HB 203: "An Act relating to the definitions of 'net income' and 'unrestricted net income' for purposes of calculating the dividends to be paid to the state by the Alaska Industrial Development and Export Authority; and providing for an effective date."
00 HOUSE BILL NO. 203 01 "An Act relating to the definitions of 'net income' and 'unrestricted net income' for 02 purposes of calculating the dividends to be paid to the state by the Alaska Industrial 03 Development and Export Authority; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 44.88.088(b)(2) is amended to read: 06 (2) "net income" means the authority's change in net assets as set out in 07 the audited financial statements of the authority for the base fiscal year, excluding 08 amounts attributable to intergovernmental transfers, capital contributions, [OR] grants, 09 or impairment losses on development projects financed under AS 44.88.172; 10 * Sec. 2. AS 44.88.088(b)(3) is amended to read: 11 (3) "unrestricted net income" means the authority's unrestricted change 12 in net assets as set out in the audited financial statements of the authority for the base 13 fiscal year, excluding amounts attributable to intergovernmental transfers, capital 14 contributions, [OR] grants, or impairment losses on development projects financed
01 under AS 44.88.172. 02 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 03 read: 04 APPLICABILITY. AS 44.88.088(b)(2) and (3), as amended in secs. 1 and 2 of this 05 Act, apply to the calculations under AS 44.88.088 for state fiscal year 2004, using base fiscal 06 year 2002, and for subsequent fiscal years. 07 * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).