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30th Legislature(2017-2018)

Bill Text 30th Legislature


00 Enrolled HB 340                                                                                                         
01 Repealing the Alaska BIDCO Assistance program and repealing requirements for an annual                                  
02 examination of a BIDCO by the Department of Commerce, Community, and Economic                                           
03 Development.                                                                                                            
04                           _______________                                                                               
05    * Section 1. AS 10.13.040(b) is amended to read:                                                                     
06 (b)  The [UNLESS THE BIDCO RECEIVES A LOAN UNDER AS 37.17.500                                                         
07 - 37.17.690, THE] department may not establish a minimum net worth for a BIDCO                                          
08 under this section of less than $1,500,000. [IF THE BIDCO, AS PART OF ITS                                               
09 INITIAL CAPITALIZATION, RECEIVES A LOAN UNDER AS 37.17.500 -                                                            
10       37.17.690, THE MINIMUM NET WORTH OF THE BIDCO MAY BE $500,000,                                                    
11       EXCLUDING ORGANIZATION COSTS PAID FOR OR OWED BY THE BIDCO.]                                                      
12    * Sec. 2. AS 37.10.085(d) is amended to read:                                                                        
13            (d)  This section does not apply to                                                                          
14                 [(1)  THE FINANCIAL ASSISTANCE PROGRAM ESTABLISHED                                                      
01       UNDER AS 37.17.500 - 37.17.690; OR                                                                                
02 (2)]  investments of the assets of the public employees' retirement                                                     
03 system established under AS 39.35 or the teachers' retirement system established                                        
04 under AS 14.25, to the extent the investments are made in the stocks, bonds, and other                                  
05       securities of                                                                                                     
06                 (1) [(A)]  a corporation licensed under AS 10.13; or                                                  
07                 (2) [(B)]  a corporation attempting to become licensed under AS 10.13                                 
08       if the corporation intends to use the proceeds to fulfill the tasks necessary to become                           
09       licensed under AS 10.13.                                                                                          
10    * Sec. 3. AS 44.33.020(a)(43) is amended to read:                                                                    
11 (43)  oversee the administration of outstanding loans and financial                                                   
12 assistance under [ADMINISTER] the Alaska BIDCO assistance program under                                               
13 former AS 37.17.500 - 37.17.690 [AND ADOPT REGULATIONS TO CARRY OUT                                                   
14       THE PROVISIONS OF THOSE STATUTES];                                                                                
15    * Sec. 4. AS 10.13.600(b), 10.13.930(c); AS 37.17.500, 37.17.510, 37.17.520, 37.17.530,                              
16 37.17.540, 37.17.550, 37.17.560, 37.17.570, 37.17.580, 37.17.590, 37.17.600, 37.17.610,                                 
17 37.17.620, 37.17.630, 37.17.640, 37.17.650, 37.17.660, and 37.17.690 are repealed.                                      
18    * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to                            
19 read:                                                                                                                   
20 TRANSITION: ALASKA BIDCO FUND. Subject to appropriation, the money in the                                               
21 Alaska BIDCO fund established in former AS 37.17.510 is transferred to the general fund.                                
22    * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to                            
23 read:                                                                                                                   
24 TRANSITIONAL PROVISIONS. (a) Notwithstanding the repeal of a statute by sec. 4                                          
25 of this Act, regulations that were adopted under authority of those statutes and that were in                           
26 effect on the day before the effective date of this Act remain in effect and may continue to be                         
27 implemented and enforced by the Department of Commerce, Community, and Economic                                         
28 Development as necessary to carry out the functions assigned to it by this Act.                                         
29 (b)  AS 37.17.530, 37.17.540, 37.17.550, 37.17.560, 37.17.570, 37.17.580, 37.17.590,                                    
30 37.17.600, 37.17.610, 37.17.620, 37.17.630, 37.17.640, 37.17.650, 37.17.660, and 37.17.690,                             
31 as those statutes read on the day before the effective date of sec. 4 of this Act, shall continue                       
01 to apply to a BIDCO that received a loan or other financial assistance under the Alaska                                 
02 BIDCO assistance program (AS 37.17) before the effective date of this Act until those former                            
03 statutes, by their own terms, no longer would apply to that BIDCO. However, the principal,                              
04 interest, and fees required to be paid by a BIDCO borrower under former AS 37.17.570 shall                              
05 be paid into the general fund.                                                                                          
06       (c)  Contracts, rights, liabilities, and obligations created by or under a law amended or                         
07 repealed by this Act, and in effect on the day before the effective date of this Act, remain in                         
08 effect notwithstanding this Act's taking effect.                                                                        
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