SCS CSHB 297(FIN) am S: "An Act recognizing the Alaska Housing Finance Corporation as the authorizing agency to approve home energy rating systems for the state; relating to the Alaska Industrial Development and Export Authority revolving fund; limiting the use of the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund for certain loans and loan guarantees and allowing the development fund to be used as security for a bond guarantee; amending the definition of 'qualified energy development'; authorizing the Alaska Industrial Development and Export Authority to issue bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge rare earth element project and the Niblack project; relating to legislative approval for a loan from the power project fund for the Blue Lake hydroelectric project; and providing for an effective date."
00 SENATE CS FOR CS FOR HOUSE BILL NO. 297(FIN) am S 01 "An Act recognizing the Alaska Housing Finance Corporation as the authorizing agency 02 to approve home energy rating systems for the state; relating to the Alaska Industrial 03 Development and Export Authority revolving fund; limiting the use of the Alaska 04 Industrial Development and Export Authority sustainable energy transmission and 05 supply development fund for certain loans and loan guarantees and allowing the 06 development fund to be used as security for a bond guarantee; amending the definition 07 of 'qualified energy development'; authorizing the Alaska Industrial Development and 08 Export Authority to issue bonds to finance the infrastructure and construction costs of 09 the Bokan-Dotson Ridge rare earth element project and the Niblack project; relating to 10 legislative approval for a loan from the power project fund for the Blue Lake 11 hydroelectric project; and providing for an effective date." 12 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
01 * Section 1. AS 18.56 is amended by adding a new section to article 6 to read: 02 Sec. 18.56.860. Home energy rating systems. The corporation shall act as the 03 authorizing agency for purposes of approving home energy rating systems used in the 04 state. 05 * Sec. 2. AS 44.88.660 is amended to read: 06 Sec. 44.88.660. Alaska Industrial Development and Export Authority 07 sustainable energy transmission and supply development fund. The Alaska 08 Industrial Development and Export Authority sustainable energy transmission and 09 supply development fund is established in the authority. The development fund 10 consists of appropriations made to the development fund by the legislature, money or 11 other assets transferred to the development fund by a vote of the members of the 12 authority under AS 44.88.050 from any other fund controlled by the authority, 13 and unrestricted loan repayments, interest, or other income earned on loans, 14 investments, or assets of the development fund. The development fund is not an 15 account in the revolving [LOAN] fund established in AS 44.88.060, and the authority 16 shall account for the development fund separately from the revolving fund. The 17 authority may create additional accounts in the development fund. Subject to 18 agreements made with the holders of the authority's bonds or with other persons, the 19 authority may transfer amounts in an account in the development fund to another 20 account in the development fund. Amounts deposited in the development fund may be 21 pledged to the payment of bonds of the authority or expended for the purposes of 22 AS 44.88.650 - 44.88.690. The authority has the powers and responsibilities 23 established in AS 37.10.071 with respect to the investment of amounts held in the 24 development fund. 25 * Sec. 3. AS 44.88.690(a) is amended to read: 26 (a) Unless the authority has obtained legislative approval by law, the authority 27 may not use the Alaska Industrial Development and Export Authority sustainable 28 energy transmission and supply development fund established in AS 44.88.660 to 29 make [FINANCE OR PARTICIPATE IN FINANCING OF] 30 (1) a loan for more than one-third of the capital cost of qualified 31 energy development; or
01 (2) a loan guarantee if the amount of the guarantee [THAT] exceeds 02 $20,000,000. 03 * Sec. 4. AS 44.88.690 is amended by adding a new subsection to read: 04 (c) Notwithstanding (a) of this section, the authority may use the Alaska 05 Industrial Development and Export Authority sustainable energy transmission and 06 supply development fund established in AS 44.88.660 as security for a bond 07 guarantee. 08 * Sec. 5. AS 44.88.900(14) is amended to read: 09 (14) "qualified energy development" means a development 10 [PROJECT] in the state that involves 11 (A) transmission, generation, conservation, storage, or 12 distribution of heat or electricity; 13 (B) liquefaction, regasification, distribution, storage, or use of 14 natural gas except a natural gas pipeline project for transporting natural gas 15 from the North Slope or Cook Inlet to market; 16 (C) distribution or storage of refined petroleum products; 17 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 18 read: 19 LEGISLATIVE APPROVAL; BOKAN-DOTSON RIDGE RARE EARTH 20 ELEMENT PROJECT. (a) The Alaska Industrial Development and Export Authority may 21 issue bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge 22 rare earth element project. The Bokan-Dotson Ridge rare earth element project's surface 23 complex shall be owned and operated by the authority or financed under AS 44.88.172. The 24 principal amount of the bonds provided by the authority for the Bokan-Dotson Ridge rare 25 earth element project may not exceed $145,000,000 and may include the costs of issuing 26 bonds considered reasonable and appropriate by the Alaska Industrial Development and 27 Export Authority. 28 (b) This section constitutes legislative approval required by AS 44.88.095(g). 29 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 30 read: 31 LEGISLATIVE APPROVAL; NIBLACK PROJECT. (a) The Alaska Industrial
01 Development and Export Authority may issue bonds to finance the infrastructure and 02 construction costs of the Niblack project. The Niblack project includes a mineral processing 03 mill, associated dock, and loading and related infrastructure facilities at the Gravina Island 04 Industrial Complex, as well as infrastructure at the project site on Prince of Wales Island. The 05 mineral processing mill, associated dock, and loading and related infrastructure facilities at 06 the Gravina Island Industrial Complex, as well as infrastructure at the project site on Prince of 07 Wales Island, shall be owned and operated by the authority or financed under AS 44.88.172. 08 The principal amount of the bonds provided by the authority for the Niblack project may not 09 exceed $125,000,000 and may include the costs of issuing bonds considered reasonable and 10 appropriate by the Alaska Industrial Development and Export Authority. 11 (b) This section constitutes legislative approval required by AS 44.88.095(g). 12 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section to 13 read: 14 LEGISLATIVE APPROVAL OF LOAN FROM THE POWER PROJECT FUND. If 15 the Alaska Energy Authority approves a loan to the City and Borough of Sitka for the Blue 16 Lake hydroelectric project, the legislature authorizes the Alaska Energy Authority to loan an 17 amount not to exceed $18,600,000 from the power project fund (AS 42.45.010) to the City 18 and Borough of Sitka for the Blue Lake hydroelectric project. This section constitutes 19 legislative approval under AS 42.45.010(j) for a loan from the fund that exceeds $5,000,000. 20 * Sec. 9. This Act takes effect July 1, 2014.