SB 99: "An Act correcting a reference 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; and amending the definition of 'qualified energy development.'"
00 SENATE BILL NO. 99 01 "An Act correcting a reference to the Alaska Industrial Development and Export 02 Authority revolving fund; limiting the use of the Alaska Industrial Development and 03 Export Authority sustainable energy transmission and supply development fund for 04 certain loans and loan guarantees and allowing the development fund to be used as 05 security for a bond guarantee; and amending the definition of 'qualified energy 06 development.'" 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. AS 44.88.660 is amended to read: 09 Sec. 44.88.660. Alaska Industrial Development and Export Authority 10 sustainable energy transmission and supply development fund. The Alaska 11 Industrial Development and Export Authority sustainable energy transmission and 12 supply development fund is established in the authority. The development fund 13 consists of appropriations made to the development fund by the legislature, money or
01 other assets transferred to the development fund by the authority, and unrestricted loan 02 repayments, interest, or other income earned on loans, investments, or assets of the 03 development fund. The development fund is not an account in the revolving [LOAN] 04 fund established in AS 44.88.060, and the authority shall account for the development 05 fund separately from the revolving fund. The authority may create additional accounts 06 in the development fund. Subject to agreements made with the holders of the 07 authority's bonds or with other persons, the authority may transfer amounts in an 08 account in the development fund to another account in the development fund. 09 Amounts deposited in the development fund may be pledged to the payment of bonds 10 of the authority or expended for the purposes of AS 44.88.650 - 44.88.690. The 11 authority has the powers and responsibilities established in AS 37.10.071 with respect 12 to the investment of amounts held in the development fund. 13 * Sec. 2. AS 44.88.690(a) is amended to read: 14 (a) Unless the authority has obtained legislative approval by law, the authority 15 may not use the Alaska Industrial Development and Export Authority sustainable 16 energy transmission and supply development fund established in AS 44.88.660 to 17 make [FINANCE OR PARTICIPATE IN FINANCING OF] 18 (1) a loan for more than one-third of the capital cost of qualified 19 energy development; or 20 (2) a loan guarantee if the amount of the guarantee [THAT] exceeds 21 $20,000,000. 22 * Sec. 3. AS 44.88.690 is amended by adding a new subsection to read: 23 (c) Notwithstanding (a) of this section, the authority may use the Alaska 24 Industrial Development and Export Authority sustainable energy transmission and 25 supply development fund established in AS 44.88.660 as security for a bond 26 guarantee. 27 * Sec. 4. AS 44.88.900(13) is amended to read: 28 (13) "qualified energy development" means a development 29 [PROJECT] in the state that involves 30 (A) transmission, generation, conservation, storage, or 31 distribution of heat or electricity;
01 (B) liquefaction, regasification, distribution, storage, or use of 02 natural gas except a natural gas pipeline project for transporting natural gas 03 from the North Slope or Cook Inlet to market; 04 (C) distribution or storage of refined petroleum products;