00                             HOUSE BILL NO. 95                                                                          
01 "An Act relating to stays of execution on and the postjudgment interest rate on                                         
02 judgments greater than $100,000 in favor of the state or a political subdivision of the                                 
03 state."                                                                                                                 
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. AS 09.30 is amended by adding a new section to article 1 to read:                                     
06            Sec. 09.30.075. Security for and postjudgment interest rate on judgments                                   
07       in favor of the state or a political subdivision. (a) Unless the court orders otherwise                         
08       for good cause shown, if (1) a state or federal court has entered a judgment in favor of                          
09       the state or a political subdivision of the state in an amount greater than $100,000; (2)                         
10       the judgment concerns a matter having connections with this state that are sufficient to                          
11       satisfy constitutional jurisdictional requirements; and (3) the judgment debtor requests                          
12       a stay of execution on the judgment during the pendency of an appeal or postjudgment                              
13       motions, the judgment debtor shall, upon requesting the stay, deposit the full amount                             
14       of the judgment plus the amount of postjudgment interest on the judgment, as                                      

01       specified in the Alaska Rules of Court, in the form of cash, bond, or other security, in                          
02       the court where the judgment was entered or the appeal is pending.                                                
03            (b)  Postjudgment interest shall be compounded quarterly on the full amount of                               
04       the judgment. The postjudgment interest rate shall be the greater of                                              
05                 (1)  the applicable statutory rate; or                                                                  
06                 (2)  the rate of return on the judgment debtor's equity as shown on the                                 
07       judgment debtor's most recent quarterly earnings report on the date of the notice of                              
08       appeal.                                                                                                           
09            (c)  In this section,                                                                                        
10                 (1)  "judgment" means any final administrative determination or                                         
11       judgment entered in favor of the state or a political subdivision of the state;                                   
12                 (2)  "judgment debtor" includes an affiliate of the judgment debtor.                                    
13    * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to                          
14 read:                                                                                                                   
15       APPLICABILITY. AS 09.35.075, enacted by sec. 1 of this Act, applies to a deposit                                  
16 required for a stay of execution requested after the effective date of this Act.