00 Enrolled HB 90 01 Relating to bonding limitations and confidentiality of records and information of the Alaska 02 Industrial Development and Export Authority; relating to municipal taxation of interests in 03 certain property of the Alaska Industrial Development and Export Authority; and providing 04 for an effective date. 05 _______________ 06 * Section 1. AS 29.45.030(a) is amended to read: 07 (a) The following property is exempt from general taxation: 08 (1) municipal property, including property held by a public corporation 09 of a municipality, state property, property of the University of Alaska, or land that is 10 in the trust established by the Alaska Mental Health Enabling Act of 1956, P.L. 84- 11 830, 70 Stat. 709, except that 12 (A) a private leasehold, contract, or other interest in the 13 property is taxable to the extent of the interest; however, an interest created 14 by a nonexclusive use agreement between the Alaska Industrial 01 Development and Export Authority and a user of an integrated 02 transportation and port facility owned by the authority and initially 03 placed in service before January 1, 1999, is taxable only to the extent of, 04 and for the value associated with, those specific improvements used for 05 lodging purposes; 06 (B) notwithstanding any other provision of law, property 07 acquired by an agency, corporation, or other entity of the state through 08 foreclosure or deed in lieu of foreclosure and retained as an investment of a 09 state entity is taxable; this subparagraph does not apply to federal land granted 10 to the University of Alaska under AS 14.40.380 or 14.40.390, or to other land 11 granted to the university by the state to replace land that had been granted 12 under AS 14.40.380 or 14.40.390, or to land conveyed by the state to the 13 university under AS 14.40.365; 14 (C) an ownership interest of a municipality in real property 15 located outside the municipality acquired after December 31, 1990, is taxable 16 by another municipality; however, a borough may not tax an interest in real 17 property located in the borough and owned by a city in that borough; 18 (2) household furniture and personal effects of members of a 19 household; 20 (3) property used exclusively for nonprofit religious, charitable, 21 cemetery, hospital, or educational purposes; 22 (4) property of a nonbusiness organization composed entirely of 23 persons with 90 days or more of active service in the armed forces of the United States 24 whose conditions of service and separation were other than dishonorable, or the 25 property of an auxiliary of that organization; 26 (5) money on deposit; 27 (6) the real property of certain residents of the state to the extent and 28 subject to the conditions provided in (e) of this section; 29 (7) real property or an interest in real property that is exempt from 30 taxation under 43 U.S.C. 1620(d), as amended; 31 (8) property of a political subdivision, agency, corporation, or other 01 entity of the United States to the extent required by federal law; except that a private 02 leasehold, contract, or other interest in the property is taxable to the extent of that 03 interest unless the property is located on a military base or installation and the 04 property interest is created under 10 U.S.C. 2871 - 2885 (Military Housing 05 Privatization Initiative), provided that the leaseholder enters into an agreement to 06 make a payment in lieu of taxes to the political subdivision that has taxing authority; 07 (9) natural resources in place including coal, ore bodies, mineral 08 deposits, and other proven and unproven deposits of valuable materials laid down by 09 natural processes, unharvested aquatic plants and animals, and timber. 10 * Sec. 2. AS 29.45.030(a), as amended by sec. 1 of this Act, is amended to read: 11 (a) The following property is exempt from general taxation: 12 (1) municipal property, including property held by a public corporation 13 of a municipality, state property, property of the University of Alaska, or land that is 14 in the trust established by the Alaska Mental Health Enabling Act of 1956, P.L. 84- 15 830, 70 Stat. 709, except that 16 (A) a private leasehold, contract, or other interest in the 17 property is taxable to the extent of the interest; [HOWEVER, AN INTEREST 18 CREATED BY A NONEXCLUSIVE USE AGREEMENT BETWEEN THE 19 ALASKA INDUSTRIAL DEVELOPMENT AND EXPORT AUTHORITY 20 AND A USER OF AN INTEGRATED TRANSPORTATION AND PORT 21 FACILITY OWNED BY THE AUTHORITY AND INITIALLY PLACED IN 22 SERVICE BEFORE JANUARY 1, 1999, IS TAXABLE ONLY TO THE 23 EXTENT OF, AND FOR THE VALUE ASSOCIATED WITH, THOSE 24 SPECIFIC IMPROVEMENTS USED FOR LODGING PURPOSES;] 25 (B) notwithstanding any other provision of law, property 26 acquired by an agency, corporation, or other entity of the state through 27 foreclosure or deed in lieu of foreclosure and retained as an investment of a 28 state entity is taxable; this subparagraph does not apply to federal land granted 29 to the University of Alaska under AS 14.40.380 or 14.40.390, or to other land 30 granted to the university by the state to replace land that had been granted 31 under AS 14.40.380 or 14.40.390, or to land conveyed by the state to the 01 university under AS 14.40.365; 02 (C) an ownership interest of a municipality in real property 03 located outside the municipality acquired after December 31, 1990, is taxable 04 by another municipality; however, a borough may not tax an interest in real 05 property located in the borough and owned by a city in that borough; 06 (2) household furniture and personal effects of members of a 07 household; 08 (3) property used exclusively for nonprofit religious, charitable, 09 cemetery, hospital, or educational purposes; 10 (4) property of a nonbusiness organization composed entirely of 11 persons with 90 days or more of active service in the armed forces of the United States 12 whose conditions of service and separation were other than dishonorable, or the 13 property of an auxiliary of that organization; 14 (5) money on deposit; 15 (6) the real property of certain residents of the state to the extent and 16 subject to the conditions provided in (e) of this section; 17 (7) real property or an interest in real property that is exempt from 18 taxation under 43 U.S.C. 1620(d), as amended; 19 (8) property of a political subdivision, agency, corporation, or other 20 entity of the United States to the extent required by federal law; except that a private 21 leasehold, contract, or other interest in the property is taxable to the extent of that 22 interest unless the property is located on a military base or installation and the 23 property interest is created under 10 U.S.C. 2871 - 2885 (Military Housing 24 Privatization Initiative), provided that the leaseholder enters into an agreement to 25 make a payment in lieu of taxes to the political subdivision that has taxing authority; 26 (9) natural resources in place including coal, ore bodies, mineral 27 deposits, and other proven and unproven deposits of valuable materials laid down by 28 natural processes, unharvested aquatic plants and animals, and timber. 29 * Sec. 3. AS 44.88.095(a) is amended to read: 30 (a) The authority may not issue bonds in a 12-month period in an amount that 31 exceeds $400,000,000, excluding refunding bonds. 01 * Sec. 4. AS 44.88.095(g) is amended to read: 02 (g) The [BEFORE JULY 1, 2007, THE] authority may issue bonds in an 03 amount greater than $10,000,000 to assist in the financing of a development project 04 under AS 44.88.172 - 44.88.177 only if approved by law, excluding refunding 05 bonds. Refunding bonds may be issued without further approval by law in a 06 principal amount sufficient to provide funds for the payment of all bonds to be 07 refunded by them and, in addition, for the payment of all other amounts that the 08 authority considers appropriate in connection with the refunding, including 09 expenses incident to the redeeming, calling, retiring, or paying of the outstanding 10 bonds, the funding of reserves, and the issuance of the refunding bonds [WITH 11 LEGISLATIVE APPROVAL. BEGINNING JULY 1, 2007, AND THEREAFTER, 12 WITHOUT PRIOR LEGISLATIVE APPROVAL, THE AUTHORITY MAY NOT 13 ISSUE BONDS, EXCEPT REFUNDING AND CONDUIT REVENUE BONDS]. 14 * Sec. 5. AS 44.88.215(a) is amended to read: 15 (a) In order to promote the purposes of this chapter [AS 44.88], unless the 16 records or information were a matter of public record before submittal to the 17 authority, the following records [, FILES,] and information shall be kept confidential 18 if [UPON THE REQUEST OF] the person supplying the records or information or 19 [UPON THE REQUEST OF] the project, bond, loan, or guarantee applicant or 20 borrower requests confidentiality and makes an adequate showing to the executive 21 director of the authority that the records or information are [:] 22 (1) income tax returns; 23 (2) financial statements, profit-and-loss statements, and cash flow 24 projections, except the information required by the authority to calculate debt service 25 coverage on the loan; 26 (3) financial business plans; 27 (4) credit reports from consumer reporting agencies and other credit 28 information obtained from banks, creditors, or other credit reporting entities; 29 (5) trade secrets, including confidential proprietary information 30 and confidential information about products, pricing, or manufacturing or 31 business processes; 01 (6) appraisals, except the name of the appraiser, the date of the 02 appraisal, and the fair market value determined for the property appraised; 03 (7) market surveys and marketing strategy information; or [AND] 04 (8) any information required to be kept confidential by a federal law or 05 regulation or by state law. 06 * Sec. 6. AS 44.88.215(c) is amended to read: 07 (c) The records and information that the executive director of the authority 08 determines [IS DETERMINED] to be confidential under (a) or (b) of this section are 09 [IS] not [A] public records [RECORD] under AS 40.25.110 - 40.25.220. 10 * Sec. 7. AS 44.88.900 is amended by adding a new paragraph to read: 11 (14) "trade secret" has the meaning given in AS 45.50.940. 12 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section to 13 read: 14 REVISOR'S INSTRUCTION. The revisor of statutes shall change the heading of 15 AS 44.88.215 from "Confidentiality of information" to "Confidentiality of records and 16 information." 17 * Sec. 9. The uncodified law of the State of Alaska is amended by adding a new section to 18 read: 19 RETROACTIVITY. AS 29.45.030(a)(1)(A), as amended by sec. 1 of this Act, is 20 retroactive to July 1, 2007. 21 * Sec. 10. Section 2 of this Act takes effect November 30, 2012. 22 * Sec. 11. Except as provided by sec. 10 of this Act, this Act takes effect immediately under 23 AS 01.10.070(c).