00                       CS FOR HOUSE BILL NO. 556(TRA)                                                                    
01 "An Act relating to a port development project on Lynn Canal, providing legislative                                     
02 approval for the Alaska Industrial Development and Export Authority to issue bonds                                      
03 for the project; and providing for an effective date."                                                                  
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  The uncodified law of the State of Alaska is amended by adding a new section                         
06 to read:                                                                                                                
07       LEGISLATIVE APPROVAL; PORT DEVELOPMENT PROJECT.  (a)  The Alaska                                                  
08 Industrial Development and Export Authority may issue bonds to finance the acquisition,                                 
09 development, improvement, and construction of port and related facilities located on Lynn                               
10 Canal in Southeast Alaska.  The port and related facilities shall be owned by the authority and                         
11 financed under AS 44.88.172 - 44.88.177.  The principal amount of the bonds provided by the                             
12 authority for the port development project may not exceed $20,000,000.                                                  
13       (b)  This section constitutes legislative approval required by AS 44.88.095(g).                                   
14    * Sec. 2.  This Act takes effect immediately under AS 01.10.070(c).