00 SENATE BILL NO. 236 01 "An Act relating to the dividend paid to the state by the Alaska Housing Finance 02 Corporation; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 18.56.089(c) is amended to read: 05 (c) The corporation shall make a dividend available to the state each fiscal 06 year. The corporation shall pay the dividend for a current fiscal year to the state before 07 the end of that fiscal year. The legislature may appropriate the dividend for capital 08 projects. The corporation shall notify the commissioner of revenue of the amount of 09 each dividend under this subsection for inclusion in the state operating budget and 10 shall also notify the commissioner when each dividend is available for payment to the 11 state. The amount of the dividend for a current fiscal year is calculated as follows: 12 (1) the lesser of $103,000,000 or 75 percent of the adjusted change in 13 net assets [NET INCOME] of the corporation for the base fiscal year; 14 (2) minus the amount of money from the corporation used during that 01 current fiscal year for bond repayment and other costs related to the bonds issued 02 under 03 (A) ch. 26, SLA 1996, up to a maximum of $1,000,000; 04 (B) sec. 10(b), ch. 130, SLA 2000; 05 (C) sec. 1, ch. 1, SSSLA 2002; 06 (D) sec. 4, ch. 120, SLA 2004; and 07 (3) minus any appropriation of unrestricted unencumbered money of 08 the corporation during the current fiscal year, other than an appropriation for the 09 corporation's operating budget. 10 * Sec. 2. AS 18.56.089(d) is amended by adding a new paragraph to read: 11 (4) "adjusted change in net assets" means the change in net assets from 12 the base fiscal year adjusted for capital expenditures incurred during the base fiscal 13 year. 14 * Sec. 3. AS 18.56.089(d)(3) is repealed. 15 * Sec. 4. The uncodified law of the State of Alaska enacted in sec. 2, ch. 76, SLA 2003, as 16 amended by sec. 3, ch. 120, SLA 2004, is amended to read: 17 Sec. 2. TRANSITION: PHASE-IN OF AMOUNT OF DIVIDEND. (a) 18 Notwithstanding the amount of the annual dividend under AS 18.56.089(c), the 19 dividend is calculated as follows for the following years: 20 (1) fiscal year 2004: 21 (A) $103,000,000; 22 (B) minus the amount of money from the Alaska Housing 23 Finance Corporation used during fiscal year 2004 for bond repayments and 24 other costs related to the bonds issued under 25 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 26 (ii) sec. 2, ch. 129, SLA 1998; 27 (iii) sec. 10(b), ch. 130, SLA 2000; 28 (iv) sec. 1, ch. 1, SSSLA 2002; 29 (v) sec. 4, ch. 120, SLA 2004; and 30 (C) minus any appropriation of unrestricted, unencumbered 31 money of the corporation during fiscal year 2004, other than an appropriation 01 for the corporation's operating budget; 02 (2) fiscal year 2005: 03 (A) $103,000,000; 04 (B) minus the amount of money from the Alaska Housing 05 Finance Corporation used during fiscal year 2005 for bond repayments and 06 other costs related to the bonds issued under 07 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 08 (ii) sec. 2, ch. 129, SLA 1998; 09 (iii) sec. 10(b), ch. 130, SLA 2000; 10 (iv) sec. 1, ch. 1, SSSLA 2002; 11 (v) sec. 4, ch. 120, SLA 2004; and 12 (C) minus any appropriation of unrestricted, unencumbered 13 money of the corporation during fiscal year 2005, other than an appropriation 14 for the corporation's operating budget; 15 (3) fiscal year 2006: 16 (A) $103,000,000; 17 (B) minus the amount of money from the Alaska Housing 18 Finance Corporation used during fiscal year 2006 for bond repayments and 19 other costs related to the bonds issued under 20 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 21 (ii) sec. 2, ch. 129, SLA 1998; 22 (iii) sec. 10(b), ch. 130, SLA 2000; 23 (iv) sec. 1, ch. 1, SSSLA 2002; 24 (v) sec 4, ch. 120, SLA 2004; and 25 (C) minus any appropriation of unrestricted, unencumbered 26 money of the corporation during fiscal year 2006, other than an appropriation 27 for the corporation's operating budget; 28 (4) fiscal year 2007: 29 (A) the lesser of $103,000,000 or 95 percent of the adjusted 30 change in net assets [NET INCOME] of the Alaska Housing Finance 31 Corporation for fiscal year 2005; 01 (B) minus the amount of money from the Alaska Housing 02 Finance Corporation used during fiscal year 2007 for bond repayments and 03 other costs related to the bonds issued under 04 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 05 (ii) sec. 10(b), ch. 130, SLA 2000; 06 (iii) sec. 1, ch. 1, SSSLA 2002; 07 (iv) sec. 4, ch. 120, SLA 2004; and 08 (C) minus any appropriation of unrestricted, unencumbered 09 money of the corporation during fiscal year 2007, other than an appropriation 10 for the corporation's operating budget; 11 (5) fiscal year 2008: 12 (A) the lesser of $103,000,000 or 85 percent of the adjusted 13 change in net assets [NET INCOME] of the Alaska Housing Finance 14 Corporation for fiscal year 2006; 15 (B) minus the amount of money from the Alaska Housing 16 Finance Corporation used during fiscal year 2008 for bond repayments and 17 other costs related to the bonds issued under 18 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 19 (ii) sec. 10(b), ch. 130, SLA 2000; 20 (iii) sec. 1, ch. 1, SSSLA 2002; 21 (iv) sec. 4, ch. 120, SLA 2004; and 22 (C) minus any appropriation of unrestricted, unencumbered 23 money of the corporation during fiscal year 2008, other than an appropriation 24 for the corporation's operating budget. 25 (b) For purposes of this section, "adjusted change in net assets" ["NET 26 INCOME"] has the meaning set out in AS 18.56.089(d). 27 * Sec. 5. This Act takes effect July 1, 2006.