HB 44: "An Act relating to investments applicable to energy; authorizing the Alaska Permanent Fund Corporation to make in-state energy project investments; and authorizing certain public corporations to issue bonds for energy projects."
00 HOUSE BILL NO. 44 01 "An Act relating to investments applicable to energy; authorizing the Alaska Permanent 02 Fund Corporation to make in-state energy project investments; and authorizing certain 03 public corporations to issue bonds for energy projects." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 37.13.120 is amended by adding a new subsection to read: 06 (f) The board may invest an amount not to exceed $1,000,000,000 of the 07 assets of the fund in in-state energy project investments, to the extent that in-state 08 energy project investments are available and the projects are eligible for investment of 09 fund assets under (a) of this section. 10 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 11 read: 12 ALASKA HOUSING FINANCE CORPORATION: LEGISLATIVE 13 AUTHORIZATION AND APPROVAL OF ENERGY EFFICIENCY AND 14 CONSERVATION PROGRAM BONDS. (a) The Alaska Housing Finance Corporation is
01 authorized to issue bonds under the power granted to it in AS 18.56.110 to establish energy 02 efficiency and conservation programs for all homeowners. The maximum principal amount of 03 bonds that the Alaska Housing Finance Corporation may issue under this section is 04 $100,000,000. The Alaska Housing Finance Corporation may issue the bonds in a single 05 issuance or in several issuances, without limitation as to number of issuances or timing, and as 06 the Alaska Housing Finance Corporation determines best furthers the purpose of financing the 07 programs described in this section. The Alaska Housing Finance Corporation shall negotiate 08 with interested parties and shall enter into agreements with interested parties to provide 09 revenue sufficient to accomplish the purposes described in this subsection. 10 (b) This section constitutes the approval required by AS 18.56.110(g) for the issuance 11 of the bonds described in this section. 12 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 13 read: 14 ALASKA NATURAL GAS DEVELOPMENT AUTHORITY: LEGISLATIVE 15 AUTHORIZATION AND APPROVAL OF BONDS FOR NATURAL GAS PROJECTS TO 16 ENSURE ENERGY SUFFICIENCY. (a) The Alaska Natural Gas Development Authority is 17 authorized to issue bonds under the power granted to it in AS 41.41.300 to acquire a gas 18 supply, develop the Cook Inlet and Fairbanks markets, and plan, permit, and design gas 19 transmission systems to mitigate gas shortfalls and ensure energy sufficiency for Alaskans. 20 The maximum principal amount of bonds that the Alaska Natural Gas Development Authority 21 may issue under this section is $250,000,000. The Alaska Natural Gas Development 22 Authority may issue the bonds in a single issuance or in several issuances, without limitation 23 as to number of issuances or timing, and as the Alaska Natural Gas Development Authority 24 determines best furthers the purpose of financing the projects described in this section. The 25 Alaska Natural Gas Development Authority shall negotiate with interested parties and shall 26 enter into agreements with interested parties to provide revenue sufficient to accomplish the 27 purposes described in this subsection. 28 (b) This section constitutes the approval required by AS 41.41.320 for the issuance of 29 the bonds described in this section. 30 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 31 read:
01 ALASKA RAILROAD CORPORATION: LEGISLATIVE AUTHORIZATION AND 02 APPROVAL OF BONDS FOR ENERGY INFRASTRUCTURE DEVELOPMENT. (a) The 03 Alaska Railroad Corporation is authorized to issue bonds under the power granted to it in 04 AS 42.40.250 to foster programs that support energy infrastructure development. The 05 maximum principal amount of bonds that the Alaska Railroad Corporation may issue under 06 this section is $250,000,000. The Alaska Railroad Corporation may issue the bonds in a single 07 issuance or in several issuances, without limitation as to number of issuances or timing, and as 08 the Alaska Railroad Corporation determines best furthers the purpose of financing the 09 programs described in this section. The Alaska Railroad Corporation shall negotiate with 10 interested parties and shall enter into agreements with interested parties to provide revenue 11 sufficient to accomplish the purposes described in this subsection. 12 (b) This section constitutes the approval required by AS 42.40.100(6) and 42.40.285 13 for the issuance of the bonds described in this section. 14 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 15 read: 16 ALASKA ENERGY AUTHORITY: LEGISLATIVE AUTHORIZATION AND 17 APPROVAL OF BONDS FOR ALTERNATIVE ENERGY PROGRAMS. (a) The Alaska 18 Energy Authority is authorized to issue bonds under the power granted to it in 19 AS 44.83.080(6) to develop energy programs for which the Alaska Energy Authority has 20 authority under AS 42.45. The maximum principal amount of bonds that the Alaska Energy 21 Authority may issue under this section is $50,000,000. The Alaska Energy Authority may 22 issue the bonds in a single issuance or in several issuances, without limitation as to number of 23 issuances or timing, and as the Alaska Energy Authority determines best furthers the purpose 24 of financing the programs described in this section. The Alaska Energy Authority shall 25 negotiate with interested parties and shall enter into agreements with interested parties to 26 provide revenue sufficient to accomplish the purposes described in this subsection. 27 (b) This section constitutes the approval required by AS 42.45.010(j) for the issuance 28 of the bonds described in this section.