Legislature(2001 - 2002)
04/03/2001 08:05 AM House STA
| Audio | Topic |
|---|
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
SB 93 - ARCTIC WINTER GAMES TEAM ALASKA TRUST Number 0001 CHAIR COGHILL reconvened the meeting of the House State Affairs Standing Committee at 11:02 a.m. Representatives Fate, Stevens, Crawford, and Hayes were present at the call to order. CHAIR COGHILL announced that the next order of business before the committee would be CS FOR SENATE BILL NO. 93(FIN), "An Act relating to the Arctic Winter Games Team Alaska trust; and providing for an effective date." SENATOR RANDY PHILLIPS came forward to testify as sponsor of SB 93. He explained that it will establish an endowment fund to be managed by the Department of Revenue. Anybody who wants to contribute toward the endowment can do so, and that contribution will be accepted. This bill, SB 93, sets up the technical frameword under which the Department of Revenue will have the authority to manage the fund. CHAIR COGHILL invited any questions from the committee. SENATOR PHILLIPS said the Arctic Winter Games Trust is being set up in exactly the same way as the Alaska Children's' Fund. There are no appropriations for it yet. "All I'm trying to do is establish the endowment for now, and then later on we can work on the appropriation for it," he explained. CHAIR COGHILL asked if he knew of any contributions that would immediately go into the trust. SENATOR PHILLIPS replied that he did not know of any pending contributions, and that it would be up to the Arctic Winter Games Committee to begin raising funds. "This is just authority to begin a trust," he reiterated. "This is not bringing any money out of state at this point. This is just a framework only. I want to make that abundantly clear." Number 0260 CHAIR COGHILL noted that the Arctic Winter Games obviously have captured the attention of Alaska. Number 0286 SENATOR PHILLIPS replied, "I hope so. I think they have." The next games will be held in Greenland in March of 2002, and the state will be sending about 320 athletes. The fund is intended to be invested to earn about five percent interest, capturing proceeds from the investment, not spending any of the investment fund, he explained. Number 0301 CHAIR COGHILL said he would like to move SB 93 to the next committee of referral, the House Finance Standing Committee. What the House State Affairs Standing Committee is passing on to them is a framework for them to work on. He asked the will of the committee. Number 0345 REPRESENTATIVE STEVENS moved to report CSSB 93(FIN) out of the House State Affairs Standing Committee with individual recommendations and a zero fiscal note. There being no objection, CSSB 93(FIN) was moved from the House State Affairs Standing Committee.
| Document Name | Date/Time | Subjects |
|---|