SB 92: "An Act amending the standards applicable to determining whether, for purposes of the Alaska Stranded Gas Development Act, a proposed new investment constitutes a qualified project, and extending the deadline for applications relating to the development of contracts for payments in lieu of taxes and for royalty adjustments that may be submitted for consideration under that Act; and providing for an effective date."
00 SENATE BILL NO. 92 01 "An Act amending the standards applicable to determining whether, for purposes of the 02 Alaska Stranded Gas Development Act, a proposed new investment constitutes a 03 qualified project, and extending the deadline for applications relating to the 04 development of contracts for payments in lieu of taxes and for royalty adjustments that 05 may be submitted for consideration under that Act; and providing for an effective 06 date." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. AS 43.82.100 is amended to read: 09 Sec. 43.82.100. Qualified project. Based on information available to the 10 commissioner, the commissioner may determine that a proposal for new investment is 11 a qualified project under this chapter only if the project 12 (1) is a project that principally involves the production, processing, 13 and transportation of natural gas derived from the area of the state lying north of
01 64 degrees North latitude, including discrete facilities or portions of discrete 02 facilities that are necessary to produce, gather, process, condition, compress, or 03 distribute the natural gas, 04 (A) by pipeline to one or more markets outside the state by 05 means of an Alaska North Slope natural gas project; for purposes of this 06 subparagraph, "Alaska North Slope natural gas project" has the meaning 07 given "North Slope natural gas pipeline" as that term is defined in 08 AS 38.35.120(a)(1)(B) that is constructed or modified to follow generally a 09 route that parallels the Trans Alaska Pipeline System and the Alaska 10 Highway to the Canadian border to transport natural gas; or 11 (B) for [THE] export as [OF] liquefied natural gas; 12 (2) would produce at least 500,000,000,000 cubic feet of stranded gas 13 within 20 years from the commencement of commercial operations; and 14 (3) is capable, subject to applicable commercial regulation and 15 technical and economic considerations, of making gas available to meet the reasonably 16 foreseeable demand in this state for gas within the economic proximity of the project. 17 * Sec. 2. AS 43.82.170 is amended to read: 18 Sec. 43.82.170. Application deadline. The commissioner of revenue or the 19 commissioner of natural resources may not act on an application for a contract 20 submitted under AS 43.82.120 unless the application is received by the Department of 21 Revenue not [NO] later than June 30, 2006 [2001]. 22 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).