HB 58: "An Act making an entity that is exempt from federal taxation under 26 U.S.C. 501(c)(3) (Internal Revenue Code) and a federally recognized tribe eligible for a loan from the Alaska energy efficiency revolving loan fund; and relating to loans from the Alaska energy efficiency revolving loan fund."
00 HOUSE BILL NO. 58 01 "An Act making an entity that is exempt from federal taxation under 26 U.S.C. 501(c)(3) 02 (Internal Revenue Code) and a federally recognized tribe eligible for a loan from the 03 Alaska energy efficiency revolving loan fund; and relating to loans from the Alaska 04 energy efficiency revolving loan fund." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. AS 18.56.855(b) is amended to read: 07 (b) Money and other assets of the Alaska energy efficiency revolving loan 08 fund may be used to 09 (1) make loans to an entity designated as tax exempt under 26 10 U.S.C. 501(c)(3) (Internal Revenue Code), a federally recognized tribe, a regional 11 educational attendance area, a [AREAS OR TO] municipal government 12 [GOVERNMENTS], including a subdivision [SUBDIVISIONS] of a municipal 13 government, [GOVERNMENTS, TO] the University of Alaska, or [TO] the state for 14 the purpose of financing energy efficiency improvements to buildings in the state
01 owned by an entity designated as tax exempt under 26 U.S.C. 501(c)(3) (Internal 02 Revenue Code), a federally recognized tribe, a regional educational attendance 03 area, [AREAS, BY] the University of Alaska, [BY] the state, or a municipality [BY 04 MUNICIPALITIES IN THE STATE]; 05 (2) secure bonds issued by the corporation to finance the loans 06 described in (1) of this subsection; 07 (3) pay costs of administering the revolving loan fund; and 08 (4) pay the costs of administering and enforcing the terms of loans 09 made by the corporation from the revolving loan fund. 10 * Sec. 2. AS 18.56.855(c) is amended to read: 11 (c) Before a federally recognized tribe, a regional educational attendance 12 area, the University of Alaska, a municipal government, or a subdivision of a 13 municipal government, may borrow money from the corporation under this section, 14 the federally recognized tribe, regional educational attendance area, [THE] 15 University of Alaska, or [THE] municipal government shall waive any sovereign 16 immunity defense it may have available to it with respect to enforcement of the terms 17 of the loan. A regional educational attendance area, the University of Alaska, or a 18 municipal government may waive sovereign immunity to comply with the requirement 19 of this subsection. The state waives any sovereign immunity defense against 20 enforcement of the terms of a loan made to the state under this section. A person or 21 corporation having a claim under this section shall bring an action in a state court in 22 Alaska that has jurisdiction over the claim. 23 * Sec. 3. AS 18.56.855(d) is amended to read: 24 (d) An entity designated as tax exempt under 26 U.S.C. 501(c)(3) (Internal 25 Revenue Code), a federally recognized tribe, a [ALL] regional educational 26 attendance area, a [AREAS AND] municipal government, or [GOVERNMENTS IN 27 THE STATE AND] the University of Alaska is [ARE] authorized to borrow from the 28 corporation under this section. The corporation shall set out the terms of a loan to an 29 entity designated as tax exempt under 26 U.S.C. 501(c)(3) (Internal Revenue 30 Code), a federally recognized tribe, or a regional educational attendance area in a 31 loan agreement or similar document. At the discretion of the corporation, a borrowing
01 by a regional educational attendance area, the University of Alaska, or a municipal 02 government under this section may be effected by use of a loan agreement or similar 03 document evidencing and setting out the terms of the loan or by issuance of a bond by 04 the municipal government to the corporation. Notwithstanding a charter provision 05 requiring public sale by a regional educational attendance area or a municipality of its 06 municipal bonds or other indebtedness, a regional educational attendance area or 07 municipality may sell its bonds under this section to the corporation at a negotiated, 08 private sale. At the discretion of the corporation, the bonds or other indebtedness of 09 the municipality may be general obligations of the municipality or may be secured by 10 an identified revenue source or by a combination of the full faith and credit of the 11 municipality and an identified revenue source. 12 * Sec. 4. AS 18.56.855(e) is amended to read: 13 (e) Notwithstanding any other provision of law, to the extent that a department 14 or agency of the state is the custodian of money payable to an entity designated as 15 tax exempt under 26 U.S.C. 501(c)(3) (Internal Revenue Code), a federally 16 recognized tribe, a regional educational attendance area, [TO] the University of 17 Alaska, or [TO] a municipality, at any time after written notice to the department or 18 agency head from the corporation that the entity designated as tax exempt under 26 19 U.S.C. 501(c)(3) (Internal Revenue Code), federally recognized tribe, regional 20 educational attendance area, [THE] University of Alaska, or [THE] municipality is in 21 default on the payment of principal of or interest on municipal bonds or other 22 indebtedness then held or owned by the corporation, or amounts due under an 23 agreement between the corporation and an entity designated as tax exempt under 26 24 U.S.C. 501(c)(3) (Internal Revenue Code), a federally recognized tribe, a regional 25 educational attendance area, the University of Alaska, or a municipality, the 26 department or agency shall withhold the payment of that money from the entity 27 designated as tax exempt under 26 U.S.C. 501(c)(3) (Internal Revenue Code), 28 federally recognized tribe, [THAT] regional educational attendance area, [THE] 29 University of Alaska, or [THAT] municipality and pay over the money to the 30 corporation for the purpose of paying the principal of and interest on the bonds or 31 indebtedness. The notice must be given in each instance of default. If a notice is given
01 under this subsection and, if applicable, under AS 44.85.170 and the default is 02 continuing under this subsection or [AND] under AS 44.85.170, the department or 03 agency shall make payment to the corporation and to the Alaska Municipal Bond Bank 04 Authority on a pro rata basis, taking into consideration the principal amount of the 05 respective default amounts. 06 * Sec. 5. AS 18.56.855(j) is amended to read: 07 (j) In this section, 08 (1) "authorized state officer" means 09 (A) [(1)] the commissioner of the department of the state for a 10 building owned by the state; 11 (B) [(2)] the executive director of a public corporation for a 12 building owned by the public corporation; 13 (C) [(3)] the legislative council for a building owned by the 14 legislature; 15 (D) [(4)] the administrative director of the Alaska Court 16 System for a building owned by the judicial system; 17 (E) [(5)] any other person designated in writing by a person 18 listed in (A) - (E) [(1) - (4)] of this paragraph [SUBSECTION]; 19 (2) "federally recognized tribe" 20 (A) means a tribe that is recognized by the United States 21 Secretary of the Interior to exist as an Indian tribe under 25 U.S.C. 479a 22 (Federally Recognized Indian Tribe List Act of 1994); 23 (B) includes a subdivision, subsidiary, or business 24 enterprise wholly owned by a federally recognized tribe.