Legislature(2021 - 2022)BELTZ 105 (TSBldg)
01/27/2022 03:30 PM Senate COMMUNITY & REGIONAL AFFAIRS
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| HB127 | |
| Adjourn |
* first hearing in first committee of referral
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| *+ | HB 127 | TELECONFERENCED | |
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ALASKA STATE LEGISLATURE
SENATE COMMUNITY AND REGIONAL AFFAIRS STANDING COMMITTEE
January 27, 2022
3:30 p.m.
MEMBERS PRESENT
Senator Shelley Hughes, Chair
Senator Robert Myers, Vice Chair
Senator Elvi Gray-Jackson
MEMBERS ABSENT
Senator Lyman Hoffman
Senator David Wilson
COMMITTEE CALENDAR
HOUSE BILL NO. 127
"An Act relating to the Alaska Municipal Bond Bank Authority."
- HEARD & HELD
PREVIOUS COMMITTEE ACTION
BILL: HB 127
SHORT TITLE: MUNI BOND BANK: UA, LOAN AND BOND LIMITS
SPONSOR(s): REPRESENTATIVE(s) LEBON
03/05/21 (H) READ THE FIRST TIME - REFERRALS
03/05/21 (H) CRA, FIN
04/08/21 (H) CRA AT 8:00 AM BARNES 124
04/08/21 (H) Heard & Held
04/08/21 (H) MINUTE(CRA)
04/15/21 (H) CRA AT 8:00 AM BARNES 124
04/15/21 (H) Moved HB 127 Out of Committee
04/15/21 (H) MINUTE(CRA)
04/16/21 (H) CRA RPT 6DP
04/16/21 (H) DP: MCCARTY, DRUMMOND, PRAX, MCCABE,
SCHRAGE, HANNAN
04/21/21 (H) FIN AT 1:30 PM ADAMS 519
04/21/21 (H) Heard & Held
04/21/21 (H) MINUTE(FIN)
04/26/21 (H) FIN AT 1:30 PM ADAMS 519
04/26/21 (H) Moved HB 127 Out of Committee
04/26/21 (H) MINUTE(FIN)
04/28/21 (H) FIN RPT 7DP 4NR
04/28/21 (H) DP: EDGMON, LEBON, CARPENTER, THOMPSON,
JOHNSON, WOOL, RASMUSSEN
04/28/21 (H) NR: ORTIZ, JOSEPHSON, MERRICK, FOSTER
05/05/21 (H) TRANSMITTED TO (S)
05/05/21 (H) VERSION: HB 127
05/07/21 (S) READ THE FIRST TIME - REFERRALS
05/07/21 (S) CRA, FIN
01/27/22 (S) CRA AT 3:30 PM BELTZ 105 (TSBldg)
WITNESS REGISTER
REPRESENTATIVE BART LEBON
Alaska State Legislature
Fairbanks, Alaska
POSITION STATEMENT: Sponsor of HB 127.
DEVEN MITCHELL, State Investment Officer and Executive Director
Alaska Municipal Bond Bank Authority
Department of Revenue
Juneau, Alaska
POSITION STATEMENT: Provided supporting testimony on HB 127.
ANNE RITTGERS, Staff
Representative Bart LeBon
Fairbanks, Alaska
POSITION STATEMENT: Introduced the sectional analysis for HB
127.
LUKE WELLES, Chair
Board of Directors
Alaska Municipal Bond Bank Authority
Anchorage, Alaska
POSITION STATEMENT: Provided information and answered on HB 127.
RENEE GAYHART, Director
Division of Health Care Services
Department of Health and Social Services
Juneau, Alaska
POSITION STATEMENT: Provided information and answered questions
on HB 127.
MYRON DOSCH, Chief Finance Officer
University of Alaska Fairbanks
Fairbanks, Alaska
POSITION STATEMENT: Provided information and answered questions
on HB 127.
ACTION NARRATIVE
3:30:45 PM
CHAIR SHELLEY HUGHES called the Senate Community and Regional
Affairs Standing Committee meeting to order at 3:30 p.m. Present
at the call to order were Senators Myers, Gray-Jackson, and
Chair Hughes.
HB 127-MUNI BOND BANK: UA, LOAN AND BOND LIMITS
3:31:55 PM
CHAIR HUGHES announced the consideration of HOUSE BILL NO. 127
"An Act relating to the Alaska Municipal Bond Bank Authority."
She made remarks.
3:34:13 PM
REPRESENTATIVE BART LEBON, Alaska State Legislature, Juneau,
Alaska, sponsor of HB 127, explained that the Alaska Municipal
Bond Bank Authority (AMBBA or bond bank) provides bonding
financial assistance on projects in Alaska, including regional
health organization (RHO) projects. This bill expands the
capacity of RHOs to participate through AMBBA, up to 100 percent
of the project cost. This bill also expands the University of
Alaska's (UA) access to the bond bank to refinance UA debt at a
lower rate and finance UA projects. Currently, AMBBA does not
have the authority to do either.
3:37:40 PM
CHAIR HUGHES invited Mr. Mitchell to give a brief overview of
AMBBA.
3:38:18 PM
DEVEN MITCHELL, State Investment Officer and Executive Director,
Alaska Municipal Bond Bank Authority, Department of Revenue,
Juneau, Alaska, testified by invitation on HB 127. He added that
he also serves as the debt manager for the state. The Alaska
Municipal Bond Bank Authority is a public corporation in Alaska
and has a five-member board.
MR. MITCHELL gave a brief overview of AMBBA. In 1975 the Lower
48 had a highly rustic view of Alaska. Lesser-known communities
had a difficult time convincing Wall Street to obtain a loan.
The state created the Alaska Municipal Bond Bank Authority as a
vehicle for municipalities to obtain low-cost funds for capital
projects. Since its inception in 1975, the program has expanded
beyond just municipalities. The bond bank has issued over 350
loans without one default. He said that commercial loan
portfolios have some expectation of default, but AMBBA has zero
expectation of default for the type of loans it makes.
MR. MITCHELL described the bond banks very successful loan
model:
1. Staff review projects.
2. External advisors review projects.
3. Market review of projects from rating agencies.
4. Underwriting firms that facilitate the sale of the bonds.
5. Investors that consider purchasing the bonds.
MR. MITCHELL reiterated that the state started AMBBA, so
authorized borrowers have access to lower interest rates. The
bond bank saved authorized borrowers $50 million this past year
by lowering interest rates from what they would have otherwise
achieved on money needed to either refinance or provide for
capital projects.
3:41:47 PM
SENATOR GRAY-JACKSON asked who funded the Alaska Municipal Bond
Bank Authority in 1975.
MR. MITCHELL answered that a series of appropriations from 1976
to 1986, totaling $18.6 million, funded AMBBA. An organization
could borrow tax-exempt money, invest it taxable, and keep the
difference at that time. The bond bank borrowed money to put in
a reserve fund, invested that money in governmental securities
that earned more than the loan rate, and kept the difference. It
made money on that investment. The earnings from the bond bank's
cumulative net assets provide for its slightly over
$1,000,000/year budget, eliminating the need for support from
the general fund at this point.
MR. MITCHELL detailed the AMBBA loan process:
1. The bond bank borrows money from third parties.
2. The bond bank uses the borrowed money to purchase bonds
from an authorized borrower.
3. The authorized borrower pays the bond bank's debt
service, which pays for the bonds.
SENATOR GRAY-JACKSON asked at what interest rate is the bond
bank and borrower eligible.
MR. MITCHELL took a moment to review market factors that affect
Alaska's credit rating. He stated that the rates vary; it's a
market-driven rate. The bond bank achieves a credit rating
linked to the state's credit rating. The decrease in the price
of oil and the resulting financial difficulties of the state
have affected the states bond rating since FY2015. The bond
bank is currently rated A1/A+ by Moody's and Standard & Poors.
In the current interest rate environment, there has been
significant compression. There's not much difference between
credit radiations, which has benefited the bond bank program.
MR. MITCHELL relayed that in the current interest rate
environment, a 20-year loan might be in the 2 percent range
SENATOR GRAY-JACKSON asked what interest rate the bond bank
charges borrowers.
MR. MITCHELL answered that the bond bank charges the same rate;
the bond bank does not make money off the borrowers. AMBBA
offers a service that lowers the cost of good Alaska projects.
It benefits the taxpayers or the users of a facility that has a
revenue-based charge.
3:45:33 PM
SENATOR MYERS asked what interest rate RHOs and the UA might
expect in the open market.
MR. MITCHELL preceded the answer with a brief financial history
of Regional Health Organizations. He said that Alaska tribal
health care financial awareness has evolved over the last six
years. The Tanana Chiefs Conference (TCC) had an outstanding 7
7/8 percent loan. It issued privately placed bonds with a group
of sophisticated investors. TCC entered into covenants that
required it to obtain an investment-grade credit rating every
year; it tried and failed every year.
MR. MITCHELL said that the Alaska Municipal Bond Bank Authority
helped the Tanana Chiefs Conference restructure its means of
committing revenue so that the market recognized TCC for its
true credit strength. TCC saved $40 million with its initial
transaction financed through the bond bank. TCC used this money
to go into Alaska health care and leveraged its knowledge to
obtain a higher credit rating. If an entity has a credit rating
similar to the bond bank, which TCC does, the expectation is a
more modest benefit. However, health care tends to price at a
premium. The bond bank is the third-largest issuer of bonds in
the state. A borrower may be able to issue bonds independently,
but AMBBA has the knowledge and experience to ease a borrower's
administrative burden and save a borrower some money. The
benefit will be more significant for some RHOs and less for
others.
3:48:33 PM
SENATOR MYERS asked why the proposed changes in HB 127 are
necessary when a bank would probably issue loans to TCC.
MR. MITCHELL answered that a local bank wants something to
secure a mortgage-style loan. In contrast, bond issuance
requires more of a revenue pledge in a construct that
prioritizes the use of revenues. The flow of funds from a given
revenue activity secures the bondholder. On Wall Street, not
banks in Alaska, investment banks are willing to underwrite TCC
bonds. TCC successfully issued its last series of bonds
independent of the bond bank.
MR. MITCHELL opined that the statutorily required 49 percent
single-project participation cap influenced TCC to issue its
last series of bonds independent of the bond bank. He explained
that it requires much effort to construct a bond issuance,
taking four to six months. It is twice the effort to have two
banks, and even if it's slightly cheaper to do so, the
administrative burden of two transactions pushed TCC away from
using the bond bank.
3:51:32 PM
CHAIR HUGHES asked with whom AMBBA does business.
MR. MITCHELL stated that it works with political subdivisions,
joint action agencies, ferry authorities, and communities. The
bond bank has also worked collaboratively with UA for a specific
coal-fired power and heat project. Otherwise, AMBBA does not
work with private entities. He added that RHOs are nonprofit,
tribal entities rather than for-profit businesses. The bond bank
does not work with non-political subdivisions.
REPRESENTATIVE LEBON stated that the Alaska banking community
views AMBBA as a partner, not a competitor, financing Alaska
projects for the benefit of Alaskans. The bond bank fills an
empty niche.
3:53:41 PM
CHAIR HUGHES asked why commercial banking institutions in Alaska
are not interested in bond bank-type projects.
REPRESENTATIVE LEBON answered that commercial banks seek federal
loan guarantee partnerships to provide financing to RHOs.
Commercial banks seek a loan repayment source and collateral
with a tangible asset to back a loan. Banks do not want to take
possession of the collateral, particularly a regional health
organization located in a remote location. Banks are not in the
business of operating regional health organizations. Nor do
banks want to liquidate a health organization; it is not easy.
If a commercial bank participates in the financing, it seeks a
partnership. He partnered with the United States Department of
Agriculture, the Small Business Administration, Alaska
Industrial Development Corporation as loan guarantees for loans
in his banking days. He typically processed private sector
loans.
3:55:30 PM
SENATOR MYERS asked why commercial banks shy away when,
historically, the bond bank risk portfolio shows zero chance of
loan default.
REPRESENTATIVE LEBON answered that a commercial bank's margin of
risk and overhead is higher than that of the bond bank, so it
follows that the financing rates will be higher. An RHO loan
would be two to three times higher if issued by a commercial
bank than by the bond bank. Eligible borrowers choose the bond
bank over a commercial bank loan for this reason, and the
banking community understands it.
MR. MITCHELL added that commercial loan portfolios and bond
issuances are structured differently concerning perception of
risk in the banking industry. Bond issuances are more of a
revenue stream pledge. A revenue pledge of the system secures
the Anchorage International Airport System bonds; a pledge of
the terminal does not secure it. He illustrated the point,
stating that the Anchorage International Airport will not be
repossessed for default because other remedies are available to
investors. This perception of risk does not conform to the
commercial banking industry's structure requirements, but it
does conform to the bond market structure requirements in a high
credit profile way.
3:58:23 PM
CHAIR HUGHES requested a flow chart of a borrower's steps
through the bond bank process.
3:59:12 PM
ANNE RITTGERS, Staff, Representative LeBon, Fairbanks, Alaska,
introduced the sectional analysis HB 127. She stated that this
bill has three sections:
[Original punctuation provided.]
Sec. 1. AS 44.85.010
Removes the project scope limitation of only heating
or energy projects for the University of Alaska
Fairbanks
Sec. 2. AS 44.85.090
Removes the 49% project participation on the Alaska
Municipal Bond Bank for regional health organization
projects
Raises the $102,500,000 project limit for a single
regional health organization project to $250,000,000
Sec. 3. AS 44.85.180
Raises the $87,500,000 cap for University of Alaska
projects to $500,000,000
Raises the $205,000,000 cap for regional health
organization projects to $500,000,000
4:00:09 PM
CHAIR HUGHES asked the difference between the RHO cap limit in
Section 3 and the cap limit in Section 2 for single projects.
She also asked why both cap limits need adjustments.
MS. RITTGERS answered that Section 2 refers to the cap limit for
a single RHO project. Whereas Section 3 refers to the cap limit
for the combined total of all RHO projects.
CHAIR HUGHES asked whether this means one RHO with multiple
projects or multiple RHOs.
MS. RITTGERS expressed her belief that both apply.
REPRESENTATIVE LEBON answered that it is more likely to apply to
multiple RHOs. Not multiple loans to one RHO.
4:01:14 PM
SENATOR MYERS asked for the reasons for the significant increase
in the cap.
MR. MITCHELL answered that the bond bank outstanding RHO loans
total $104.3 million, so the requested changes are not a result
of pressure on the $250,000,000 cap. The issue revolves around
the 49 percent single-project participation cap. The bond bank
anticipates RHOs will want to use its services in the future. He
explained that in the last couple of years, several RHO projects
around the state have been as large as $300,000,000 with other
smaller projects in the $40,000,000 range. AMBBA wants to be
prepared to respond to credit-worthy projects with a limit that
is able to accommodate both small projects and projects of great
magnitude. An enlarged authorization would enhance the bond
bank's potential to provide value to RHO financing in the
future.
4:04:16 PM
CHAIR HUGHES asked why the legislature set a 49 percent RHO
single-project participation cap in 2015.
MR. MITCHELL answered that the state had no experience with this
type of program in 2015. The Senate Finance Committee set the 49
percent cap to diminish the perception of risk. Initially
viewed as a non-investment grade program, RHOs are highly rated
in the low AA/high A credit categories at this point.
MR. MITCHELL pointed out that AMBBA worked with TCC and the
Yukon Kuskokwim Health Corporation (YKHC) on the 2015
legislation. TCC and YKHC had a $350,000,000 construction
project in Bethel, and both organizations were amenable to
diluted legislation for two reasons:
- One, it allowed the legislature to test the waters with this
type of project.
- Two, TCC and YKHC had lined-up USDA for the remaining funds.
He noted that RHOs are in a unique position to utilize USDA
funding.
MR. MITCHELL said it is reasonable to increase the allowance so
that the bond bank can be a more effective lender in this
category.
4:07:32 PM
CHAIR HUGHES asked how many regional health organizations are in
the state and how many have participated in loans from AMBBA.
LUKE WELLES, Chair, Board of Directors, Alaska Municipal Bond
Bank Authority, Anchorage, Alaska, stated that he has worked in
tribal health for the last twenty years. He answered that tribal
health has 40 organizations in Alaska, and six of them have
hospitals. Tribal health organizations in Alaska have 212
clinics that range from 1,500 square feet to 15,000 square feet.
Alaska tribal health organizations provide health care
throughout the state for both tribal members and other community
members in rural Alaska. Those needing health care in Dillingham
and Naknek go to Bristol Bay. Those needing health care in Nome
go to Norton Sound.
MR. WELLES listed the health organizations that have
participated in bond bank loans:
- Yukon Kuskokwim Health Corporation, Bethel project
- Tanana Chiefs Conference
- Yakutat
- Seward, Chugachmiut project
MR. WELLES said that the SouthEast Alaska Regional Health
Consortium (SEARHC) just completed a $300,000,000 bond offering
on its own for the new hospital in Sitka. They have a variety of
other building projects. The Sitka project would have used the
bond bank given the opportunity, but the bond bank was unable to
meet that need.
MR. WELLES said the opportunity to improve health care quality
throughout the state is tremendous, especially in rural areas.
He explained the importance of structuring and how it works. The
Indian Health Service (IHS) works with a regional health
organization or a new facility on a joint venture project. IHS
invites a regional health organization to build a facility, then
IHS funds a portion of the staffing package through the Title 5
Compact. A portion of the funds may finance bonds. This unique
partnering method is able to fund a lot of different
infrastructure in the state. Multiple facilities have gone
through the process. Everyone understands this is a solid credit
risk, including credit rating agencies. This has been one of the
tremendous benefits over the years. The financial benefit to
make sure all tribal members receive their care from tribal care
organizations in the state is huge.
4:11:20 PM
CHAIR HUGHES expressed appreciation that TCC, in conjunction
with the bond bank, saved $40,000,000 and chose to reinvest
those dollars back into care. This has helped Alaskans.
CHAIR HUGHES brought up Medicaid expansion. Alaska Natives that
fall under Medicaid expansion are covered 100 percent by the
federal government at tribal health care facilities, which means
a state match is not necessary. She asked how this might affect
the Medicaid budget in the future.
CHAIR HUGHES requested health care cost comparisons/savings for
tribal members who use tribal facilities versus tribal members
who use non-tribal facilities.
4:13:18 PM
RENEE GAYHART, Director, Division of Health Care Services,
Department of Health and Social Services, Juneau, Alaska, said
that the state has a vested interest in partnering with tribes
and supporting infrastructure development in various ways.
Medicaid reform has taken on a lot of different forms over the
years. She cited four Medicaid reform bills:
1. A senate bill from a previous legislature supported 18-bed,
long-term care facilities in Bethel and Kotzebue, enabling
elders to stay close to home. These 36 elders did not have to
transfer to Anchorage or beyond and their care was 100 percent
federally funded. The state does pay that tab and pays and
chases the federal government for 100 percent reimbursement.
2. Senate Bill 88 [ch. 63, SLA 13], Alaska Native Medical Center
Housing. This bill assisted with residential housing. It allowed
200 or more individuals to be housed on the Alaska Native
Medical Center campus and receive services.
3. Senate Bill 46 [ch. 28, SLA 15], Municipal Bond Bank;
Regional Health Organizations; Joint Action Agency. The Division
analyzes data. In the case of the YKHC facility, the analysis
included whether the in-patient facility had out-patient
services, the off-set to the state, whether the facility served
the community without incurring transportation costs and out-of-
state prices. The Division analyzes this type of data and works
with the bond bank to determine the potential cost savings to
the state. She said that Medicaid becomes a payer at 100 percent
to help the revenue generated pay back part of those loans. The
departments role is to look for RHO infrastructure development
in outlying areas so that individuals can receive services close
to home at 100 percent. The idea is to provide health care
services locally, so individuals do not have to leave.
4. Senate Bill 74 [ch. 25, SLA 16], Medicaid Reform;
Telemedicine; Drug Database. This bill implemented tribal
reclaiming. The Division must process prior period claims as
reclaims for individuals who have to travel to Anchorage,
Seattle, or beyond for services. The Division prefers the state
invest in outlying area infrastructure upfront and receive 100
percent rather than chase federal dollars later. It is better
access for the individual, reduces transportation, and reduces
the Medicaid administrative burden to reclaim dollars.
4:16:41 PM
CHAIR HUGHES requested the aforementioned fiscal analyses and
projected and actual savings.
CHAIR HUGHES mentioned that her husband was the medical director
of the Ft. Yukon Clinic years ago. The clinic had not yet
implemented an open to all" policy; families had to get on a
plane and fly to Fairbanks for care. She expressed appreciation
that tribal health facilities have opened their doors to members
of the community.
MS. GAYHART said that she would submit the fiscal analyses as
requested.
4:18:09 PM
SENATOR GRAY-JACKSON requested that Representative LeBon read
the sponsor statement for HB 127 into the record.
REPRESENTATIVE LEBON read the sponsor statement for HB 127:
[Original punctuation provided.]
This bill expands the authority of the Alaska
Municipal Bond Bank Authority regarding bonding
capacity to the University of Alaska and regional
health organizations.
Regarding the University of Alaska (UA), the bill
proposes two changes:
Removes the project scope limiting Alaska
Municipal Bond Bank Authority participation to
only heating or energy projects
Raises the UA project participation cap from
$87,500,000 to $500,000,000
REPRESENTATIVE LEBON explained that the $500,000,000 is just
headroom. In the banking industry, headroom must be available
before the borrower arrives at the bank, not after.
Previously the University used Municipal Bond Bank
participation for funding of the combined heat and
power plant at the University of Alaska Fairbanks.
This change is intended to provide the University with
expanded tools for financing or refinancing, allowing
the University to leverage the bond ratings of the
Alaska Municipal Bond Bank Authority if advantageous.
This additional financing tool is not intended to be a
substitute for capital appropriations through the
legislature.
REPRESENTATIVE LEBON explained that this change applies to any
debt UA may currently hold and will encompass projects beyond
just the heat and power plant project.
REPRESENTATIVE LEBON stated that interest rate cycles are
unpredictable. Interest rates are creeping up currently, so the
window of opportunity is closing a little bit. Even so, it is
important to create the eligibility now, so UA is ready to take
advantage of favorable interest rates.
REPRESENTATIVE LEBON continued to read the sponsor statement:
Regarding regional health organizations, the bill
proposes these changes:
Removes the 49% Alaska Municipal Bond Bank
Authority single-project participation cap
Raises the cap for all regional health
organization projects from $205,000,000 to
$500,000,000
This change is intended to expand opportunities for
regional health organizations to use the Alaska
Municipal Bond Bank Authority. In accordance with
existing statute AS 44.85.010, the Bond Bank provides
capital funds through loans to regional health
organizations "when the commissioner of health and
human services anticipates a state financial benefit
and an increase in regional quality of care." The
financial benefit is realized by the state by
capturing additional Federal Medicaid reimbursement,
assisting the State in reducing Medicaid expenditures.
I would appreciate your support in expanding
opportunities for the University of Alaska and
Alaska's regional health organizations to utilize the
Alaska Municipal Bond Bank Authority.
4:22:37 PM
CHAIR HUGHES invited Mr. Dosch to testify. She asked what type
of projects the university will consider with the passage of HB
127, given favorable interest rates.
MYRON DOSCH, Chief Finance Officer, University of Alaska
Fairbanks, Fairbanks, Alaska, stated that the supports this bill
and would consider a refinancing opportunity given the
university's debt portfolio.
MR. DOSCH said the bond bank has a better credit rating than the
university, allowing the university to borrow or refinance at
lower interest rates. The university has no projects lined up
for financing in the next two to three years, but refinancing
would be economically beneficial given the current low interest
rate. This bill provides that use of the bond bank is optional.
He said that the university would be pleased to have the option
of the bond bank available to hit the bottom line and help save
money.
CHAIR HUGHES asked how much savings to expect if UA went through
the bond bank to refinance.
MR. DOSCH answered that an outlined hypothetical $50,000,000
bond issuance, over a 30-year term, based on a current credit
spread of 10 to 15 basis points, was submitted in a letter of
support. The estimated savings would be $50,000 a year or
$1,500,000 over the life of the bond.
4:26:23 PM
SENATOR MYERS asked whether the university is considering
projects that require the proposed loan limit increase or
whether the loan limit increase is a "just in case" idea.
MR. DOSCH answered that the increase in the cap is a "just in
case" idea. The university does not have a new project that
needs financing right now. The university, primarily, has
refinancing opportunities planned within the next two to three
years.
4:27:28 PM
CHAIR HUGHES stated that the university supports HB 127, as does
the bond bank. She asked whether the university and bond bank
may support this bill independent of the administration.
REPRESENTATIVE LEBON answered that the university's chief
financial officer speaks on behalf of the administration.
CHAIR HUGHES clarified the question. She asked whether the bond
bank may support this bill independent of the governors
support.
REPRESENTATIVE LEBON answered that the administration has no
issue with the bond bank's expanded authority as presented to
the committee.
CHAIR HUGHES sought clarification on whether the bond bank and
its board have the authority to support legislation independent
of the governor.
MR. MITCHELL answered that the bond bank has a separate legal
existence from the state and answers to a board, not the
governor, on bond bank business. The commissioner of the
Department of Revenue hires the state investment officer, and
the governor reviews the hire, so the bond bank coordinates with
the governor's office. The bond bank went through the
legislation vetting process with the governor's office.
4:31:39 PM
CHAIR HUGHES held HB 127 in committee.
4:33:16 PM
There being no further business to come before the committee,
Chair Hughes adjourned the Senate Community and Regional Affairs
Standing Committee meeting at 4:33 p.m.
| Document Name | Date/Time | Subjects |
|---|---|---|
| HB 127 version A.PDF |
HCRA 4/8/2021 8:00:00 AM SCRA 1/27/2022 3:30:00 PM |
HB 127 |
| HB 127 Sectional Analysis version A 3.16.2021.pdf |
HCRA 4/8/2021 8:00:00 AM SCRA 1/27/2022 3:30:00 PM |
HB 127 |
| HB 127 Sponsor Statement version A 3.16.2021.pdf |
HCRA 4/8/2021 8:00:00 AM SCRA 1/27/2022 3:30:00 PM |
HB 127 |
| HB 127 Letter of Support Maniilaq 3.15.2021.pdf |
HCRA 4/15/2021 8:00:00 AM SCRA 1/27/2022 3:30:00 PM SCRA 2/3/2022 3:30:00 PM SFIN 4/21/2022 9:00:00 AM |
HB 127 |
| HB 127 Support Letter University of Alaska 3.9.2021.pdf |
HCRA 4/15/2021 8:00:00 AM SCRA 1/27/2022 3:30:00 PM SCRA 2/3/2022 3:30:00 PM |
HB 127 |
| HB 127 Fiscal Note DOR 01.21.2022.pdf |
SCRA 1/27/2022 3:30:00 PM |
HB 127 |