Enrolled SB 236: Relating to subsidiary corporations of the Alaska Housing Finance Corporation and to the dividend paid to the state by the Alaska Housing Finance Corporation; and providing for an effective date.
00Enrolled SB 236 01 Relating to subsidiary corporations of the Alaska Housing Finance Corporation and to the 02 dividend paid to the state by the Alaska Housing Finance Corporation; and providing for an 03 effective date. 04 _______________ 05 * Section 1. AS 18.56.086 is amended to read: 06 Sec. 18.56.086. Creation of subsidiaries. The corporation may create 07 subsidiary corporations for the purpose of financing or facilitating the financing of 08 school construction, facilities for the University of Alaska, [OR] facilities for ports 09 and harbors, or other capital projects. A subsidiary corporation created under this 10 section may be incorporated under AS 10.20.146 - 10.20.166. The corporation may 11 transfer assets of the corporation to a subsidiary created under this section. A 12 subsidiary created under this section may borrow money and issue bonds as evidence 13 of that borrowing and has all the powers of the corporation that the corporation grants 14 to it. Unless otherwise provided by the corporation, the debts, liabilities, and
01 obligations of a subsidiary corporation created under this section are not the debts, 02 liabilities, or obligations of the corporation. 03 * Sec. 2. AS 18.56.089(c) is amended to read: 04 (c) The corporation shall make a dividend available to the state each fiscal 05 year. The corporation shall pay the dividend for a current fiscal year to the state before 06 the end of that fiscal year. The legislature may appropriate the dividend for capital 07 projects. The corporation shall notify the commissioner of revenue of the amount of 08 each dividend under this subsection for inclusion in the state operating budget and 09 shall also notify the commissioner when each dividend is available for payment to the 10 state. The amount of the dividend for a current fiscal year is calculated as follows: 11 (1) the lesser of $103,000,000 or 75 percent of the adjusted change in 12 net assets [NET INCOME] of the corporation for the base fiscal year; 13 (2) minus the amount of money from the corporation used during that 14 current fiscal year for bond repayment and other costs related to the bonds issued 15 under 16 (A) ch. 26, SLA 1996, up to a maximum of $1,000,000; 17 (B) sec. 10(b), ch. 130, SLA 2000; 18 (C) sec. 1, ch. 1, SSSLA 2002; 19 (D) sec. 4, ch. 120, SLA 2004; and 20 (3) minus any appropriation of unrestricted unencumbered money of 21 the corporation during the current fiscal year, other than an appropriation for the 22 corporation's operating budget. 23 * Sec. 3. AS 18.56.089(d) is amended by adding a new paragraph to read: 24 (4) "adjusted change in net assets" means the change in net assets from 25 the base fiscal year, adjusted for capital expenditures incurred during the base fiscal 26 year. 27 * Sec. 4. The uncodified law of the State of Alaska enacted in sec. 2, ch. 76, SLA 2003, as 28 amended by sec. 3, ch. 120, SLA 2004, is amended to read: 29 Sec. 2. TRANSITION: PHASE-IN OF AMOUNT OF DIVIDEND. (a) 30 Notwithstanding the amount of the annual dividend under AS 18.56.089(c), the 31 dividend is calculated as follows for the following years:
01 (1) fiscal year 2004: 02 (A) $103,000,000; 03 (B) minus the amount of money from the Alaska Housing 04 Finance Corporation used during fiscal year 2004 for bond repayments and 05 other costs related to the bonds issued under 06 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 07 (ii) sec. 2, ch. 129, SLA 1998; 08 (iii) sec. 10(b), ch. 130, SLA 2000; 09 (iv) sec. 1, ch. 1, SSSLA 2002; 10 (v) sec. 4, ch. 120, SLA 2004 [OF THIS ACT]; and 11 (C) minus any appropriation of unrestricted, unencumbered 12 money of the corporation during fiscal year 2004, other than an appropriation 13 for the corporation's operating budget; 14 (2) fiscal year 2005: 15 (A) $103,000,000; 16 (B) minus the amount of money from the Alaska Housing 17 Finance Corporation used during fiscal year 2005 for bond repayments and 18 other costs related to the bonds issued under 19 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 20 (ii) sec. 2, ch. 129, SLA 1998; 21 (iii) sec. 10(b), ch. 130, SLA 2000; 22 (iv) sec. 1, ch. 1, SSSLA 2002; 23 (v) sec. 4, ch. 120, SLA 2004 [OF THIS ACT]; and 24 (C) minus any appropriation of unrestricted, unencumbered 25 money of the corporation during fiscal year 2005, other than an appropriation 26 for the corporation's operating budget; 27 (3) fiscal year 2006: 28 (A) $103,000,000; 29 (B) minus the amount of money from the Alaska Housing 30 Finance Corporation used during fiscal year 2006 for bond repayments and 31 other costs related to the bonds issued under
01 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 02 (ii) sec. 2, ch. 129, SLA 1998; 03 (iii) sec. 10(b), ch. 130, SLA 2000; 04 (iv) sec. 1, ch. 1, SSSLA 2002; 05 (v) sec. 4, ch. 120, SLA 2004 [OF THIS ACT]; and 06 (C) minus any appropriation of unrestricted, unencumbered 07 money of the corporation during fiscal year 2006, other than an appropriation 08 for the corporation's operating budget; 09 (4) fiscal year 2007: 10 (A) the lesser of $103,000,000 or 95 percent of the adjusted 11 change in net assets [NET INCOME] of the Alaska Housing Finance 12 Corporation for fiscal year 2005; 13 (B) minus the amount of money from the Alaska Housing 14 Finance Corporation used during fiscal year 2007 for bond repayments and 15 other costs related to the bonds issued under 16 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 17 (ii) sec. 10(b), ch. 130, SLA 2000; 18 (iii) sec. 1, ch. 1, SSSLA 2002; 19 (iv) sec. 4, ch. 120, SLA 2004 [OF THIS ACT]; and 20 (C) minus any appropriation of unrestricted, unencumbered 21 money of the corporation during fiscal year 2007, other than an appropriation 22 for the corporation's operating budget; 23 (5) fiscal year 2008: 24 (A) the lesser of $103,000,000 or 85 percent of the adjusted 25 change in net assets [NET INCOME] of the Alaska Housing Finance 26 Corporation for fiscal year 2006; 27 (B) minus the amount of money from the Alaska Housing 28 Finance Corporation used during fiscal year 2008 for bond repayments and 29 other costs related to the bonds issued under 30 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 31 (ii) sec. 10(b), ch. 130, SLA 2000;
01 (iii) sec. 1, ch. 1, SSSLA 2002; 02 (iv) sec. 4, ch. 120, SLA 2004 [OF THIS ACT]; and 03 (C) minus any appropriation of unrestricted, unencumbered 04 money of the corporation during fiscal year 2008, other than an appropriation 05 for the corporation's operating budget. 06 (b) For purposes of this section, "adjusted change in net assets" ["NET 07 INCOME"] has the meaning set out in AS 18.56.089(d). 08 * Sec. 5. AS 18.56.089(d)(3) is repealed. 09 * Sec. 6. This Act takes effect July 1, 2006.