SB 301: "An Act relating to the power project fund; authorizing the Alaska Energy Authority to charge and collect fees relating to the power project fund; authorizing the Alaska Energy Authority to sell and authorizing the Alaska Industrial Development and Export Authority to purchase loans of the power project fund; providing legislative approval for the sale and purchase of loans of the power project fund under the memorandum of understanding dated February 17, 2010; and providing for an effective date."
00 SENATE BILL NO. 301 01 "An Act relating to the power project fund; authorizing the Alaska Energy Authority to 02 charge and collect fees relating to the power project fund; authorizing the Alaska 03 Energy Authority to sell and authorizing the Alaska Industrial Development and Export 04 Authority to purchase loans of the power project fund; providing legislative approval 05 for the sale and purchase of loans of the power project fund under the memorandum of 06 understanding dated February 17, 2010; and providing for an effective date." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. AS 42.45.010(a) is amended to read: 09 (a) The power project fund is established as a separate fund. The fund shall be 10 distinct from any other money or funds of the authority and includes only money 11 appropriated by the legislature, proceeds from the sale of loans, and money 12 deposited under (g) of this section. 13 * Sec. 2. AS 42.45.010(d) is repealed and reenacted to read:
01 (d) The authority may adopt regulations to establish the standards, criteria, and 02 procedures for making loans under this section, including regulations to establish 03 reasonable fees for applications and loan origination, and charges for reimbursement 04 of the costs of analyzing the feasibility of a project. 05 * Sec. 3. AS 42.45.010 is amended by adding new subsections to read: 06 (k) The authority may collect the fees and charges established under (d) of this 07 section and shall deposit the money in the general fund. 08 (l) The authority may sell loans of the power project fund with legislative 09 approval. The authority may use money in the power project fund to repurchase loans 10 sold under this subsection which default. Money received by the authority from the 11 sale of loans under this subsection shall be deposited into the power project fund under 12 (a) of this section. 13 * Sec. 4. AS 44.88.080 is amended by adding a new subsection to read: 14 (30) with legislative approval and notwithstanding AS 44.88.060, to 15 purchase from the Alaska Energy Authority as an investment of the revolving fund, 16 loans of the power project fund established under AS 42.45.010. 17 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 18 read: 19 LEGISLATIVE APPROVAL FOR THE SALE AND PURCHASE OF CERTAIN 20 POWER PROJECT FUND LOANS. (a) The Alaska Energy Authority may sell, and the 21 Alaska Industrial Development and Export Authority may purchase as an investment of the 22 revolving fund, loans of the power project fund, under the memorandum of understanding 23 dated February 17, 2010. 24 (b) Subsection (a) of this section is the legislative approval required by 25 AS 42.45.010(l), enacted by sec. 3 of this Act, for the Alaska Energy Authority to sell, and 26 required by AS 44.88.080(30), enacted by sec. 4 of this Act, for the Alaska Industrial 27 Development and Export Authority to purchase as an investment of the revolving fund, loans 28 of the power project fund. 29 (c) In this section, unless the context otherwise requires, 30 (1) "Alaska Energy Authority" means the authority created in AS 44.83.020; 31 (2) "Alaska Industrial Development and Export Authority" means the
01 authority created in AS 44.88.020; 02 (3) "loans of the power project fund" means loans made by the Alaska Energy 03 Authority under AS 42.45.010, as amended by sec. 1 of this Act; 04 (4) "memorandum of understanding dated February 17, 2010" means the 05 agreement between the Alaska Energy Authority and the Alaska Industrial Development and 06 Export Authority dated February 17, 2010, under which the Alaska Energy Authority agrees 07 to sell, and the Alaska Industrial Development and Export Authority agrees to purchase, 08 certain loans of the power project fund: 09 (5) "power project fund" means the fund established under AS 42.45.010; 10 (6) "revolving fund" means the fund of the Alaska Industrial Development and 11 Export Authority established under AS 44.88.060. 12 * Sec. 6. This Act takes effect immediately under AS 01.10.070(c).