00CS FOR HOUSE BILL NO. 533(L&C) am                                                                                       
01 "An Act relating to the board of directors of the Alaska Aerospace                                                      
02 Development 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)  two 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) three 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 two; 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 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.  The vice-chair presides                                      
03 over all meetings in the absence of the chair and has other duties the board of directors                               
04 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.