Legislature(2007 - 2008)SENATE FINANCE 532
02/29/2008 09:00 AM Senate FINANCE
| Audio | Topic |
|---|---|
| Start | |
| SB256 | |
| HB13 |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | SB 256 | TELECONFERENCED | |
| += | HB 13 | TELECONFERENCED | |
| + | SB 229 | TELECONFERENCED | |
| + | TELECONFERENCED |
SENATE FINANCE COMMITTEE
February 29, 2008
9:07 a.m.
CALL TO ORDER
Co-Chair Hoffman called the Senate Finance Committee meeting
to order at 9:07:59 AM.
MEMBERS PRESENT
Senator Lyman Hoffman, Co-Chair
Senator Bert Stedman, Co-Chair
Senator Charlie Huggins, Vice-Chair
Senator Kim Elton
Senator Donny Olson
Senator Joe Thomas
Senator Fred Dyson
MEMBERS ABSENT
None
ALSO PRESENT
Representative Mike Hawker; Amanda Ryder, Fiscal Analyst,
Legislative Finance; Brian Andrews, Deputy Commissioner,
Treasury Division, Department of Revenue; Adam Stoll, Vice
President, Goldman Sachs; Greg Sundberg, Managing Director,
Merrill Lynch
PRESENT VIA TELECONFERENCE
Jeff Urbina, Vice President, Wachovia Securities, Seattle;
Carol Samuels, Senior Vice President, Seattle Northwest
Securities, Oregon
SUMMARY
SB 256 "An Act making supplemental appropriations,
capital appropriations, reappropriations, and
other appropriations; amending certain
appropriations; ratifying certain expenditures;
making appropriations to capitalize funds; and
providing for an effective date."
SB 256 was heard and HELD in Committee for further
consideration.
CSHB 13(FIN)
"An Act relating to prepayments of accrued
actuarial liabilities of government retirement
systems; relating to the Alaska Municipal Bond
Bank Authority, the Alaska Housing Finance
Corporation, and the state bond committee;
establishing the Alaska Pension Obligation Bond
Corporation; permitting the Alaska Municipal Bond
Bank Authority or a subsidiary of the authority, a
subsidiary of the Alaska Housing Finance
Corporation, the state bond committee, and the
Alaska Pension Obligation Bond Corporation to
assist state and municipal governmental employers
by issuing bonds, notes, commercial paper, or
other obligations to enable the governmental
employers to prepay all or a portion of the
governmental employers' shares of the unfunded
accrued actuarial liabilities of retirement
systems; authorizing a governmental employer to
issue obligations to prepay all or a portion of
the governmental employer's shares of the unfunded
accrued actuarial liabilities of retirement
systems and to enter into a lease or other
contractual agreement with a trustee, the Alaska
Municipal Bond Bank Authority or a subsidiary of
the authority, a subsidiary of the Alaska Housing
Finance Corporation, the state bond committee, or
the Alaska Pension Obligation Bond Corporation in
connection with the issuance of obligations for
that purpose, and relating to those obligations;
relating to revision of the employer contribution
rate in connection with financed prepayment of
unfunded accrued actuarial liabilities of
government retirement systems; and providing for
an effective date."
CSHB 13 (FIN) was heard and HELD in Committee for
further consideration.
SB 229 "An Act relating to the Tanana Valley State Forest
and to assignment of certain forest land to the
Minto Flats State Game Refuge; and providing for
an effective date."
SB 229 was scheduled but not heard.
9:08:20 AM
SENATE BILL NO. 256
"An Act making supplemental appropriations, capital
appropriations, reappropriations, and other
appropriations; amending certain appropriations;
ratifying certain expenditures; making appropriations
to capitalize funds; and providing for an effective
date."
Co-Chair Hoffman noted it was the third hearing on SB 256 by
the Senate Finance Committee.
9:11:09 AM
TIM GRUSSENDORF, STAFF, CO-CHAIR LYMAN HOFFMAN, turned to
page 7 of the supplemental requests spreadsheet for CSSB 256
(FIN) to explain modifications and additions that have been
made:
Sections 7-9 Natural Resources Oil & Gas
Cost to implement ch.1, SSSLA 2007 (HB 2001) Alaska's
Clear and Equitable Share legislation. Add two Oil &
Gas Revenue Audit Master exempt positions. The amount
is reduced from the original fiscal note due to later
than anticipated hiring of the positions. The FY09
budget contains a related increase of $303.5.
Mr. Grussendorf explained that the number was reduced from
$110,000 to $85,000 due to positions not yet hired.
Sections 7-9 Public Safety Judicial Services - Anchorage
Assume Anchorage prisoner transport duties. Assumes
December 2007 hire date for six new positions. Covers
one-time purchases and share of annual expenses. If
one-time costs are not funded here, additional funds
will be needed in FY09. In the FY09 budget at $656.3
for a full year's costs, but that does not include one-
time costs.
Mr. Grussendorf related that the reduction from $620,300 to
$477,600 is because the new positions have not been hired
yet.
Section 13(a) Environmental Conservation Water Quality
Implementation of the Ocean Ranger program. The
contract needs to be established early enough to allow
the contractor to hire and train Ocean Rangers prior to
the season beginning in May 2008. The contractor will
incur substantial expenditures for hiring, training,
and purchasing equipment in preparation for the
upcoming season. In addition to the contractor's
costs, the department is incurring expenditures for
paying staff and other expenditures for implementation
of the program.
Mr. Grussendorf reported that the language was modified to
clarify that the program spends no more than the $4 berth
tax that it generates.
Section 22 Education School Performance Incentive Program
If the amount necessary to pay school performance
incentives exceeds the amount appropriated for FY08,
the additional amount necessary is appropriated. The
department won't know the final amount until after the
legislature has adjourned. Similar language is
included in the FY09 operating budget.
Mr. Grussendorf explained that the Governor had proposed a
three-year line for the performance incentive program. An
additional $1.4 million will be funded for the program and
allow a report to be generated to see if the program is
working as expected.
9:13:47 AM
Section 27 Debt Fund Capitalization PCE Fund
Increase PCE Fund capitalization by $700.0 from
$12,999.4 GF to $13,699.4 GF (total funds from
$25,273.0 to $25,973.0) in order to provide more PCE
funding needed due to increased fuel costs.
Mr. Grussendorf explained that the number was changed from
$700,000 to $1.2 million for FY 08, and the FY 09 request
would be reduced by $500,000 in order to fully fund PCE for
FY 08.
Mr. Grussendorf reported on a new appropriation of
$13,261,000 to Retirement & Benefits that will depend on the
passage of SB 125, which is the PERS/TRS bill. It will be a
one-time payment for the "heroes list" and those who were
under the rate of 22 percent. If SB 125 passes, the
language regarding the "phase up" to 22 percent will be
removed.
9:15:16 AM
Mr. Grussendorf reported on a new appropriation to Commerce
regarding QTA Independent Travelers Grants. All non-Vehicle
Rental Tax funds will be replaced with Vehicle Rental Tax
funding. The Vehicle Rental Tax will be placed into the
Department of Natural Resources, Parks Management.
Mr. Grussendorf related that there would be a new
appropriation of $150 million for the capitalization of the
new fund for revenue sharing to Commerce, Revenue Sharing,
contingent on the passage of SB 72.
Mr. Grussendorf explained a new appropriation to Fish and
Game for the Anchorage Hatchery. It is a scope change that
removes language enabling funding to be spent on a hatchery
in Fairbanks (leaving a hatchery for Anchorage in the
appropriation language).
Mr. Grussendorf said that there is a new Fund Capitalization
to the Statutory Budget Reserve which appropriates $1
billion of the FY 08 surplus to the SBR.
Mr. Grussendorf reported another new Fund Capitalization to
the Constitutional Budget Reserve of an appropriation of
$2.6 billion of the Fy08 surplus to the CBR.
Mr. Grussendorf explained a language change in the
Department of Revenue, Shared Taxes and Fees, which would
add shared taxes and fees language for revenue collected in
FY 08, remove the commercial passenger vessel excise tax
from FY 09's budget, and not include it in the FY 08
supplemental to ensure that the correct persons receive the
payment.
9:18:04 AM
Mr. Grussendorf related that a new appropriation of $200
million to the Department of Revenue, Alaska Housing Finance
Corporation (AHFC), is part of a new energy program called
the Alaska Housing Energy Efficiency and Weatherization
Program. Another appropriation of $100 million is part of
the new Alaska Housing Home Energy Rating Rebate Program.
Mr. Grussendorf noted that there is a new placeholder of $50
million for the Department of Transportation and Public
Facilities, for capital projects.
Mr. Grussendorf reported on an appropriation of $68 million
to the Department of Administration for capital in order to
replace the Master Lease Line of Credit Funding with general
funds. This will reduce the FY 09 budget by $4 million
(reduction in debt service payments) and will add $68
million to the supplemental: $10 m (SATS/ALMR), $41 m
(AKPAY), $17 m (phone system).
9:19:34 AM
Mr. Grussendorf highlighted the total projects that were
deleted and approved, and the amount the Senate Finance
Committee has added, including supplemental savings.
Section 26 (f) Transportation
The Environmental Protection Agency (EPA) has initiated
an enforcement action against DOT&PF, alleging multiple
violations of the Clean Water Act. In addition, EPA is
requesting information regarding sand and gravel
sources. EPA believes that DOT&PF and its contractors
have been operating material sites without appropriate
storm water permits.
The EPA has proposed settling the case if the State
agrees to the entry of a consent decree(s) that could
involve the payment of significant fines (Idaho and
Hawaii have paid fines between $500,000 and
$1,000,000), be required to conduct supplemental
environmental projects, and provide training within
DOT&PF.
This funding would be used to collect evidence, present
a defense and begin negotiating a settlement. It is
anticipated that costs are expected to be at least
$500.0 during calendar year 2008 so an extended lapse
date through June 30, 2009 is requested.
AMANDA RYDER, FISCAL ANALYST, LEGISLATIVE FINANCE, explained
that the modification was because of EPA's enforcement
action and the money would be used for legal action. The
money was appropriated to enable the state to pay settlement
costs.
9:21:31 AM
Co-Chair Stedman MOVED to ADOPT the CS for SB 256, labeled
25-GS2009\C, Kane, 2/29/08.
Co-Chair Hoffman OBJECTED for discussion purposes.
Co-Chair Hoffman commented that the original bill was for
approximately $205 million and the committee is approving
$172,816,800 in the new version of the bill. There is an
increase in general funds of $4,150,730,800. The vast
majority of this appropriation is savings of $2.6 billion to
the CBR, a payment of 50 percent of the outstanding balance,
leaving a balance of $2.6 billion. The CBR currently has a
balance of $3.3 billion and the addition of $2.6 billion
would bring the fund balance to $5.9 billion. If this trend
continues, it is conceivable that the CBR could be
completely paid off in a few years.
9:24:09 AM
Co-Chair Hoffman continued to explain that a deposit of $1
billion to the SBR requires only a simple majority. Also
included in the fast track supplemental is $18.5 billion
needed to ensure that the senior services legislation
recently passed gets funded. He noted that $300 million is
set aside for grants for energy assistance. Another major
change is $150 million for revenue sharing, contingent on
passage of SB 72.
9:26:17 AM
Co-Chair Stedman clarified that $3.6 billion is being put
into savings, $300 million into energy conservation, and
$150 million into revenue sharing. Co-Chair Hoffman
commented that the bill front-end loads the revenue sharing
program that will ensure the life of a $50 million program
each year. Co-Chair Stedman continued to explain that there
is also, $18.5 million for Senior Care in the bill. He
added that there was also a $50 million place holder for
dealing with capital appropriations which were vetoed by the
Administration. Those will be flushed out in the next few
days.
Co-Chair Hoffman emphasized that Alaskans are concerned
about not spending the entire surplus; therefore, the
committee is proposing to set aside $3.6 billion in savings.
Alaskans are concerned about energy costs and this bill is a
first step to ensure that Alaskans can take the initiative
to weatherize their homes. He termed the bill a major
increase to what the Administration has proposed and a major
step in the right direction.
9:29:15 AM
Senator Thomas inquired about the appropriation regarding
the Anchorage hatchery. He shared his understanding that
there was an agreement based on bond funding paid by license
fees. He noted that cost overruns contributed to the
decision to have only one hatchery. He questioned why the
Fairbanks hatchery was removed from the funding. He did not
approve of the approach. He suggested splitting the money
equally between Fairbanks and Anchorage.
Co-Chair Hoffman thought there would be further debate on
the issue.
Senator Dyson requested a review of the vetoed capital
budget items.
Co-Chair Stedman recalled that the Administration vetoed
over $100 million in the capital budget last year. He
thought there was lack of information and miscommunication
which led to the items being vetoed. The list is being
reviewed with a target range of about $50 million. He noted
that there is no intent to put all of the vetoed items on
the table. He hoped that additional savings would be
forthcoming during this budget cycle. He mentioned that
there are also social issues that need to be addressed.
9:34:57 AM
Senator Dyson wondered if some of the vetoed projects would
be put back into the supplemental budget. Co-Chair Stedman
called it a work in progress.
Senator Dyson took that as a maybe. He emphasized that the
current supplemental document does not contain any vetoed
projects. He voiced concern about mixing budget items
across the fiscal year barrier and mixing capital and
operating items.
Co-Chair Hoffman recalled that that practice has been around
for a long time.
AT EASE: 9:37:33 AM
RECONVENED: 9:38:13 AM
Co-Chair Hoffman pointed out that in this budget process,
fiscal years are not being crossed. Co-Chair Stedman
pointed out that there is a $50 million place holder in the
bill and the vetoed items have not been listed in the bill
yet. He commented that during the last two years an attempt
to add transparency was made. He explained that there may
be problems, but care must be taken when looking at the
supplemental budget to look at operating impacts, and not to
get caught up in the dollar amounts. He urged committee
members to concentrate on looking at the impact to the
agencies in order to achieve an accurate budget and the
smallest supplemental budget possible. The goal is to have
all of FY 09 funded out of FY 09 funds, plus savings.
Senator Dyson summarized that the $50 million is a place
holder for vetoed capital projects. Co-Chair Hoffman
concurred.
9:41:42 AM
Co-Chair Hoffman noted his intent to expedite the
supplemental budget. He summarized that the total savings
in the bill are in excess of $11.5 billion.
Co-Chair Stedman agreed if the earnings reserve account is
removed, the total is about $7 billion. The operating
account is about $4 billion. He concluded that these are
huge steps forward.
There being NO OBJECTION CSSB 256 (FIN) was adopted.
AT EASE: 9:43:55 AM
RECONVENED: 9:47:12 AM
Co-Chair Stedman brought the meeting back to order.
9:48:33 AM
CS FOR HOUSE BILL NO. 13(FIN)
"An Act relating to prepayments of accrued actuarial
liabilities of government retirement systems; relating
to the Alaska Municipal Bond Bank Authority, the Alaska
Housing Finance Corporation, and the state bond
committee; establishing the Alaska Pension Obligation
Bond Corporation; permitting the Alaska Municipal Bond
Bank Authority or a subsidiary of the authority, a
subsidiary of the Alaska Housing Finance Corporation,
the state bond committee, and the Alaska Pension
Obligation Bond Corporation to assist state and
municipal governmental employers by issuing bonds,
notes, commercial paper, or other obligations to enable
the governmental employers to prepay all or a portion
of the governmental employers' shares of the unfunded
accrued actuarial liabilities of retirement systems;
authorizing a governmental employer to issue
obligations to prepay all or a portion of the
governmental employer's shares of the unfunded accrued
actuarial liabilities of retirement systems and to
enter into a lease or other contractual agreement with
a trustee, the Alaska Municipal Bond Bank Authority or
a subsidiary of the authority, a subsidiary of the
Alaska Housing Finance Corporation, the state bond
committee, or the Alaska Pension Obligation Bond
Corporation in connection with the issuance of
obligations for that purpose, and relating to those
obligations; relating to revision of the employer
contribution rate in connection with financed
prepayment of unfunded accrued actuarial liabilities of
government retirement systems; and providing for an
effective date."
REPRESENTATIVE MIKE HAWKER, SPONSOR, related that HB 13
would authorize the state to engage in pension financing
transactions in order to fully fund the state's pension
liabilities.
9:50:09 AM
BRIAN ANDREWS, DEPUTY COMMISSIONER, TREASURY DIVISION,
DEPARTMENT OF REVENUE, reviewed a past presentation on
Pension Obligation Bonds (POB's) which covered reasons to
issue the bonds, what risks are involved, the potential
saving that may be achieved, and why POB's are taxable debt,
not tax-exempt debt.
Mr. Andrews pointed out that the mechanics of a POB
transaction are relatively simple. A POB transaction tries
to accomplish the replacement of an existing debt obligation
with another form of debt which has a lower cost. The
concept is the same as refinancing a home mortgage at a
lower interest rate.
The 2006 actuarial report points out that the state has an
$8.6 billion unfunded liability (debt) that it owes to the
state pension plan. It carries a cost of 8.25 percent. Two
weeks ago pricing from three major investment banking
institutions was obtained. A POB transaction deal could be
done for 5.25 percent, a savings that over 25 years on a
billion dollars represents $23 million a year or $323
million over 25 years discounted at 5 percent.
Mr. Andrews reported that the debt markets currently are
exhibiting a lot of instability. He voiced confidence,
though, that a transaction could be accomplished between
5.25 percent and 5.75 percent. The interest rate
environment is the lowest it has been in the past 40 years.
In fact, the ten year treasury at about 3.7 percent has only
been lower 3.9 percent of the time in the past 20 years.
The secret to a POB transaction is to do it at the lowest
possible cost.
Mr. Andrews explained that if the proceeds of a POB
transaction are invested with an earnings rate greater than
the cost, it is a good deal. Over the past 16 years, in
only 2 years, 2001 and 2002, the issuance of a POB
transaction would have proven to be a poor decision. This
is a 25 year transaction, so it will not be known if it was
a good or bad deal until the POB is paid off.
9:53:25 AM
Mr. Andrews addressed the political and market risks. He
turned to the PERS Case Study savings matrix on page 27 from
his previous handout entitled, "Pension Obligation Bonds,
February 8, 2008". He pointed out the annual contribution
rate of 35 percent in PERS - an average of all participants.
He showed how the various bond transactions affect
contribution rates and savings. He explained that the
matrix is unique because it also shows the impact of cash on
the contribution rate. The point is that cash is the best
asset to use. He added that a 5.25 percent cost of debt was
used and the matrix was based on a level percent of pay.
Mr. Andrews pointed out the conclusions on page 31. As long
as more can be earned than the cost of the POB, it is a
better move. It is a very favorable interest rate
environment. Risks associated with POB issuance are
quantifiable and statistically justified by the rewards.
Doing nothing is not a viable option.
9:57:23 AM
Senator Dyson stated his understanding about pension
obligation bonds. He requested information about how the
market uses taxable and non-taxable bonds. He wondered if
bonds should be issued for construction projects, rather
than for debts.
Mr. Andrews spoke of IRS rules which prevent the use of an
earnings arbitrage. He explained how they are marketed at a
higher rate. He talked about tax exempt strategies which
have higher risk. The capital projects amounts are not
sufficient enough to do a $2 billion-plus deal.
Senator Dyson said that investors and managers of the funds
are attracted to tax exempt bonds. He suggested bonding
capital projects to pay down PERS/TRS liability. Mr.
Andrews explained that the state cannot take money and use
it for unfunded liability and qualify for a tax free
exemption.
Co-Chair Stedman added that the state already has the
ability to issue bonds for capital projects. He gave an
example. He requested comments on that possibility. Mr.
Andrews explained that it is fine as long as there is not a
physical connection. If the capital projects are bonded,
which frees up money in the budget, then that money can be
used to pay down the unfunded liability.
Co-Chair Stedman said it is a policy decision.
10:03:42 AM
Representative Hawker added that as large and diverse as the
state is, there is a role for both tax exempt debt for
specific projects and for debt specifically targeted for
reduction of the pension liability. He pointed out that a
balanced program, which is currently in place, is the best.
Co-Chair Stedman requested information about how the bonds
are rated and issued. Mr. Andrews explained that that state
currently has an AA rating - a neutral rating. An increase
to AA1 was requested recently. POV's are appropriation
bonds and the ratings are one notch below other state
ratings - AA minus.
Co-Chair Stedman asked about expectations of the issuance of
$1 billion at today's market at AA minus - an estimate in
dollars. He mentioned the $3.6 billion in savings and a
desire to push the state's rating higher and thereby
reducing the pension debt somewhat.
10:08:51 AM
Senator Dyson asked what an appropriate level of debt for
the state to carry is. Mr. Andrews commented that Alaska is
very unique compared to other states. Tools rating agencies
use to measure other states don't apply to Alaska because of
its dependence on oil for revenue. POB transaction does not
impact the state's rating. He said the state has an
additional capacity for general obligation debt of about
$1.5 billion.
AT EASE: 10:11:23 AM
RECONVENE: 10:12:08 AM
Senator Dyson said he is interested in what the prudent
level of debt the state can carry is, knowing that the $40
billion is off limits. Co-Chair Hoffman thought the
committee should be interested in the answer.
Representative Hawker referred to hangouts from the previous
meeting: Pension Obligation Bonds and Other Post-Employment
Benefits by Roger Davis and published by Orrick, and "Time
May Be Ripe For A POB Revival" by Standard & Poor (copies on
file.) He maintained, in the context of the bill, the
rating agencies do not view POB's as adding to state debt.
Structuring a method to pay off debt can enhance the state's
rating.
Co-Chair Stedman referred to a cash flow analysis sheet from
February 15. He requested additional columns be added to
show the payments assumed under SB 125.
Senator Thomas said he is surprised at the adjustment that
has to be made over the 25-year time period for the net
present value of savings. Mr. Andrews noted that reflects
money's time value.
10:16:35 AM
JEFF URBINA, VICE PRESIDENT, WACHOVIA SECURITIES, SEATTLE,
reported that Wachovia Securities was the number one ranked
underwriter for municipal bonds in Alaska for 2007. He
shared the history of his company's involvement with pension
obligation bonds. He reported that there are only a few
tools to use to address an unfunded pension liability. It
is difficult to compare Alaska to other states. Most POB
programs focus on a three-legged stool approach:
programmatic evaluation, actuarial assumption analysis, and
an evaluation of actuarial investment pool earnings. This
approach frames a solution to unfunded pension liabilities.
Most solutions include POB's. Mr. Urbina summarized that he
feels that Alaska would be successful using POB's.
10:20:32 AM
CAROL SAMUELS, SENIOR VICE PRESIDENT, SEATTLE NORTHWEST
SECURITIES, OREGON, shared Oregon's experience with bond
issuance. Oregon's system is about four times the size of
Alaska. At the end of 2002, there was an estimate of the
unfunded liability totaling $17 billion. The state provided
legislative changes in 2003, which reduced unfunded
liability by about 50 percent. Voters approved the issuance
of $2 billion in state bonds. In addition, local
governments issued $3 billion in bonds. The results have
been very positive. The rate of return was at 8 percent.
It was estimated that savings would be about 25 percent or
$1.4 billion. The highest rate of return was over 20
percent. She related the advantages of the long-term
successes of the bonds. She emphasized that it is important
to structure the financing carefully and have an
understanding as to how bond proceeds will be invested.
Co-Chair Stedman referred to a handout from the Seattle
Northwest Securities company (copy on file.)
10:25:44 AM
ADAM STOLL, VICE PRESIDENT, GOLDMAN SACHS, referred to a
presentation in the members' packets. He related that POB's
are a very common tool used by governments. Since 2003
there have been over $30 billion in POB's issuances. Last
month a Standard & Poor report said POB's have been popular
with issuers and successful for sponsors. He mentioned the
current low interest rate environment and its advantages to
Alaska.
Mr. Stoll referred to page 2 of the handout which depicts
three examples of past POB's: Oregon, Illinois, New Jersey.
He noted that the interest costs of the three plans vary
greatly. He explained the advantage of an investment rate
of return on POV's issued with a low interest cost.
Senator Thomas noticed an extreme amount of activity in
2002-2005, as depicted on page 1. Mr. Stoll said that was
due to unfunded liabilities increasing greatly during those
years because of low returns.
10:28:59 AM
GREG SUNDBERG, MANAGING DIRECTOR, MERRILL LYNCH, reported
that his company has worked on this legislation with a
variety of people in Alaska for the past four years. He
thought the legislation was a good tool and he spoke in
favor of the bill. He offered to answer questions.
Representative Hawker summarized that the legislation is a
prudent measure for the state to undertake.
Co-Chair Stedman suggested working with the Department of
Revenue to expand the cash flow analysis. Representative
Hawker agreed.
SENATE BILL NO. 229
"An Act relating to the Tanana Valley State Forest and
to assignment of certain forest land to the Minto Flats
State Game Refuge; and providing for an effective
date."
SB 229 was scheduled but not heard.
ADJOURNMENT
The meeting was adjourned at 10:31 AM.
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