2013-03-20                     Senate Journal                      Page 0713
Senators French, Ellis, Gardner, Wielechowski offered Amendment                                                                 
No. 10 :                                                                                                                         
                                                                                                                                
Page 1, line 9, following "explorers;":                                                                                       
     Insert "relating to the financing of oil processing facilities on                                                        
the North Slope by the Alaska Industrial Development and Export                                                               
Authority;"                                                                                                                   
                                                                                                                                
Page 25, following line 28:                                                                                                     
     Insert new bill sections to read:                                                                                          
"* Sec. 35. AS 44.88.080 is amended by adding a new paragraph to                                                              
read:                                                                                                                           
              (32)  to acquire an interest in a project as necessary or                                                         
     appropriate to provide working or venture capital for an oil or                                                            
     natural gas development project under AS 44.88.800 and                                                                     
     44.88.810, whether by purchase, gift, or lease.                                                                            
   * Sec. 36. AS 44.88 is amended by adding new sections to read:                                                             
                Article 9A. Interest in Oil and Gas Resources.                                                                
          Sec. 44.88.800. Acquisition of interest in businesses. (a) The                                                      
     authority may acquire, through purchase or other means, an                                                                 
     interest in a lease held by a corporation or other business entity in                                                      
     an oil or natural gas field in the state that has been explored, but                                                       
     only if the authority determines the leaseholder has made                                                                  
     reasonable efforts to obtain financing from the private sector to                                                          
     develop the lease and those efforts have, in whole or part, been                                                           
     unsuccessful. The authority shall exercise due diligence in                                                                
     acquiring a leasehold interest under this section.                                                                         
          (b)  If the authority acquires a leasehold interest under this                                                        
     section, the authority may use the authority's assets, as                                                                  
     appropriate, to aid in the development of the oil or natural gas                                                           
     field in which the business entity has a leasehold interest.                                                               
          Sec. 44.88.810. Alaska resource development fund. (a) The                                                           
     Alaska resource development fund is established in the authority                                                           
     for the purpose of developing oil and gas resources, and consists                                                          
     of appropriations to the fund. The authority shall manage the fund                                                         
     and may create separate accounts within it. Income of the fund or                                                          
     of enterprises of the authority shall be separately accounted for                                                          
     and may be appropriated to the fund.                                                                                       
          (b)  The authority may use money from the fund to carry out                                                           
     the purpose of the fund set out in (a) of this section.