CSSB 99(L&C): "An Act 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'; and 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."
00 CS FOR SENATE BILL NO. 99(L&C) 01 "An Act relating to the Alaska Industrial Development and Export Authority revolving 02 fund; limiting the use of the Alaska Industrial Development and Export Authority 03 sustainable energy transmission and supply development fund for certain loans and loan 04 guarantees and allowing the development fund to be used as security for a bond 05 guarantee; amending the definition of 'qualified energy development'; and authorizing 06 the Alaska Industrial Development and Export Authority to issue bonds to finance the 07 infrastructure and construction costs of the Bokan-Dotson Ridge rare earth element 08 project and the Niblack project." 09 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 10 * Section 1. AS 44.88.660 is amended to read: 11 Sec. 44.88.660. Alaska Industrial Development and Export Authority 12 sustainable energy transmission and supply development fund. The Alaska
01 Industrial Development and Export Authority sustainable energy transmission and 02 supply development fund is established in the authority. The development fund 03 consists of appropriations made to the development fund by the legislature, money or 04 other assets transferred to the development fund by a vote of the members of the 05 authority under AS 44.88.050 from any other fund controlled by the authority, 06 and unrestricted loan repayments, interest, or other income earned on loans, 07 investments, or assets of the development fund. The development fund is not an 08 account in the revolving [LOAN] fund established in AS 44.88.060, and the authority 09 shall account for the development fund separately from the revolving fund. The 10 authority may create additional accounts in the development fund. Subject to 11 agreements made with the holders of the authority's bonds or with other persons, the 12 authority may transfer amounts in an account in the development fund to another 13 account in the development fund. Amounts deposited in the development fund may be 14 pledged to the payment of bonds of the authority or expended for the purposes of 15 AS 44.88.650 - 44.88.690. The authority has the powers and responsibilities 16 established in AS 37.10.071 with respect to the investment of amounts held in the 17 development fund. 18 * Sec. 2. AS 44.88.690(a) is amended to read: 19 (a) Unless the authority has obtained legislative approval by law, the authority 20 may not use the Alaska Industrial Development and Export Authority sustainable 21 energy transmission and supply development fund established in AS 44.88.660 to 22 make [FINANCE OR PARTICIPATE IN FINANCING OF] 23 (1) a loan for more than one-third of the capital cost of qualified 24 energy development; or 25 (2) a loan guarantee if the amount of the guarantee [THAT] exceeds 26 $20,000,000. 27 * Sec. 3. AS 44.88.690 is amended by adding a new subsection to read: 28 (c) Notwithstanding (a) of this section, the authority may use the Alaska 29 Industrial Development and Export Authority sustainable energy transmission and 30 supply development fund established in AS 44.88.660 as security for a bond 31 guarantee.
01 * Sec. 4. AS 44.88.900(14) is amended to read: 02 (14) "qualified energy development" means a development 03 [PROJECT] in the state that involves 04 (A) transmission, generation, conservation, storage, or 05 distribution of heat or electricity; 06 (B) liquefaction, regasification, distribution, storage, or use of 07 natural gas except a natural gas pipeline project for transporting natural gas 08 from the North Slope or Cook Inlet to market; 09 (C) distribution or storage of refined petroleum products; 10 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 11 read: 12 LEGISLATIVE APPROVAL; BOKAN-DOTSON RIDGE RARE EARTH 13 ELEMENT PROJECT. (a) The Alaska Industrial Development and Export Authority may 14 issue bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge 15 rare earth element project. The Bokan-Dotson Ridge rare earth element project's surface 16 complex shall be owned and operated by the authority or financed under AS 44.88.172. The 17 principal amount of the bonds provided by the authority for the Bokan-Dotson Ridge rare 18 earth element project may not exceed $145,000,000 and may include the costs of issuing 19 bonds considered reasonable and appropriate by the Alaska Industrial Development and 20 Export Authority. 21 (b) This section constitutes legislative approval required by AS 44.88.095(g). 22 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 23 read: 24 LEGISLATIVE APPROVAL; NIBLACK PROJECT. (a) The Alaska Industrial 25 Development and Export Authority may issue bonds to finance the infrastructure and 26 construction costs of the Niblack project. The Niblack project includes a mineral processing 27 mill, associated dock, and loading and related infrastructure facilities at the Gravina Island 28 Industrial Complex, as well as infrastructure at the project site on Prince of Wales Island. The 29 mineral processing mill, associated dock, and loading and related infrastructure facilities at 30 the Gravina Island Industrial Complex, as well as infrastructure at the project site on Prince of 31 Wales Island, shall be owned and operated by the authority or financed under AS 44.88.172.
01 The principal amount of the bonds provided by the authority for the Niblack project may not 02 exceed $125,000,000 and may include the costs of issuing bonds considered reasonable and 03 appropriate by the Alaska Industrial Development and Export Authority. 04 (b) This section constitutes legislative approval required by AS 44.88.095(g).