Legislature(2005 - 2006)SENATE FINANCE 532
05/15/2005 03:00 PM Senate FINANCE
| Audio | Topic |
|---|---|
| Start | |
| SB122 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | SB 122 | TELECONFERENCED | |
| += | SB 121 | TELECONFERENCED | |
| += | SB 97 | TELECONFERENCED | |
| += | SB 46 | TELECONFERENCED | |
MINUTES
SENATE FINANCE COMMITTEE
May 15, 2005
3:17 p.m.
CALL TO ORDER
Co-Chair Green convened the meeting at approximately 3:17:55 PM.
PRESENT
Senator Lyda Green, Co-Chair
Senator Gary Wilken, Co-Chair
Senator Fred Dyson
Senator Bert Stedman
Senator Lyman Hoffman
Also Attending: CHERYL FRASCA, Director, Office of Management and
Budget, Office of the Governor; TOM BOUTIN, Deputy Commissioner,
Department of Revenue
Attending via Teleconference: There were no teleconference
participants.
SUMMARY INFORMATION
SB 121-STATE OF AK CAPITAL CORP.; BONDS
The Committee heard from the Office of Management and Budget and
the Department of Revenue. The bill was reported from Committee.
SB 122-AMERADA HESS INCOME; CAPITAL INCOME ACCT.
The Committee heard from the Office of Management and Budget and
the Department of Revenue. The bill was reported from Committee.
SB 97-SUPPLEMENTAL APPROPRIATIONS/CBR
This bill was scheduled but not heard.
SB 46-APPROP: CAPITAL BUDGET
This bill was scheduled but not heard.
3:18:21 PM
SENATE BILL NO. 121
"An Act establishing the State of Alaska Capital Corporation;
authorizing the issuance of bonds by the State of Alaska
Capital Corporation to finance capital improvements in the
state; and providing for an effective date."
This was the second hearing for this bill in the Senate Finance
Committee.
CHERYL FRASCA, Director, Office of Management and Budget, Office of
the Governor, spoke to this bill and SB 122. SB 121 would establish
a corporation through which the State could issue bonds using the
proceeds of the commonly referred to "Amerada Hess" settlement the
State received in the 1990s. She indicated the background
information describing this proposal [copy on file] and how the
corporation would operate. She also noted that the Department of
Revenue detailed the process to the Committee at the previous
hearing.
Ms. Frasca continued that SB 122 would establish the capital income
account into which the earnings from the Amerada Hess settlement
would be deposited. From this account, the proposed corporation
would pay the debt service on issued bonds.
3:19:30 PM
Co-Chair Green recalled the extensive discussion on this proposal.
3:19:33 PM
TOM BOUTIN, Deputy Commissioner, Department of Revenue, indicated
he had nothing to add.
3:19:50 PM
Co-Chair Wilken offered a motion to report the bill from Committee
with individual recommendations and accompanying fiscal note.
There was no objection and SB 121 MOVED from Committee with fiscal
note #1 for $16,492,900 from the Department of Revenue.
3:20:05 PM
SENATE BILL NO. 122
"An Act establishing the Alaska capital income account within
the Alaska permanent fund; relating to deposits into the
account; relating to certain transfers regarding the Amerada
Hess settlement to offset the effects of inflation on the
Alaska permanent fund; and providing for an effective date."
This was the second hearing for this bill in the Senate Finance
Committee.
Co-Chair Green established the Committee had no further questions
and that no one was present to testify.
3:20:18 PM
Co-Chair Wilken offered a motion to report the bill from Committee
with individual recommendations and accompanying fiscal note.
Without objection SB 122 MOVED from Committee with zero fiscal note
#1 from the Department of Revenue.
AT EASE 3:20:33 PM / 5:02:35 PM
ADJOURNMENT
Co-Chair Green adjourned the meeting at 05:02 PM
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