Legislature(2013 - 2014)SENATE FINANCE 532

02/28/2013 09:00 AM FINANCE


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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ SB 23 AIDEA: LNG PROJECT; DIVIDENDS; FINANCING TELECONFERENCED
Heard & Held
+ SB 21 OIL AND GAS PRODUCTION TAX TELECONFERENCED
Heard & Held
Bills Previously Heard/Scheduled
                 SENATE FINANCE COMMITTEE                                                                                       
                     February 28, 2013                                                                                          
                         9:09 a.m.                                                                                              
                                                                                                                                
9:09:08 AM                                                                                                                    
                                                                                                                                
CALL TO ORDER                                                                                                                 
                                                                                                                                
Co-Chair Kelly  called the Senate Finance  Committee meeting                                                                    
to order at 9:09 a.m.                                                                                                           
                                                                                                                                
MEMBERS PRESENT                                                                                                               
                                                                                                                                
Senator Kevin Meyer, Co-Chair                                                                                                   
Senator Pete Kelly, Co-Chair                                                                                                    
Senator Anna Fairclough, Vice-Chair                                                                                             
Senator Click Bishop                                                                                                            
Senator Mike Dunleavy                                                                                                           
Senator Lyman Hoffman                                                                                                           
Senator Donny Olson                                                                                                             
                                                                                                                                
MEMBERS ABSENT                                                                                                                
                                                                                                                                
None                                                                                                                            
                                                                                                                                
ALSO PRESENT                                                                                                                  
                                                                                                                                
Sarah   Fisher-Goad,  Executive   Director,  Alaska   Energy                                                                    
Authority,  Department of  Commerce, Community  and Economic                                                                    
Development;  Nick  Szymoniak,   Project  Economist,  Alaska                                                                    
Energy  Authority; Ted  Leonard, Executive  Director, Alaska                                                                    
Industrial Development and  Export Authority; Representative                                                                    
Pete  Higgins;  Brian   Rogers,  Chancellor,  University  of                                                                    
Alaska Fairbanks; Daniel  Sullivan, Commissioner, Department                                                                    
of   Natural   Resources;   Bryan   Butcher,   Commissioner,                                                                    
Department   Of   Revenue;   Michael   Pawlowski,   Advisor,                                                                    
Petroleum  Fiscal   Systems,  Department  of   Revenue;  Joe                                                                    
Balash,   Deputy   Commissioner,   Department   of   Natural                                                                    
Resources.                                                                                                                      
                                                                                                                                
PRESENT VIA TELECONFERENCE                                                                                                    
                                                                                                                                
Merrick  Pierce,  Self,  North Pole;  Luke  Hopkins,  Mayor,                                                                    
Fairbanks North Star Borough.                                                                                                   
                                                                                                                                
SUMMARY                                                                                                                       
                                                                                                                                
SB  21    OIL AND GAS PRODUCTION TAX                                                                                            
                                                                                                                                
          SB 21 was HEARD and HELD in committee for further                                                                     
          consideration.                                                                                                        
                                                                                                                                
SB  23    AIDEA: LNG PROJECT; DIVIDENDS; FINANCING                                                                              
                                                                                                                                
          SB 23 was HEARD and HELD in committee for further                                                                     
          consideration.                                                                                                        
                                                                                                                                
SENATE BILL NO. 23                                                                                                            
                                                                                                                                
     "An Act  relating to  development project  financing by                                                                    
     the   Alaska   Industrial    Development   and   Export                                                                    
     Authority; relating  to the  dividends from  the Alaska                                                                    
     Industrial  and   Export  Authority;   authorizing  the                                                                    
     Alaska Industrial  Development and Export  Authority to                                                                    
     provide  financing  and  issue bonds  for  a  liquefied                                                                    
     natural   gas  production   system   and  natural   gas                                                                    
     distribution  system; and  providing  for an  effective                                                                    
     date."                                                                                                                     
                                                                                                                                
Co-Chair  Meyer  MOVED  to   ADOPT  the  proposed  committee                                                                    
substitute  for  CS  SB  23  (FIN)  Work  Draft  28-GS1738\C                                                                    
(Bailey, 2/16/13).                                                                                                              
                                                                                                                                
Senator Olson OBJECTED for the purpose of discussion.                                                                           
                                                                                                                                
9:10:23 AM                                                                                                                    
AT EASE                                                                                                                         
                                                                                                                                
9:11:41 AM                                                                                                                    
RECONVENED                                                                                                                      
                                                                                                                                
Senator  Olson wondered  what changes  were proposed  in the                                                                    
committee  substitute.  Co-Chair   Kelly  replied  that  the                                                                    
changes were mostly technical changes.                                                                                          
                                                                                                                                
Senator  Olson  WITHDREW  his   OBJECTION.  There  being  NO                                                                    
OBJECTION, the proposed committee substitute was ADOPTED.                                                                       
                                                                                                                                
SARAH   FISHER-GOAD,  EXECUTIVE   DIRECTOR,  ALASKA   ENERGY                                                                    
AUTHORITY,  DEPARTMENT OF  COMMERCE, COMMUNITY  AND ECONOMIC                                                                    
DEVELOPMENT, introduced herself.                                                                                                
                                                                                                                                
NICK SZYMONIAK, PROJECT ECONOMIST, ALASKA ENERGY AUTHORITY,                                                                     
introduced himself.                                                                                                             
                                                                                                                                
TED   LEONARD,   EXECUTIVE   DIRECTOR,   ALASKA   INDUSTRIAL                                                                    
DEVELOPMENT AND EXPORT AUTHORITY, introduced himself.                                                                           
                                                                                                                                
Ms.  Fisher-Goad  discussed  the PowerPoint,  "SB  23  AIDEA                                                                    
Development Project  Financing for  a Liquefied  Natural Gas                                                                    
Production and  Distribution System." She  highlighted slide                                                                    
2, "Interior Energy Plan."                                                                                                      
                                                                                                                                
     -Opportunity  to provide  Alaskans with  low-cost North                                                                    
     Slope natural gas and propane                                                                                              
     -Governor's  finance   package  acts  as   a  catalyst,                                                                    
     bringing together  LNG and  propane customers  with the                                                                    
     private entities  that will  construct and  operate the                                                                    
     system                                                                                                                     
     -AIDEA  is investigating  project feasibility  and will                                                                    
     only  utilize their  authorized  finance  tools if  the                                                                    
     project makes economic sense                                                                                               
     -AIDEA will  take an equity  stake in project  but will                                                                    
     not  outright  build  or  operate   the  LNG  plant  or                                                                    
     distribution system                                                                                                        
     -Governor's finance package is  targeted at funding the                                                                    
     initial  capacity  with   future  expansion  funded  by                                                                    
     private/community investment                                                                                               
                                                                                                                                
Ms. Fisher-Goad looked at slide 3, "Project Goals."                                                                             
                                                                                                                                
     -Provide   lowest-cost   energy  to   Interior   Alaska                                                                    
     consumers as soon as possible                                                                                              
     -Get  gas first  to the  Interior while  assuring long-                                                                    
     term access to gas  and propane from liquefaction plant                                                                    
     for all Alaskans                                                                                                           
     -Utilize private sector mechanisms as much as possible                                                                     
                                                                                                                                
Ms. Fisher-Goad highlighted slide 4, "Project Description."                                                                     
                                                                                                                                
     -Natural gas will  be liquefied on the  North Slope and                                                                    
     trucked to Interior Alaska                                                                                                 
     -Propane  will be  produced and  delivered to  Interior                                                                    
     and Rural Alaskans                                                                                                         
     -Primary  LNG demand  anticipated to  be Fairbanks  and                                                                    
     North Pole                                                                                                                 
     -LNG  will  be  temporarily  stored  andre-gasified  in                                                                    
     Interior Alaska                                                                                                            
     -Natural  gas  distribution   system  with  storage  to                                                                    
     supply natural gas for heating                                                                                             
                                                                                                                                
9:18:20 AM                                                                                                                    
                                                                                                                                
Mr. Szymoniak looked at slide 6, "LNG Lowers Energy Costs."                                                                     
                                                                                                                                
     Expected Utility Price per Mcf                                                                                             
     -Wholesale LNG: $10.15                                                                                                     
     -Natural Gas to home: $13.42-$17.00 per Mcf                                                                                
     -Delivered price  is equal to  $1.79 -$2.27  per gallon                                                                    
     of fuel oil                                                                                                                
     Key Assumptions                                                                                                            
     -Initial costs associated  with a 9 Bcf  plant at start                                                                    
     up                                                                                                                         
     -Snapshot in time, costs change with expansion                                                                             
     -LNG plant  bifurcated into two sections  (industry and                                                                    
     utility)                                                                                                                   
     -$50 million capital cost reduction  applied to 6.5 Bcf                                                                    
     utility section                                                                                                            
                                                                                                                                
Mr. Szymoniak highlighted slide 7, "Heating Energy Supply                                                                       
Comparison."                                                                                                                    
                                                                                                                                
     Trucked  LNG is  the  lowest-cost  option for  Interior                                                                    
     Alaska heating                                                                                                             
                                                                                                                                
          -Electricity would need to be $0.04 -$0.06 per                                                                        
          kWh to compete with trucked LNG                                                                                       
          -Electricity would need to be much cheaper to                                                                         
          compete with fuel oil                                                                                                 
                                                                                                                                
Mr. Szymoniak looked at slide 8, "Plant Use and Expansion."                                                                     
                                                                                                                                
     Plant Expansion                                                                                                            
                                                                                                                                
     -LNG plant  will expand as  the demand for  natural gas                                                                    
     increases                                                                                                                  
     -Size or timing of expansion is driven by demand                                                                           
     -Customer  count  includes residential  and  commercial                                                                    
     users                                                                                                                      
     -Second expansion is possible based on pipeline timing                                                                     
                                                                                                                                
9:24:55 AM                                                                                                                    
                                                                                                                                
Vice-Chair Fairclough wondered if  there was a consideration                                                                    
of the  University related to  future demand.  Mr. Szymoniak                                                                    
responded that  there were  discussions with  the University                                                                    
regarding  the  use of  LNG,  and  was  not included  as  an                                                                    
explicit  line item.  Ms. Fisher-Goad  furthered that  there                                                                    
were  discussions with  the University  of Alaska  Fairbanks                                                                    
(UAF)  about replacing  the combined  power  plant, but  the                                                                    
project was merely a possibility.                                                                                               
                                                                                                                                
Vice-Chair Fairclough  remarked that  she was looking  for a                                                                    
holistic plan to  address the energy needs in  the area, and                                                                    
the state was  approached for a significant  amount of money                                                                    
for the co-generation plant at UAF.                                                                                             
                                                                                                                                
9:28:05 AM                                                                                                                    
                                                                                                                                
Ms. Fisher-Goad  remarked that AIDEA was  incorporating what                                                                    
UA's issues  and their potential plans  into the discussion.                                                                    
She agreed  that there  should be  a holistic  approach, but                                                                    
felt that it was not as simple to address.                                                                                      
                                                                                                                                
Senator  Dunleavy   wondered  if  the  high   end  cost  was                                                                    
incorporated  into  the  gas  the  costumer  purchased.  Mr.                                                                    
Szymoniak replied in the affirmative.                                                                                           
                                                                                                                                
Senator Dunleavy  looked at slide  9, and wondered  if there                                                                    
was going to  be a gas conditioning plant on  the slope that                                                                    
was not  included in  the plan.  Mr. Szymoniak  replied that                                                                    
the plant proposal was included in the LNG.                                                                                     
                                                                                                                                
Senator  Dunleavy wondered  if the  plant was  located as  a                                                                    
sub-set  of   the  LNG.  Mr.  Szymoniak   responded  in  the                                                                    
affirmative.                                                                                                                    
                                                                                                                                
Mr. Szymoniak looked at slide 9, "Capital Cost Breakdown."                                                                      
                                                                                                                                
                                                                                                                                
     -Based on "Mid Cost" scenario                                                                                              
                                                                                                                                
     -Economies of scale achieved in LNG plant as                                                                               
     additional 4.5 Bcf trains are added                                                                                        
                                                                                                                                
     -Costs for expansions are cumulative                                                                                       
                                                                                                                                
     -Does not include trucking capital                                                                                         
                                                                                                                                
Mr.  Szymoniak  highlighted  slide  10,  "Household  Heating                                                                    
Savings."                                                                                                                       
                                                                                                                                
     Typical Home Heating Savings                                                                                               
                                                                                                                                
          -$2,900 -$3,750 annually                                                                                              
                                                                                                                                
         -43 percent -55 percent reduction in cost                                                                              
                                                                                                                                
     Key Assumptions                                                                                                            
                                                                                                                                
          -Typical  Interior Alaska  household will  use 225                                                                    
          Mcf of  gas per year (equivalent  to 1,700 gallons                                                                    
          of fuel oil)                                                                                                          
                                                                                                                                
          -Does  not  account  for expected  improvement  in                                                                    
          heating efficiency with natural gas                                                                                   
                                                                                                                                
9:33:40 AM                                                                                                                    
                                                                                                                                
Mr. Szymoniak discussed slide 11, "Reduce Fuel Price                                                                            
Uncertainty."                                                                                                                   
                                                                                                                                
     Reduced price variability                                                                                                  
                                                                                                                                
          -Small portion  of delivered LNG price  is natural                                                                    
          gas cost                                                                                                              
                                                                                                                                
          -Fuel  oil  prices  are much  more  volatile  than                                                                    
          trucked LNG                                                                                                           
                                                                                                                                
          -Trucked LNG is cheaper even when oil prices drop                                                                     
                                                                                                                                
     Key Assumptions                                                                                                            
                                                                                                                                
          -Fairbanks  fuel  oil  price is  based  on  linear                                                                    
          regression analysis                                                                                                   
                                                                                                                                
          -Natural   gas  price   uses  publicly   available                                                                    
          information on LNG supply contracts                                                                                   
                                                                                                                                
Mr. Szymoniak looked at slide 12, "Air Quality."                                                                                
                                                                                                                                
     Conversion to natural gas should reduce air pollutant                                                                      
     emissions in Fairbanks and North Pole                                                                                      
                                                                                                                                
         -Will reduce overall emissions of PM 2.5                                                                               
                                                                                                                                
          -Fairbanks is presently  a non-attainment area for                                                                    
          PM 2.5                                                                                                                
                                                                                                                                
          -Potential public  health benefits of  natural gas                                                                    
          is substantial                                                                                                        
                                                                                                                                
    Impact on Federal funding and economic development                                                                          
                                                                                                                                
          -Alaska risks losing  Department of Transportation                                                                    
          and Public  Facilities funding  if State  fails to                                                                    
          submit an attainment plan to EPA                                                                                      
                                                                                                                                
          -Federal  projects   in  the  area   face  funding                                                                    
          hurdles while area is non-attainment                                                                                  
                                                                                                                                
          -Cleaner, healthier air  in Fairbanks will promote                                                                    
          economic development                                                                                                  
                                                                                                                                
9:38:00 AM                                                                                                                    
                                                                                                                                
Mr. Szymoniak  highlighted slide 13,  "Long Term Use  of LNG                                                                    
Plant."                                                                                                                         
                                                                                                                                
     LNG Plant will be used after gas pipeline                                                                                  
                                                                                                                                
          -Plant can serve Rural  Alaska before gas pipeline                                                                    
          is constructed                                                                                                        
                                                                                                                                
          -Expect opportunity to sell  LNG to new industrial                                                                    
          users both before and after pipeline                                                                                  
                                                                                                                                
          -Information in chart is for demonstration only                                                                       
                                                                                                                                
Senator   Hoffman   remarked   that  there   should   be   a                                                                    
demonstration project for the river and highway system.                                                                         
                                                                                                                                
Senator  Bishop felt  that there  were  people in  Fairbanks                                                                    
that needed propane soon.                                                                                                       
                                                                                                                                
Senator Dunleavy remarked that  the LNG concerns were across                                                                    
the state.  He wondered if the  cost dealt with the  main or                                                                    
to  a  residence.  Mr. Szymoniak  responded  that  the  cost                                                                    
included from  the main,  but did not  include the  meter at                                                                    
the residence, and he agreed to provide that information.                                                                       
                                                                                                                                
9:45:58 AM                                                                                                                    
                                                                                                                                
Senator Dunleavy  surmised that there  could be a  main, but                                                                    
the resident may  not be able to afford to  get the gas. Mr.                                                                    
Szymoniak  replied that  it  was an  aspect  that AIDEA  was                                                                    
examining,  and  announced  that  there were  a  variety  of                                                                    
different programs that could help fund that.                                                                                   
                                                                                                                                
Mr. Leonard  stated that a  proposal declared that  a hookup                                                                    
would cost  $300 to $400  for the family, with  a conversion                                                                    
of the appliances at an  additional cost. He felt that there                                                                    
would be an overall savings.                                                                                                    
                                                                                                                                
9:51:03 AM                                                                                                                    
                                                                                                                                
Mr.  Leonard   looked  at  slide  15,   "Governor's  Finance                                                                    
Package."                                                                                                                       
                                                                                                                                
     $50 million General Fund appropriation                                                                                     
     -Directly reduces the cost of LNG                                                                                          
                                                                                                                                
     $150 million AIDEA bonds                                                                                                   
     -3 percent to 4.5 percent interest rate (depending on                                                                      
     tax-exempt status of component financed and market                                                                         
     rates)                                                                                                                     
     -$125 million SETS capitalization                                                                                          
     -3 percent interest rate (set by SB23/HB74)                                                                                
     -Flexibility to provide optimal commercial structure                                                                       
                                                                                                                                
     $325 million total 2013 package                                                                                            
                                                                                                                                
     $30 million natural gas storage credit                                                                                     
    -$15 million tax credit per qualifying storage tank                                                                         
     -Created through previous legislative action                                                                               
     -$355 million total Governor's package                                                                                     
                                                                                                                                
Co-Chair Meyer asked for a  description of the SETS program.                                                                    
Mr.  Leonard  responded  that  the   SETS  program  was  the                                                                    
Sustainable  Energy  Transmission   and  Supply  Development                                                                    
Fund.                                                                                                                           
                                                                                                                                
9:57:50 AM                                                                                                                    
                                                                                                                                
Co-Chair  Meyer noted  that the  money to  fund the  program                                                                    
came out  of the general  fund. Mr. Leonard  responded that.                                                                    
the  original  loan  participation   fund  started  with  an                                                                    
original amount that  had grown 200-300 and was  to grow the                                                                    
fund as more loans were  issued. He stated that the interest                                                                    
back from the loan went to the state.                                                                                           
                                                                                                                                
Co-Chair  Meyer noted  that there  was a  charge association                                                                    
with the debt service and  inquired how it was factored into                                                                    
the loans. Mr. Leonard replied  that if they issued bonds on                                                                    
loan  participation there  would  also  be interest  revenue                                                                    
from the                                                                                                                        
                                                                                                                                
Co-Chair Meyer stated that he  understood the program itself                                                                    
and  noted  that  the  fiscal  note did  not  show  all  the                                                                    
financing that as being proposed.  Ms. Fisher-Goad agreed to                                                                    
provide more information.                                                                                                       
                                                                                                                                
10:03:49 AM                                                                                                                   
                                                                                                                                
Co-Chair Meyer felt that the  fiscal note should reflect the                                                                    
different  financing.  Mr.  Leonard  responded  that  //  He                                                                    
stated that slide 16 reflected that concern.                                                                                    
                                                                                                                                
10:07:46 AM                                                                                                                   
AT EASE                                                                                                                         
                                                                                                                                
10:07:58 AM                                                                                                                   
RECONVENED                                                                                                                      
                                                                                                                                
Co-Chair Kelly handed the gavel to Co-Chair Meyer.                                                                              
                                                                                                                                
Vice-Chair Fairclough looked  at slide 2, and  then slide 9.                                                                    
She  surmised that  the low  cost startup  was projected  at                                                                    
$368 million,  and the high  cost startup was  $481 million.                                                                    
Mr. Leonard  agreed, and  furthered that  he hoped  that the                                                                    
number  would  be  narrowed  soon.  He  explained  that  the                                                                    
numbers  were based  on the  proposals from  the letters  of                                                                    
requests for interest.                                                                                                          
                                                                                                                                
10:10:51 AM                                                                                                                   
                                                                                                                                
Vice-Chair  Fairclough  assumed  that,   if  the  state  was                                                                    
providing $355 million  at a low cost  scenario, carrying 95                                                                    
percent  of the  risk.  Mr. Leonard  agreed,  but looked  at                                                                    
slide 16.  He shared  that there would  be $70  million from                                                                    
the private sector.  He stressed that AIDEA  had provided an                                                                    
explanation   of  their   process  and   analysis  that   is                                                                    
undertaken to determine the different phases.                                                                                   
                                                                                                                                
Vice-Chair  Fairclough  remarked  that there  needed  to  be                                                                    
equal insurance  between the public sector  contribution and                                                                    
the  state's  investment.  Mr. Leonard  responded  that  the                                                                    
state  would  be  involved  in the  initial  build  out  and                                                                    
distribution. He  explained that AIDEA's risk  would only be                                                                    
involved in the original startup.                                                                                               
                                                                                                                                
10:19:48 AM                                                                                                                   
                                                                                                                                
Vice-Chair  Fairclough noted  that the  state would  have an                                                                    
equity  interest  at  86.4 percent,  and  a  private  sector                                                                    
investment  of 3.7  percent. Mr.  Leonard  replied that  one                                                                    
must look at  the difference of the  distribution system. He                                                                    
explained that  AIDEA would not  have an equity  position in                                                                    
the  distribution  system,  but  it  would  have  an  equity                                                                    
position in the plant.                                                                                                          
                                                                                                                                
Vice-Chair Fairclough wanted the  interior of Alaska to have                                                                    
low-cost energy, but remarked that  the state was going "all                                                                    
in"  on  this  investment.  She  pointed  out  that  it  was                                                                    
mitigated through  bond packages  and state  structures. She                                                                    
queried  the   qualifications  of  the   private  investors,                                                                    
because their risk was mitigated  by the state's investment.                                                                    
Mr. Leonard responded that AIDEA  conducted a due diligence,                                                                    
to verify that  the investors had the  financial capacity to                                                                    
maintain  their side  of the  deal with  expertise to  run a                                                                    
proposed plant.                                                                                                                 
                                                                                                                                
Co-Chair  Meyer commented  that the  state's storage  credit                                                                    
was $30  million, the state  appropriation was  $50 million,                                                                    
and the SETS loan was  $125 million, with total general fund                                                                    
capital at $205  million. He felt that  those numbers should                                                                    
be outlined in the fiscal note.                                                                                                 
                                                                                                                                
10:25:49 AM                                                                                                                   
                                                                                                                                
Senator Hoffman  looked at slide  7, and commented  that the                                                                    
risk  should  be  analyzed  based on  what  the  users  were                                                                    
currently paying with the probability  of the cost of oil in                                                                    
Fairbanks exceeding  $5 or  falling below  $2. He  felt that                                                                    
the  economy and  the Fairbanks  residents would  suffer, if                                                                    
action was not taken quickly.                                                                                                   
                                                                                                                                
Mr. Leonard looked at slide 17, "SETS Loan Interest Rate."                                                                      
                                                                                                                                
     SETS Loan interest rate has minimal impact on LNG                                                                          
     Price                                                                                                                      
                                                                                                                                
          -Assumes 30-year loan term                                                                                            
                                                                                                                                
          -Reduces natural gas price by $0.25 per Mcf                                                                           
                                                                                                                                
10:34:01 AM                                                                                                                   
                                                                                                                                
Mr.  Leonard  discussed  slide  18,  "Project  Timeline  and                                                                    
Milestones."  He  stated that  AIDEA  was  embarking on  the                                                                    
feasibility phase of  the project, and planned  to have that                                                                    
phase complete by June 2013.  He explained that the end goal                                                                    
was to provide gas by the second quarter of 2015.                                                                               
                                                                                                                                
Vice-Chair  Fairclough surmised  that  AIDEA  could take  no                                                                    
more than  one-third equity interest. Mr.  Leonard explained                                                                    
that  the SETS  program had  a limitation  that stated  that                                                                    
without  legislative approval,  AIDEA could  not participate                                                                    
in direct  financing of  a project  under SETS.  He remarked                                                                    
that AIDEA  could participate in  direct financing  in other                                                                    
projects from between 23 percent to 100 percent ownership.                                                                      
                                                                                                                                
Co-Chair Meyer handed the gavel to Co-Chair Kelly.                                                                              
                                                                                                                                
10:39:35 AM                                                                                                                   
                                                                                                                                
MERRICK  PIERCE,  SELF,  NORTH  POLE  (via  teleconference),                                                                    
testified in  support of SB  23. He furthered that  the bill                                                                    
should  be amended  to  ensure that  AIDEA  was required  to                                                                    
complete full due diligence in  the best possible method for                                                                    
delivering  natural  gas  to Fairbanks.  He  felt  that  LNG                                                                    
trucking was not  the best method. He stressed  that LNG had                                                                    
many  problems including  high out  backs, it  was the  most                                                                    
dangerous method  for transporting LNG, gas  contracts would                                                                    
link the gas  to the price of oil, and  there was no propane                                                                    
availability.                                                                                                                   
                                                                                                                                
LUKE  HOPKINS,  MAYOR,  FAIRBANKS NORTH  STAR  BOROUGH  (via                                                                    
teleconference),  testified   in  support   of  SB   23.  He                                                                    
commented   that  AIDEA   had  approached   the  legislation                                                                    
appropriately.   He  remarked   that  the   legislation  was                                                                    
important, because  it backed a project  that had viability.                                                                    
He  remarked  that  the  build  out of  the  LNG  plant  and                                                                    
distribution was important to the community of Fairbanks.                                                                       
                                                                                                                                
10:45:13 AM                                                                                                                   
                                                                                                                                
BRIAN  ROGERS, CHANCELLOR,  UNIVERSITY OF  ALASKA FAIRBANKS,                                                                    
explained  that  UAF  had a  50-year-old  power  plant  that                                                                    
provided most  of its heat  and electricity. He  stated that                                                                    
there  were approximately  250 universities  in the  country                                                                    
that had  similar combined heat  and power plants,  and most                                                                    
of them were  gas. He explained that UAF  spent $9.8 million                                                                    
on heat and power for the campus.                                                                                               
                                                                                                                                
Vice-Chair  Fairclough  was  concerned about  the  operating                                                                    
costs  and remarked  that  there would  be  $0.5 million  in                                                                    
operating costs  annually. She stressed  that she  wanted to                                                                    
find  an  overall  solution,   rather  than  an  incremental                                                                    
solution.                                                                                                                       
                                                                                                                                
Vice-Chair Fairclough  stressed that the  federal government                                                                    
tended  to postpone  coal plant  permits. Chancellor  Rogers                                                                    
understood that risk. He stressed  that the plant would be a                                                                    
replacement  plant, so  it would  reduce emissions.  He also                                                                    
pointed out that it was lower than the regulatory limit.                                                                        
                                                                                                                                
SB  23  was   HEARD  and  HELD  in   committee  for  further                                                                    
consideration.                                                                                                                  
                                                                                                                                
10:50:24 AM                                                                                                                   
RECESSED                                                                                                                        
                                                                                                                                
1:34:24 PM                                                                                                                    
RECONVENED                                                                                                                      
                                                                                                                                
SENATE BILL NO. 21                                                                                                            
                                                                                                                                
     "An  Act relating  to  appropriations  from taxes  paid                                                                    
     under the  Alaska Net Income  Tax Act; relating  to the                                                                    
     oil and gas  production tax rate; relating  to gas used                                                                    
     in the state; relating  to monthly installment payments                                                                    
     of the oil and gas  production tax; relating to oil and                                                                    
     gas  production  tax  credits for  certain  losses  and                                                                    
     expenditures; relating  to oil  and gas  production tax                                                                    
     credit  certificates; relating  to nontransferable  tax                                                                    
     credits based  on production; relating  to the  oil and                                                                    
     gas tax  credit fund; relating to  annual statements by                                                                    
     producers and explorers;  relating to the determination                                                                    
     of annual  oil and gas production  tax values including                                                                    
     adjustments  based on  a percentage  of gross  value at                                                                    
     the  point   of  production  from  certain   leases  or                                                                    
     properties;    making   conforming    amendments;   and                                                                    
     providing for an effective date."                                                                                          
                                                                                                                                
1:36:28 PM                                                                                                                    
                                                                                                                                
DANIEL   SULLIVAN,  COMMISSIONER,   DEPARTMENT  OF   NATURAL                                                                    
RESOURCES,  provided  a   Power  Point  presentation  titled                                                                    
"Arresting  TAPS  Throughput  Decline and  Oil  Tax  Reform"                                                                    
(copy  on  file). He  discussed  that  the department  would                                                                    
provide  an  overview of  the  bill  and would  discuss  the                                                                    
challenge related to TAPS throughput  decline, it would also                                                                    
underscore that the continued decline was not inevitable.                                                                       
                                                                                                                                
Commissioner Sullivan looked at slide  2, "TAPS - A Critical                                                                    
State and National Energy Asset."                                                                                               
                                                                                                                                
     -The Trans  Alaska Pipeline, 11 pump  stations, several                                                                    
     hundred  miles  of  feeder pipelines,  and  the  Valdez                                                                    
     Marine  Terminal constitute  the Trans-Alaska  Pipeline                                                                    
     System (TAPS).                                                                                                             
                                                                                                                                
     -At 800  miles long, the  Trans Alaska Pipeline  is one                                                                    
     of the longest pipelines in  the world; it crosses more                                                                    
     than 500  rivers and streams and  three mountain ranges                                                                    
     as it carries Alaska's oil from Prudhoe Bay to Valdez.                                                                     
                                                                                                                                
     -The  U.S. Congress  was instrumental  in the  approval                                                                    
     and  rapid  development   of  TAPS.  Congress  approved                                                                    
     construction  of the  pipeline  with  the Trans  Alaska                                                                    
     Pipeline Authorization Act of 1973.                                                                                        
                                                                                                                                
     -The principle focus  of this Act is  as relevant today                                                                    
     as it was in 1973:  "the early development and delivery                                                                    
     of oil  and gas from  Alaska's North Slope  to domestic                                                                    
     markets is in the  national interest because of growing                                                                    
     domestic  shortages  and   increasing  dependence  upon                                                                    
     insecure foreign sources."                                                                                                 
                                                                                                                                
1:40:20 PM                                                                                                                    
                                                                                                                                
Commissioner  Sullivan  turned  to  slide 3  with  the  same                                                                    
title.                                                                                                                          
                                                                                                                                
     -TAPS has transported over 16.3  billion barrels of oil                                                                    
     and natural gas liquids  since June of 1977. Production                                                                    
     peaked  at 2.2  million  barrels per  day  in the  late                                                                    
     1980s,  representing   25  percent  of   U.S.  domestic                                                                    
     production                                                                                                                 
                                                                                                                                
     -Since  its  peak,  however,  throughput  has  steadily                                                                    
     declined; today, TAPS is 2/3  empty and declining at an                                                                    
     average of 6 percent per year                                                                                              
                                                                                                                                
     -TAPS throughput decline  threatens economic disruption                                                                    
     and the very existence of our pipeline                                                                                     
                                                                                                                                
     -We must  encourage industry  to invest  in exploration                                                                    
     and  development  of  conventional  and  unconventional                                                                    
     resources  on  state  and  federal  land,  onshore  and                                                                    
     offshore                                                                                                                   
                                                                                                                                
     -TAPS has plenty of capacity for increased throughput                                                                      
                                                                                                                                
     -Most  near-term  critical  economic issue  facing  the                                                                    
     state                                                                                                                      
                                                                                                                                
     -Less oil  in the pipeline  year after year  takes away                                                                    
     revenue from future generations-the ultimate giveaway                                                                      
                                                                                                                                
     -Reconfiguration, 1.2 million barrels/day                                                                                  
                                                                                                                                
He  directed  attention to  slide  4,    "Oil Tax  Reform  -                                                                    
Production History."  He stated that the  opportunity on the                                                                    
North Slope  continued to  be "enormous."  He looked  at the                                                                    
urgency of  the issue on  slide 5, "TAPS  Throughput Decline                                                                    
is  an  Urgent Problem."  The  discussion  was not  a  scare                                                                    
tactic. He relayed that the issue  was real and needed to be                                                                    
addressed. He referred to a prior  shutdown of TAPS due to a                                                                    
pipeline  leak,  and opined  that  the  state had  dodged  a                                                                    
bullet in  the dicey situation.  He pointed out that  it had                                                                    
not been clear that the line would be restarted.                                                                                
                                                                                                                                
Commissioner  Sullivan continued  to  discuss  slide 5.  The                                                                    
best way  to address  the technical  issues was  to increase                                                                    
throughput.  There  were  significant consequences  for  the                                                                    
state and country.                                                                                                              
                                                                                                                                
Commissioner  Sullivan moved  to  slide  6, "Alaska's  North                                                                    
Slope Oil and Gas Potential."                                                                                                   
                                                                                                                                
     USGS estimates  that Alaska's North Slope  has more oil                                                                    
     than any other Arctic nation                                                                                               
                                                                                                                                
          -OIL: Est. 40 billion barrels of conventional oil                                                                     
          (USGS & BOEMRE)                                                                                                       
                                                                                                                                
          -GAS: Est. over 200 trillion cubic feet of                                                                            
          conventional natural gas (USGS)                                                                                       
                                                                                                                                
     Alaska   has   world-class  unconventional   resources,                                                                    
     including  tens of  billions of  barrels of  heavy oil,                                                                    
     shale oil,  and viscous oil, and  hundreds of trillions                                                                    
     of  cubic  feet  of  shale  gas,  tight  gas,  and  gas                                                                    
     hydrates                                                                                                                   
                                                                                                                                
         -Positive methane hydrate test production                                                                              
                                                                                                                                
1:46:20 PM                                                                                                                    
                                                                                                                                
Commissioner  Sullivan  turned  to  slide  7,  "U.S.  Energy                                                                    
Renaissance." The opportunity was  enormous for the country.                                                                    
There had  been a huge  oil and  gas investment boom  in the                                                                    
past several years worldwide.  He provided amounts including                                                                    
$650  billion. The  state  of Alaska  received  less than  1                                                                    
percent of  the total  in the prior  year. He  stressed that                                                                    
the state  needed to  take back its  lead in  the production                                                                    
industry.                                                                                                                       
                                                                                                                                
Commissioner Sullivan  moved to slide 8,  "Other Basins have                                                                    
Turned  Decline  Around."  Every  major  basin  was  turning                                                                    
around  their  throughput  decline  with  the  exception  of                                                                    
Alaska.                                                                                                                         
                                                                                                                                
     "The  expansion  has  been spurred  by  record-breaking                                                                    
     levels  of  investment,  with about  £40bn  set  to  be                                                                    
     ploughed into  North Sea production  in the  next three                                                                    
     years…"                                                                                                                    
                                                                                                                                
     "The  surge in  investment comes  after the  government                                                                    
     relaxed the  tax regime  around North  Sea development,                                                                    
     prompting  a record-breaking  licensing round  when the                                                                    
     Department  of Energy  and Climate  Change awarded  167                                                                    
     new licenses on 330 blocks last October."                                                                                  
                                                                                                                                
Commissioner Sullivan pointed to  pages from the Wall Street                                                                    
Journal on  slide 9.  He quickly moved  to slide  10 showing                                                                    
natural decline rates that had  been turned around. He moved                                                                    
to slide 11 titled "Other  Basins have Turned Decline Around                                                                    
- Historical  Oil Production." He  emphasized that  the line                                                                    
chart was  probably the most  important slide that  would be                                                                    
presented  to the  committee. He  discussed that  the yellow                                                                    
line represented  Texas, Alaska  was blue, North  Dakota was                                                                    
red, and Alberta  was brown. He discussed  that movement had                                                                    
been remarkably similar for many  years; however, all of the                                                                    
basins had  started turning their production  curve around."                                                                    
The only  place that oil  companies had not  increased their                                                                    
production was  in Alaska. The  department believed  that it                                                                    
was directly related to Alaska's unfriendly tax regime.                                                                         
                                                                                                                                
1:53:44 PM                                                                                                                    
                                                                                                                                
Commissioner  Sullivan  addressed  slide  12  titled  Secure                                                                    
Alaska's Future - Oil."                                                                                                         
                                                                                                                                
     Secure    Alaska's    Future-Oil   is    the    State's                                                                    
     comprehensive strategy to increase TAPS throughput to                                                                      
     one million barrels a day.                                                                                                 
                                                                                                                                
          I. Enhance Alaska's global competitiveness and                                                                        
          investment climate                                                                                                    
                                                                                                                                
          II .Ensure the permitting process is structured                                                                       
          and efficient                                                                                                         
                                                                                                                                
          III. Facilitate and incentivize the next phases                                                                       
          of North Slope development                                                                                            
                                                                                                                                
          IV. Promote Alaska's resources and positive                                                                           
          investment climate to world markets                                                                                   
                                                                                                                                
1:57:37 PM                                                                                                                    
                                                                                                                                
Senator Hoffman did not believe  there was one individual in                                                                    
the  state that  did  not  want to  add  more  oil into  the                                                                    
pipeline. He  discussed the necessity  of volume.  He shared                                                                    
that the  number heard  from the industry  in order  to turn                                                                    
the investment  field around  was between  $2 billion  to $4                                                                    
billion.   Commissioner   Sullivan    responded   that   the                                                                    
department  had  worked  to encourage  production,  but  the                                                                    
growing sense  that action was  needed. He was  reluctant to                                                                    
speak  for  the  oil  and   gas  industry,  because  it  was                                                                    
important for  them to address  the committee  directly. One                                                                    
of the  items in the  proposal was focused on  balancing the                                                                    
system  and increasing  production. The  imbalance made  the                                                                    
state  treasury incredibly  vulnerable. He  shared that  DNR                                                                    
should be  making the state  more competitive with  peers in                                                                    
other basins when  the companies were most  eager to invest.                                                                    
He discussed  large tax credits  for companies that  did not                                                                    
commit to any production.                                                                                                       
                                                                                                                                
2:02:42 PM                                                                                                                    
                                                                                                                                
Senator  Hoffman   stated  that  the  issue   was  the  most                                                                    
important facing  the state for upcoming  decades. He wanted                                                                    
to  ensure that  the  state had  enough  revenue to  provide                                                                    
services until  the oil  came online, but  there would  be a                                                                    
big question mark  about when or if the oil  would ever come                                                                    
online.                                                                                                                         
                                                                                                                                
Senator Olson wondered how the  state would not just provide                                                                    
giveaways  to  the   oil  companies.  Commissioner  Sullivan                                                                    
replied that  the department  had taken a  hard look  at the                                                                    
issue. The  governor's initial proposal looked  at balancing                                                                    
the system with a  strong focus on incentivizing production.                                                                    
Many  people  did  not know  that  explorers  received  cash                                                                    
checks from the  state, so the incentives needed  to be more                                                                    
closely tied to production.                                                                                                     
                                                                                                                                
2:06:11 PM                                                                                                                    
                                                                                                                                
Senator Olson  believed much of the  bill addressed existing                                                                    
production.   Commissioner   Sullivan   replied   that   the                                                                    
governor's bill was not a  snapshot way to increase in state                                                                    
revenues,  but it  was  a balance.  At  higher prices,  ACES                                                                    
inhibited the  needed investment. One of  the challenges was                                                                    
related to  progressivity and the  bill was very  focused on                                                                    
new production and credits for oil.                                                                                             
                                                                                                                                
Senator Bishop  pointed to  slide 5.  He discussed  that the                                                                    
department  had been  onsite working  around  the clock.  He                                                                    
relayed that there were workers  responsible for getting the                                                                    
pipeline  up and  running. He  stated that  money was  being                                                                    
well spent  on workforce development.  Commissioner Sullivan                                                                    
agreed. He added that there  had been some problems with the                                                                    
Environmental Protection Agency (EPA).                                                                                          
                                                                                                                                
Co-Chair  Meyer pointed  to  slide 14  and  asked where  the                                                                    
governor's bill would put Alaska  in the range on the slide.                                                                    
Commissioner Sullivan would follow up with an answer.                                                                           
                                                                                                                                
2:11:38 PM                                                                                                                    
                                                                                                                                
BRYAN   BUTCHER,   COMMISSIONER,  DEPARTMENT   OF   REVENUE,                                                                    
provided a Power Point presentation  titled "Oil Tax Reform:                                                                    
Creating   a  Durable   Production   Tax   System  that   is                                                                    
Competitive  for  the Long  Term  Benefit  of Alaskans."  He                                                                    
moved to slide 2, "Principles of Reform."                                                                                       
                                                                                                                                
     Tax reform must:                                                                                                           
                                                                                                                                
          1. Be fair to Alaskans.                                                                                               
                                                                                                                                
          2. Encourage new production.                                                                                          
                                                                                                                                
          3. Be simple so that it restores balance to the                                                                       
          system.                                                                                                               
                                                                                                                                
          4. Be durable for the long-term.                                                                                      
                                                                                                                                
Commissioner Butcher  turned to  slide 3  titled "Challenges                                                                    
in  the Current  Tax System."  The department  would discuss                                                                    
declining production,  progressivity, and  tax credits  at a                                                                    
later time. He  looked at slide 4 titled  "Rising Prices and                                                                    
Declining  Production." He  directed  attention  to slide  5                                                                    
titled "Rising  Prices and Declining Production."  He talked                                                                    
about gross  value in production  versus gross value  of the                                                                    
ANS oil price.                                                                                                                  
                                                                                                                                
2:19:29 PM                                                                                                                    
                                                                                                                                
Commissioner Butcher pointed to  slide 6, "Rising Prices and                                                                    
Declining Production."                                                                                                          
                                                                                                                                
     Less  production =  less potential  value for  both the                                                                    
     state and producers.                                                                                                       
                                                                                                                                
     In   FY   2008  an   ANS   price   of  $96.51   yielded                                                                    
     approximately $20.4 billion in gross value.                                                                                
                                                                                                                                
     By FY 14,  a price that is $13 higher  will yield a bit                                                                    
     more than $3 billion less in gross value.                                                                                  
                                                                                                                                
Commissioner Butcher  looked at slide 7,  "Rising Prices and                                                                    
Declining Production Observations."                                                                                             
                                                                                                                                
     1.High   prices   have   generally   offset   declining                                                                    
     production over the past several fiscal years.                                                                             
                                                                                                                                
     2.As  production has  continued  to  fall however,  the                                                                    
     level of  production tax generated  by high  oil prices                                                                    
     has fallen.                                                                                                                
                                                                                                                                
     3.But,  the  level  of  production  tax  revenues  have                                                                    
     fallen faster than production.                                                                                             
                                                                                                                                
     4.The question is why?                                                                                                     
                                                                                                                                
Commissioner Butcher moved to slide 9,  "The Progressivity                                                                      
Function."                                                                                                                      
                                                                                                                                
     Found in AS 43.55.011 (g)                                                                                                  
                                                                                                                                
     Based on the Production Tax Value (PTV)                                                                                    
                                                                                                                                
     When the PTV exceeds $30 per barrel of oil equivalent                                                                      
     (BOE) the tax is levied at:                                                                                                
                                                                                                                                
          -.4 percent per dollar until the PTV/bbl = $92.50                                                                     
          -.1 percent per dollar that the PTV/bbl is                                                                            
          greater than $92.50                                                                                                   
          -Maximum rate of 50 percent (in addition to 25                                                                        
          percent base tax)                                                                                                     
                                                                                                                                
     Calculated monthly                                                                                                         
                                                                                                                                
     A single statewide calculation on all oil and gas                                                                          
                                                                                                                                
Co-Chair Meyer wondered if DOR promoted a bracket of                                                                            
progressivity. Commissioner Butcher replied that DOR would                                                                      
like not progressivity.                                                                                                         
                                                                                                                                
2:26:20 PM                                                                                                                    
                                                                                                                                
Commissioner Butcher looked at slide 10, "Progressivity:                                                                        
How it is Calculated."                                                                                                          
                                                                                                                                
     Based on page 108 of the 2012 Fall Revenue Sources                                                                         
     Book.                                                                                                                      
                                                                                                                                
     Taxable Production: 170,262,000                                                                                            
                                                                                                                                
     GVPP = Gross Value at the Point of Production.                                                                             
                                                                                                                                
     PTV = Production Tax Value.                                                                                                
                                                                                                                                
Commissioner Butcher presented slide 11, "Progressivity:                                                                        
How it is Calculated." He explained the following                                                                               
equations:                                                                                                                      
                                                                                                                                
     Calculating the Progressivity with a PTV/bbl = $64.87                                                                      
                                                                                                                                
          $64.87 - $30 = $34.87                                                                                                 
          Because the PTV/bbl < $92.50                                                                                          
          $34.87 x .004 § percent                                                                                         
                                                                                                                                
     The 13.95  percent progressive tax  is then  applied to                                                                    
     the PTV/bbl of $64.87 not to the $34.87                                                                                    
                                                                                                                                
     $64.87 x 13.95 percent = $9.05 per barrel                                                                                  
                                                                                                                                
     Therefore:  the  $9.05  progressive tax  +  $16.22  (25                                                                    
     percent) base  tax = $25.27  production tax  per barrel                                                                    
     before credits.                                                                                                            
                                                                                                                                
     Multiplied  by  the   taxable  production  (170,262,000                                                                    
     bbls) = $4,302 million                                                                                                     
                                                                                                                                
Commissioner Butcher discussed slide 12, "Observations."                                                                        
                                                                                                                                
     Progressivity  increases the  overall tax  rate as  the                                                                    
     overall profitability (before  state and federal income                                                                    
     taxes) rises.                                                                                                              
                                                                                                                                
     Remember,  progressivity is  company specific  and each                                                                    
     company   will  have   a  different   exposure  because                                                                    
     progressivity is sensitive to:                                                                                             
                                                                                                                                
          -The oil price.                                                                                                       
          -Spending.                                                                                                            
          -Production.                                                                                                          
                                                                                                                                
     Progressivity  is  only  one part  of  what  makes  the                                                                    
     overall system progressive;  it is not a  factor at low                                                                    
     oil prices.                                                                                                                
                                                                                                                                
2:30:06 PM                                                                                                                    
                                                                                                                                
Commissioner Butcher looked at slide 13, "Example 1: New                                                                        
Capital Spending in Fiscal Year 2014."                                                                                          
                                                                                                                                
     Based  on page  108 of  the 2012  Fall Revenue  Sources                                                                    
     Book.                                                                                                                      
                                                                                                                                
     Taxable Production: 170,262,000.                                                                                           
                                                                                                                                
     Increased  capital   spending  by  $500   million  from                                                                    
     $3,338.6 million to $3,836.6 million.                                                                                      
                                                                                                                                
     CAPEX  per  barrel  goes  from  $19.61  to  $22.55  per                                                                    
     barrel.                                                                                                                    
                                                                                                                                
Commissioner Butcher highlighted slide 14, "Example 1: New                                                                      
Capital Spending in Fiscal Year 2014."                                                                                          
                                                                                                                                
     Calculating the Progressivity with a PTV/bbl = $61.93                                                                      
                                                                                                                                
          -$61.93 - $30 = $31.93                                                                                                
          -Because the PTV/bbl < $92.50                                                                                         
          -$31.93 x .004 §                                                                                                   

Document Name Date/Time Subjects
SB 23 - AIDEA Project Analysis Process 2-26-2013.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB 23 - AIDEAAEA Policy Presentation 2-28-2013.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB 23 - Interior Energy Plan.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB 23 - Letter of Support - AA Roofing.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB 23 - Letter of Support - Alcan Builders.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB 23 - Letter of Support - APED Resolution.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB 23 - Letter of Support - Copper Valley Development Association.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB 23 - Letter of Support - General Teamsters Local 959.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB 23 - Letter of Support - GFCC.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB 23 - Letter of Support - North Pole Resolution 2.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB 23 - Letter of Support - North Pole Resolution.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB 23 - Op Ed Newsminer - Fairbanks Chamber.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB023CS(LC)-DCCED-AIDEA-02-27-13.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB23 CSSB23 (FIN) wrok draft C..pdf SFIN 2/28/2013 9:00:00 AM
SB 23
SB 23 University of Fairbanks Plant.pdf SFIN 2/28/2013 9:00:00 AM
SB 23
CSSB 21 RES Sectional 02 28 2013 .pdf SFIN 2/28/2013 9:00:00 AM
SB 21
CSSB RES Sectional 02 28 2013 Final.pdf SFIN 2/28/2013 9:00:00 AM
SB 21
DOR Fiscal Note Senate Finance Feb 28 2013.pdf SFIN 2/28/2013 9:00:00 AM
SB 21
DOR Intro Senate Finance Feb 28 2013 draft 4.pdf SFIN 2/28/2013 9:00:00 AM
SB 21
Sullivan_Senate Finance Committee_SB21_2-28-13.pdf SFIN 2/28/2013 9:00:00 AM
SB 21