HB 143: "An Act authorizing the Alaska Industrial Development and Export Authority to issue bonds to finance the infrastructure and construction costs of the Sweetheart Lake hydroelectric project; and relating to legislative approval for a loan from the power project fund to the Lynn Canal Transmission Corporation."
00 HOUSE BILL NO. 143 01 "An Act authorizing the Alaska Industrial Development and Export Authority to issue 02 bonds to finance the infrastructure and construction costs of the Sweetheart Lake 03 hydroelectric project; and relating to legislative approval for a loan from the power 04 project fund to the Lynn Canal Transmission Corporation." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 07 to read: 08 LEGISLATIVE APPROVAL; SWEETHEART LAKE HYDROELECTRIC 09 PROJECT. (a) The Alaska Industrial Development and Export Authority may issue bonds to 10 finance the infrastructure and construction costs of the Sweetheart Lake hydroelectric project. 11 The Sweetheart Lake hydroelectric facility shall be owned and operated by the authority or 12 financed under AS 44.88.172. The principal amount of the bonds provided by the authority 13 for the Sweetheart Lake hydroelectric project may not exceed $120,000,000 and may include 14 the costs of issuing bonds considered reasonable and appropriate by the Alaska Industrial
01 Development and Export Authority. 02 (b) This section constitutes legislative approval required by AS 44.88.095(g). 03 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 04 read: 05 LEGISLATIVE APPROVAL OF LOAN FROM THE POWER PROJECT FUND. If 06 the Alaska Energy Authority approves a loan to the Lynn Canal Transmission Corporation for 07 the transmission electrification of the Veteran's Memorial Highway to include the 08 interconnection and electrification for a large Alaska employer, the legislature authorizes the 09 Alaska Energy Authority to loan an amount not to exceed $22,000,000 from the power project 10 fund (AS 42.45.010) to the Lynn Canal Transmission Corporation for the transmission 11 electrification of the Veteran's Memorial Highway. This section constitutes legislative 12 approval under AS 42.45.010(j) for a loan from the fund that exceeds $5,000,000. 13 * Sec. 3. Sections 1 and 2 of this Act are repealed June 30, 2019.