00 Enrolled SB 301 01 Relating to the power project fund; authorizing the Alaska Energy Authority to charge and 02 collect fees relating to the power project fund; authorizing the Alaska Energy Authority to sell 03 and authorizing the Alaska Industrial Development and Export Authority to purchase loans of 04 the power project fund; providing legislative approval for the sale and purchase of loans of the 05 power project fund under the memorandum of understanding dated February 17, 2010; 06 providing legislative approval for a loan from the power project fund for the Reynolds Creek 07 hydroelectric project; and providing for an effective date. 08 _______________ 09 * Section 1. AS 42.45.010(a) is amended to read: 10 (a) The power project fund is established as a separate fund. The fund shall be 11 distinct from any other money or funds of the authority and includes only money 01 appropriated by the legislature, proceeds from the sale of loans appropriated by the 02 legislature, and money deposited under (g) of this section. 03 * Sec. 2. AS 42.45.010(d) is repealed and reenacted to read: 04 (d) The authority may adopt regulations to establish the standards, criteria, and 05 procedures for making loans under this section, including regulations to establish 06 reasonable fees for applications and loan origination, and charges for reimbursement 07 of the costs of analyzing the feasibility of a project. 08 * Sec. 3. AS 42.45.010 is amended by adding new subsections to read: 09 (k) The authority may collect the fees and charges established under (d) of this 10 section and shall deposit the money in the general fund. 11 (l) The authority may sell loans of the power project fund with legislative 12 approval. The authority may use money in the power project fund to repurchase loans 13 sold under this subsection that default. Money received by the authority from the sale 14 of loans under this subsection shall be deposited into the power project fund under (a) 15 of this section. 16 * Sec. 4. AS 44.88.080 is amended by adding a new paragraph to read: 17 (30) with legislative approval and notwithstanding AS 44.88.060, to 18 purchase from the Alaska Energy Authority as an investment of the revolving fund, 19 loans of the power project fund established under AS 42.45.010. 20 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 21 read: 22 LEGISLATIVE APPROVAL FOR THE SALE AND PURCHASE OF CERTAIN 23 POWER PROJECT FUND LOANS. (a) The Alaska Energy Authority may sell, and the 24 Alaska Industrial Development and Export Authority may purchase as an investment of the 25 revolving fund, loans of the power project fund, under the memorandum of understanding 26 dated February 17, 2010. 27 (b) Subsection (a) of this section is the legislative approval required by 28 AS 42.45.010(l), enacted by sec. 3 of this Act, for the Alaska Energy Authority to sell, and 29 required by AS 44.88.080(30), enacted by sec. 4 of this Act, for the Alaska Industrial 30 Development and Export Authority to purchase as an investment of the revolving fund, loans 31 of the power project fund. 01 (c) In this section, unless the context otherwise requires, 02 (1) "Alaska Energy Authority" means the authority created in AS 44.83.020; 03 (2) "Alaska Industrial Development and Export Authority" means the 04 authority created in AS 44.88.020; 05 (3) "loans of the power project fund" means loans made by the Alaska Energy 06 Authority under AS 42.45.010, as amended by secs. 1 - 3 of this Act; 07 (4) "memorandum of understanding dated February 17, 2010" means the 08 agreement between the Alaska Energy Authority and the Alaska Industrial Development and 09 Export Authority dated February 17, 2010, under which the Alaska Energy Authority agrees 10 to sell, and the Alaska Industrial Development and Export Authority agrees to purchase, 11 certain loans of the power project fund; 12 (5) "power project fund" means the fund established under AS 42.45.010; 13 (6) "revolving fund" means the fund of the Alaska Industrial Development and 14 Export Authority established under AS 44.88.060. 15 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 16 read: 17 LEGISLATIVE APPROVAL OF LOAN FROM THE POWER PROJECT FUND. 18 Provided the Alaska Energy Authority approves a loan for the Reynolds Creek hydroelectric 19 project, the legislature authorizes the Alaska Energy Authority to loan $9,000,000 from the 20 power project fund (AS 42.45.010) for the Reynolds Creek hydroelectric project. This section 21 constitutes legislative approval under AS 42.45.010(j) for a loan from the fund that exceeds 22 $5,000,000. 23 * Sec. 7. This Act takes effect immediately under AS 01.10.070(c).