. 44.88.660. Alaska Industrial Development and Export                                                            
     Authority sustainable energy transmission and supply                                                                     
     development fund. The Alaska Industrial Development and                                                                  
     Export Authority sustainable energy transmission and supply                                                                
     development fund is established in the authority. The development                                                          
     fund consists of appropriations made to the development fund by                                                            
     the legislature, money or other assets transferred to the                                                                  
     development fund by a vote of the members of the authority                                                             
     under AS 44.88.050 from any other fund controlled by the                                                               
     authority, and unrestricted loan repayments, interest, or other                                                        
     income earned on loans, investments, or assets of the development                                                          
     fund. The development fund is not an account in the revolving                                                              
     [LOAN] fund established in AS 44.88.060, and the authority shall                                                           
     account for the development fund separately from the revolving                                                             
     fund. The authority may create additional accounts in the                                                                  
     development fund. Subject to agreements made with the holders                                                              
     of the authority's bonds or with other persons, the authority may                                                          
     transfer amounts in an account in the development fund to another                                                          
     account in the development fund. Amounts deposited in the                                                                  
     development fund may be pledged to the payment of bonds of the                                                             
     authority or expended for the purposes of AS 44.88.650 -                                                                   
     44.88.690. The authority has the powers and responsibilities                                                               
     established in AS 37.10.071 with respect to the investment of                                                              
     amounts held in the development fund.