00 SENATE CS FOR CS FOR HOUSE BILL NO. 208(FIN) 01 "An Act relating to the board of directors of the Alaska Aerospace Development 02 Corporation." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 14.40.826(a) is amended to read: 05 (a) The powers and responsibilities of the corporation are vested in the 06 board of directors. The board of directors of the corporation consists of nine 07 members appointed by the governor as follows: 08 (1) three state residents who have a significant high level of 09 experience in the private business sector, specializing in financing or economic 10 development or marketing [ONE MEMBER OF THE BOARD OF REGENTS OF 11 THE UNIVERSITY OF ALASKA]; 12 (2) the president or the designee of the president of the University of 13 Alaska; 14 (3) the director or designee of the Geophysical Institute of the 01 University of Alaska; 02 (4) [THE EXECUTIVE DIRECTOR OF THE ALASKA SCIENCE 03 AND TECHNOLOGY FOUNDATION; 04 (5)] the commissioner of commerce and economic development or the 05 commissioner's designee; 06 (5) two members who have held or currently hold positions in the 07 aerospace or commercial space industry or special experience regarding federal 08 regulatory procedures and policies involving space or operational experience; 09 members with aerospace experience shall not exceed one; and 10 (6) [TWO MEMBERS WHO HAVE EXPERIENCE AND 11 UNDERSTANDING OF THE AEROSPACE OR COMMERCIAL SPACE 12 INDUSTRY, ONE OF WHOM SHALL HAVE A SPECIAL EMPHASIS IN 13 FEDERAL REGULATORY PROCEDURES AND POLICY INVOLVING SPACE; 14 (7) ONE FACULTY MEMBER OF THE UNIVERSITY OF ALASKA 15 WITH RESEARCH INTERESTS INVOLVING ROCKETS OR SATELLITES; 16 (8)] a public school educator or a public member. 17 * Sec. 2. AS 14.40.826(b) is amended to read: 18 (b) The members of the board of directors of the corporation described in 19 (a)(5) [(a)(6)] of this section may be nonresidents of the state. The term of the 20 members described in (a)(1), (5) and (6) [(a)(1), (6), (7), AND (8)] of this section is 21 four years and those terms shall be staggered. 22 * Sec. 3. AS 14.40.826(c) is amended to read: 23 (c) Members of the board of directors of the corporation described in (a)(1), 24 (5) and (6) [(a)(6) AND (8)] of this section receive $100 compensation for each day 25 spent on official business of the corporation. 26 * Sec. 4. AS 14.40.831 is amended to read: 27 Sec. 14.40.831. Chair and Vice-chair. The board of directors of the 28 corporation shall select a chair and vice-chair from among the members 29 [PRESIDENT OF THE UNIVERSITY OF ALASKA OR THE DESIGNEE OF THE 30 PRESIDENT SHALL BE THE CHAIR OF THE BOARD OF DIRECTORS OF THE 31 CORPORATION. THE COMMISSIONER OF COMMERCE AND ECONOMIC 01 DEVELOPMENT OR THE DESIGNEE OF THE COMMISSIONER SHALL BE 02 VICE-CHAIR] of the board of directors of the corporation who are state residents. 03 The vice-chair presides over all meetings in the absence of the chair and has other 04 duties the board of directors of the corporation may direct. 05 * Sec. 5. TRANSITIONAL PROVISION. Notwithstanding AS 14.40.826, as amended by 06 this Act, persons serving on the board of directors of the Alaska Aerospace Development 07 Corporation on the day before the effective date of this Act may continue to serve on the 08 board until their current terms expire or until they are replaced by the governor under this Act, 09 whichever is earlier.