Legislature(1999 - 2000)
04/17/2000 06:21 PM Senate FIN
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
COMMITTEE SUBSTITUTE FOR HOUSE BILL NO. 239(FIN) "An Act relating to the Uniform Commercial Code; relating to secured transactions; amending Rule 79, Alaska Rules of Civil Procedure; and providing for an effective date." This was the third hearing for this bill in the Senate Finance Committee. Co-Chair Torgerson noted earlier discussion about a letter from bond council expressing concerns on the impact this bill would have on outstanding and future revenue and bond issues, particularly relating to municipalities. [Copy on file.] REPRESENTATIVE LISA MURKOWSKI told the Committee she had recently spoken to experts on the matter and was not given a good reason to change the status quo, which is to provide an exemption for federal governments and governmental agencies. As a result of these conversations, she proposed an amendment that would provide the same exemptions. She believed this amendment addressed the concerns voiced by the bond council. JERRY KURTZ testified via teleconference from Seattle that the problems have been taken care of with the proposed amendment. Amendment #1: This amendment makes the following changes to the committee substitute. Page 14, lines 7 through 15: Delete: "(84) "public finance transaction" means a secured transaction in connection with which (A) debt securities are issued; (B) all or a portion of the securities issued have an initial stated maturity of at least 20 years; and (C) the debtor, obligor, secured party, account debtor or other person obligated on collateral, assignor or assignee of a secured obligation, or assignor or assignee of a security interest is a state or a governmental unit of a state;" Page 23, following line 8, Insert: "(14) not withstanding (c)(2) of this section, does not apply to a transfer by a government or governmental subdivision or agency" Page 82, line 13 and line 15: Delete: "public finance transaction or" [Amended language reads as follows.] "(b) Except as otherwise provided in (e) - (g) of this section, an initial financing statement filed in connection with a manufactured home transaction is effective for a period of 30 years after the date of filing if it indicates that is filed in connection with a manufactured home transaction." Senator Donley moved for adoption. The amendment was ADOPTED without objection. Senator Leman offered a motion to report from Committee, CS HB 239 (FIN) with accompanying zero fiscal note from the Department of Natural Resources. Without objection the bill MOVED from Committee. AT EASE 6:50 PM / 8:32 PM
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