CSHB 471(L&C): "An Act increasing the maximum amount of loans from the bulk fuel revolving loan fund operated by the Alaska Energy Authority; precluding certain legal action concerning certain technical assistance to rural utilities; relating to powers of the Alaska Energy Authority; relating to the definitions of 'net income' and 'unrestricted net income' for purposes of determining the amount of the Alaska Industrial Development and Export Authority's dividend to the state; relating to communities within which rural development loans may be made by the Alaska Industrial Development and Export Authority; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 471(L&C) 01 "An Act increasing the maximum amount of loans from the bulk fuel revolving loan 02 fund operated by the Alaska Energy Authority; precluding certain legal action 03 concerning certain technical assistance to rural utilities; relating to powers of the Alaska 04 Energy Authority; relating to the definitions of 'net income' and 'unrestricted net 05 income' for purposes of determining the amount of the Alaska Industrial Development 06 and Export Authority's dividend to the state; relating to communities within which 07 rural development loans may be made by the Alaska Industrial Development and 08 Export Authority; and providing for an effective date." 09 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 10 * Section 1. AS 42.45.250(e) is amended to read: 11 (e) Loans made from the bulk fuel revolving loan fund to one borrower in any 12 fiscal year are not subject to AS 42.45.060 and
01 (1) may not exceed $200,000 [$100,000]; 02 (2) shall be repaid in one year or less; and 03 (3) may not exceed 90 percent of the wholesale price of the fuel 04 purchased. 05 * Sec. 2. AS 42.45.400 is amended by adding a new subsection to read: 06 (c) This section does not create a duty in tort and may not be the basis for an 07 action against the state, the authority, or the officers, agents, or contractors of either 08 for damages, injury, or death. 09 * Sec. 3. AS 44.83.080(10) is amended to read: 10 (10) to enter into contracts with the United States or any person and, 11 subject to the laws of the United States and subject to concurrence of the legislature, 12 with a foreign country or its agencies, for the financing, construction operation, and 13 maintenance of all or any part of a power project, or bulk fuel storage facility, either 14 inside or outside the state, and for the sale or transmission of power from a power 15 project or any right to the capacity of it or for the security of any bonds of the 16 authority issued or to be issued for the project; 17 * Sec. 4. AS 44.83.080 is amended by adding a new paragraph to read: 18 (16) to make grants or loans to a person and enter into contracts or 19 other transactions regarding the grant or loan. 20 * Sec. 5. AS 44.88.088(b)(2) is amended to read: 21 (2) "net income" means the authority's change in net assets [NET 22 INCOME] as set out in the audited financial statements of the authority for the base 23 fiscal year, excluding amounts attributable to intergovernmental transfers, capital 24 contributions, or grants; 25 * Sec. 6. AS 44.88.088(b)(3) is amended to read: 26 (3) "unrestricted net income" means the authority's unrestricted change 27 in net assets [NET INCOME] as set out in the audited financial statements of the 28 authority for the base fiscal year, excluding amounts attributable to 29 intergovernmental transfers, capital contributions, or grants. 30 * Sec. 7. AS 44.88.610(a) is amended to read: 31 (a) The authority may use money from the rural development initiative fund to
01 make a loan of up to $100,000 to a person, or a loan of up to $200,000 to two or more 02 persons, to be used for working capital, equipment, construction, or other commercial 03 purposes by a business located in a community with a population of 5,000 or less that 04 is not connected by road or rail to Anchorage or Fairbanks, or with a population 05 of 2,000 or less that is connected by road or rail to Anchorage or Fairbanks. A 06 person who has received a loan under this subsection may not be granted another loan 07 until after the original loan is entirely repaid. For purposes of this subsection, 08 (1) "community" means a city as defined in AS 29.71.800 or an 09 unincorporated community as defined in AS 29.60.140; and 10 (2) "connected by road" does not include a connection by the 11 Alaska marine highway system. 12 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section to 13 read: 14 TRANSITION. AS 44.88.088(b)(2) and (3), as amended in secs. 5 and 6 of this Act, 15 first apply to calculations made for base fiscal year 2002 and apply thereafter. 16 * Sec. 9. This Act takes effect immediately under AS 01.10.070(c).