HB 268: "An Act relating to the dividends from the Alaska Industrial Development and Export Authority; relating to the meaning of 'mark-to-market fair value,' 'net income,' 'project or development,' and 'unrestricted net income' for purposes of the Alaska Industrial Development and Export Authority; and providing for an effective date."
00 HOUSE BILL NO. 268 01 "An Act relating to the dividends from the Alaska Industrial Development and Export 02 Authority; relating to the meaning of 'mark-to-market fair value,' 'net income,' 'project 03 or development,' and 'unrestricted net income' for purposes of the Alaska Industrial 04 Development and Export Authority; and providing for an effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. AS 44.88.088(b) is amended to read: 07 (b) In this section, 08 (1) "base fiscal year" means the fiscal year ending two years before the 09 end of the fiscal year in which the payment is made; 10 (2) "mark-to-market fair value" means fixing the value of an 11 investment as its market value as of the financial reporting date; 12 (3) "net income" means the change in net position, or the equivalent 13 term under generally accepted accounting principles, of the revolving fund, the change 14 in net position of the Alaska Industrial Development and Export Authority sustainable
01 energy transmission and supply development fund (AS 44.88.660), or the change in 02 net position of the Arctic infrastructure development fund (AS 44.88.810) as set out in 03 the audited financial statements of the authority for the base fiscal year, excluding 04 amounts attributable to intergovernmental transfers, capital contributions, grants, [OR 05 IMPAIRMENT] losses on a project or development to the extent 06 [DEVELOPMENT PROJECTS] financed with state or federal grants or 07 appropriations, mark-to-market fair value based accounting entries, and noncash 08 accounting entries related to retirement obligations [UNDER AS 44.88.172]; 09 (4) "project or development" means 10 (A) an Arctic infrastructure development as defined in 11 AS 44.88.900(2); 12 (B) a development project as defined in AS 44.88.900(6); 13 (C) a project as defined in AS 44.88.900(13); or 14 (D) a qualified energy development as defined in 15 AS 44.88.900(16); 16 (5) [(3)] "unrestricted net income" means the unrestricted change in net 17 position, or the equivalent term under generally accepted accounting principles, of the 18 revolving fund, the Alaska Industrial Development and Export Authority sustainable 19 energy transmission and supply development fund (AS 44.88.660), or the Arctic 20 infrastructure development fund (AS 44.88.810) as set out in the audited financial 21 statements of the authority for the base fiscal year, excluding amounts attributable to 22 intergovernmental transfers, capital contributions, grants, [OR IMPAIRMENT] losses 23 on a project or development to the extent [DEVELOPMENT PROJECTS] financed 24 with state or federal grants or appropriations, mark-to-market fair value based 25 accounting entries, and noncash accounting entries related to retirement 26 obligations [UNDER AS 44.88.172]. 27 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).