CSHB 296(ENE): "An Act authorizing and relating to the issuance of bonds by the Alaska Housing Finance Corporation; establishing the Alaska energy efficiency revolving loan fund and relating to the fund; authorizing regional educational attendance areas, municipalities, and the State of Alaska to borrow money from the Alaska Housing Finance Corporation for the purposes of the Alaska energy efficiency revolving loan fund; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 296(ENE) 01 "An Act authorizing and relating to the issuance of bonds by the Alaska Housing 02 Finance Corporation; establishing the Alaska energy efficiency revolving loan fund and 03 relating to the fund; authorizing regional educational attendance areas, municipalities, 04 and the State of Alaska to borrow money from the Alaska Housing Finance Corporation 05 for the purposes of the Alaska energy efficiency revolving loan fund; and providing for 06 an effective date." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. AS 18.56 is amended by adding new sections to article 6 to read: 09 Sec. 18.56.855. Alaska energy efficiency revolving loan fund. (a) The 10 Alaska energy efficiency revolving loan fund is established in the corporation to carry 11 out the purposes of AS 18.56.855 - 18.56.860. The revolving loan fund consists of 12 money or assets appropriated or transferred to the corporation for the revolving loan 13 fund, including money and assets deposited in the revolving loan fund by the
01 corporation and earnings on investments of money held in the revolving loan fund. 02 The corporation may establish separate accounts in the fund. The corporation shall 03 establish the interest rates, security provisions, and other terms of a loan made under 04 this section taking into consideration the corporation's cost of funds and other factors 05 the corporation considers appropriate. 06 (b) Money and other assets of the Alaska energy efficiency revolving loan 07 fund may be used to 08 (1) make loans to regional educational attendance areas, municipal 09 governments, including subdivisions of municipal governments, or to the state for the 10 purpose of financing energy efficiency improvements to buildings owned by the 11 regional educational attendance areas, municipalities or their subdivisions, or the state; 12 (2) secure bonds issued by the corporation to finance the loans 13 described in (1) of this subsection; 14 (3) pay costs of administering the revolving loan fund; and 15 (4) pay the costs of administering and enforcing the terms of loans 16 made by the corporation from the revolving loan fund. 17 (c) Before a regional educational attendance area, a municipal government, or 18 a subdivision of a municipal government, may borrow money from the corporation 19 under this section, the regional educational attendance area or the municipal 20 government shall waive any sovereign immunity defense it may have available to it 21 with respect to enforcement of the terms of the loan. A municipal government may 22 waive sovereign immunity to comply with the requirement of this subsection. The 23 state waives any sovereign immunity defense against enforcement of the terms of a 24 loan made to the state under this section. A person or corporation having a claim under 25 this section shall bring an action in a state court in Alaska that has jurisdiction over the 26 claim. 27 (d) All regional educational attendance areas and municipal governments 28 within the state are authorized to borrow from the corporation under this section. The 29 corporation shall set out the terms of a loan to a regional educational attendance area 30 in a loan agreement or similar document. At the discretion of the corporation, a 31 borrowing by a municipal government under this section may be effected by use of a
01 loan agreement or similar document evidencing and setting out the terms of the loan or 02 by issuance of a bond by the municipal government to the corporation. 03 Notwithstanding a charter provision requiring public sale by a municipality of its 04 municipal bonds or other indebtedness, a municipality may sell its bonds under this 05 section to the corporation at a negotiated, private sale. At the discretion of the 06 corporation, the bonds or other indebtedness of the municipality may be general 07 obligations of the municipality or may be secured by an identified revenue source or 08 by a combination of the full faith and credit of the municipality and an identified 09 revenue source. 10 (e) Notwithstanding any other provision of law, to the extent that any 11 department or agency of the state is the custodian of money payable to a regional 12 educational attendance area or to a municipality, at any time after written notice to the 13 department or agency head from the corporation that the regional educational 14 attendance area or municipality is in default on the payment of principal of or interest 15 on municipal bonds or other indebtedness then held or owned by the corporation, or 16 amounts due under an agreement between the corporation and a regional educational 17 attendance area or a municipality, the department or agency shall withhold the 18 payment of that money from that regional educational attendance area or municipality 19 and pay over the money to the corporation for the purpose of paying the principal of 20 and interest on the bonds or indebtedness. The notice must be given in each instance 21 of default. If a notice is given under this subsection and under AS 44.85.170 and the 22 default is continuing under this subsection and under AS 44.85.170, the department or 23 agency shall make payment to the corporation and to the Alaska Municipal Bond Bank 24 Authority on a pro rata basis, taking into consideration the principal amount of the 25 respective default amounts. 26 (f) An authorized state officer may borrow from the corporation under this 27 section for buildings owned by the state. The superintendant of a regional educational 28 attendance area, at the direction of the regional educational attendance school board, 29 may borrow from the corporation under this section for buildings owned by the 30 regional educational attendance area. 31 (g) In addition to other security that may be given with respect to a loan made
01 under this section, the corporation may require a deed of trust on the building that is 02 the subject of the energy efficiency loan and the real estate on which the building is 03 located. A regional educational attendance area or municipality may grant a deed of 04 trust to the corporation as needed for this purpose. The authorized state officer may 05 grant a deed of trust to the corporation as needed for this purpose. 06 (h) This section applies to home rule municipalities. 07 (i) In this section, "authorized state officer" means 08 (1) the commissioner of the department of the state for a building 09 owned by the state; 10 (2) the executive director of a public corporation for a building owned 11 by the public corporation; 12 (3) the Alaska Legislative Council for a building owned by the 13 legislature; 14 (4) the administrative director of courts for a building owned by the 15 Alaska Court System; 16 (5) any other person designated in writing by a person listed in (1) - (4) 17 of this subsection. 18 Sec. 18.56.860. Administration. The corporation shall administer the Alaska 19 energy efficiency revolving loan fund in accordance with regulations adopted by the 20 corporation. The corporation may adopt regulations under AS 18.56.088 to carry out 21 the purposes of AS 18.56.855 - 18.56.860. 22 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 23 read: 24 BOND AUTHORIZATION AND PROVISIONS. (a) In addition to the powers in 25 AS 18.56.090, the Alaska Housing Finance Corporation may issue bonds in an amount not to 26 exceed $250,000,000 to make loans from the energy efficiency revolving loan fund 27 established by AS 18.56.855, enacted by sec. 1 of this Act, and to finance the purposes 28 permitted by AS 18.56.855, enacted by sec. 1 of this Act. AS 18.56.110 - 18.56.190 and 29 18.56.855 - 18.56.860, enacted by sec. 1 of this Act, apply to bonds issued under this section, 30 except that bonds issued under this section are not subject to, and may not be counted against, 31 the bond issuance limitation set out in AS 18.56.110(g).
01 (b) The Alaska Housing Finance Corporation shall deposit the proceeds of bonds 02 issued under (a) of this section in the Alaska energy efficiency revolving loan fund in 03 accordance with AS 18.56.855, enacted by sec. 1 of this Act. 04 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 05 read: 06 REVISOR'S INSTRUCTION. The revisor of statutes is instructed to change the 07 heading of art. 6 of AS 18.56 from "Article 6. Energy Conservation" to "Article 6. Energy 08 Efficiency and Conservation Programs." 09 * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).