CSHB 44(ENE): "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 CS FOR HOUSE BILL NO. 44(ENE) 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 18.56.089(c) is amended to read: 06 (c) The corporation shall make a dividend available to the state each fiscal 07 year. The corporation shall pay the dividend for a current fiscal year to the state before 08 the end of that fiscal year. The legislature may appropriate the dividend for capital 09 projects. The corporation shall notify the commissioner of revenue of the amount of 10 each dividend under this subsection for inclusion in the state operating budget and 11 shall also notify the commissioner when each dividend is available for payment to the 12 state. The amount of the dividend for a current fiscal year is calculated as follows: 13 (1) the lesser of $103,000,000 or 75 percent of the adjusted change in 14 net assets of the corporation for the base fiscal year;
01 (2) minus the amount of money from the corporation used during that 02 current fiscal year for bond repayment and other costs related to the bonds issued 03 under 04 (A) ch. 26, SLA 1996, up to a maximum of $1,000,000; 05 (B) sec. 10(b), ch. 130, SLA 2000; 06 (C) sec. 1, ch. 1, SSSLA 2002; 07 (D) sec. 4, ch. 120, SLA 2004; 08 (E) sec. 3 of this Act; and 09 (3) minus any appropriation of unrestricted unencumbered money of 10 the corporation during the current fiscal year, other than an appropriation for the 11 corporation's operating budget. 12 * Sec. 2. AS 37.13.120 is amended by adding a new subsection to read: 13 (f) The board may invest an amount not to exceed $1,000,000,000 of the 14 assets of the fund in in-state energy project investments, to the extent that in-state 15 energy project investments are available and the projects are eligible for investment of 16 fund assets under (a) of this section. 17 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 18 read: 19 ALASKA HOUSING FINANCE CORPORATION: LEGISLATIVE 20 AUTHORIZATION AND APPROVAL OF ENERGY EFFICIENCY AND 21 CONSERVATION PROGRAM BONDS. (a) The Alaska Housing Finance Corporation is 22 authorized to issue bonds under the power granted to it in AS 18.56.110 to establish energy 23 efficiency and conservation programs for all homeowners. The maximum principal amount of 24 bonds that the Alaska Housing Finance Corporation may issue under this section is 25 $100,000,000. The Alaska Housing Finance Corporation may issue the bonds in a single 26 issuance or in several issuances, without limitation as to number of issuances or timing, and as 27 the Alaska Housing Finance Corporation determines best furthers the purpose of financing the 28 programs described in this section. The Alaska Housing Finance Corporation shall negotiate 29 with interested parties and shall enter into agreements with interested parties to provide 30 revenue sufficient to accomplish the purposes described in this subsection. 31 (b) This section constitutes the approval required by AS 18.56.110(g) for the issuance
01 of the bonds described in this section. 02 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 03 read: 04 ALASKA NATURAL GAS DEVELOPMENT AUTHORITY: LEGISLATIVE 05 AUTHORIZATION AND APPROVAL OF BONDS FOR NATURAL GAS PROJECTS TO 06 ENSURE ENERGY SUFFICIENCY. (a) The Alaska Natural Gas Development Authority is 07 authorized to issue bonds under the power granted to it in AS 41.41.300 to acquire a gas 08 supply, develop the Cook Inlet and Fairbanks markets, and plan, permit, and design gas 09 transmission systems to mitigate gas shortfalls and ensure energy sufficiency for Alaskans. 10 The maximum principal amount of bonds that the Alaska Natural Gas Development Authority 11 may issue under this section is $250,000,000. The Alaska Natural Gas Development 12 Authority may issue the bonds in a single issuance or in several issuances, without limitation 13 as to number of issuances or timing, and as the Alaska Natural Gas Development Authority 14 determines best furthers the purpose of financing the projects described in this section. The 15 Alaska Natural Gas Development Authority shall negotiate with interested parties and shall 16 enter into agreements with interested parties to provide revenue sufficient to accomplish the 17 purposes described in this subsection. 18 (b) This section constitutes the approval required by AS 41.41.320 for the issuance of 19 the bonds described in this section.