2021-02-05                     Senate Journal                      Page 0158
SB 73                                                                                                                         
SENATE BILL NO. 73 BY THE SENATE RULES COMMITTEE                                                                                
BY REQUEST OF THE GOVERNOR, entitled:                                                                                           
                                                                                                                                
          "An Act relating to borrowing in anticipation of                                                                      
          revenues; relating to revenue anticipation notes;                                                                     
          relating to line of credit agreements; and providing                                                                  
          for an effective date."                                                                                               
                                                                                                                                
was read the first time and referred to the Finance Committee.                                                                  
                                                                                                                                
The following fiscal information was published today:                                                                           
 Fiscal Note No. 1, zero, Department of Revenue                                                                                 
                                                                                                                                
Governor's transmittal letter dated February 4:                                                                                 
                                                                                                                                
Dear President Micciche:                                                                                                        
                                                                                                                                
Under the authority of Article III, Section 18, of the Alaska                                                                   
Constitution, I am transmitting a bill relating to revenue anticipation                                                         
borrowing (AS 43.08).                                                                                                           
                                                                                                                                
The Alaska Constitution, Article IX, Section 10, authorizes interim                                                             
borrowing in anticipation of the collection of revenues. This bill                                                              
updates the statutes on revenue anticipation borrowing to grant the                                                             
Commissioner of Revenue authority to enter into revenue anticipation                                                            
notes and line of credit agreements when the Commissioner considers                                                             
it in the State’s best financial interest to do so.                                                                             
                                                                                                                                
The bill expands the State’s capacity to manage its short-term cash                                                             
flow by increasing financial flexibility and leveraging modern                                                                  
borrowing tools.                                                                                                                
                                                                                                                                
I urge your prompt and favorable action on this measure.                                                                        
                                                                                                                                
Sincerely,                                                                                                                      
/s/                                                                                                                             
Mike Dunleavy                                                                                                                   
Governor