HB 81: "An Act making an entity that is exempt from federal taxation under 26 U.S.C. 501(c)(3), (4), (6), (12), or (19) (Internal Revenue Code) and a federally recognized tribe eligible for a loan from the Alaska energy efficiency revolving loan fund; relating to loans from the Alaska energy efficiency revolving loan fund; and relating to the annual report published by the Alaska Housing Finance Corporation."
00 HOUSE BILL NO. 81 01 "An Act making an entity that is exempt from federal taxation under 26 U.S.C. 02 501(c)(3), (4), (6), (12), or (19) (Internal Revenue Code) and a federally recognized tribe 03 eligible for a loan from the Alaska energy efficiency revolving loan fund; relating to 04 loans from the Alaska energy efficiency revolving loan fund; and relating to the annual 05 report published by the Alaska Housing Finance Corporation." 06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 07 * Section 1. AS 18.56.200(d) is amended to read: 08 (d) The corporation shall include in its annual report under (b) of this section 09 (1) a report of its activities under 10 (A) AS 18.55.010 - 18.55.290 (Housing Project and Public 11 Building Assistance Act); 12 (B) AS 18.55.300 - 18.55.470 (programs of moderate income 13 and rental housing);
01 (C) AS 18.55.480 - 18.55.960 (Slum Clearance and 02 Redevelopment Act); and 03 (D) AS 18.56.855 (Alaska energy efficiency revolving loan 04 fund); 05 (2) a summary of its efforts to implement a program to extend the 06 operation of the programs authorized under AS 18.55 and this chapter to rural 07 communities; 08 (3) an evaluation of the corporation's ability to fulfill the objectives of 09 AS 18.56.010(b) - (e); and 10 (4) the amount of interest rate, building, and other subsidies for each 11 program of the corporation for which subsidies are given. 12 * Sec. 2. AS 18.56.855(b) is amended to read: 13 (b) Money and other assets of the Alaska energy efficiency revolving loan 14 fund may be used to 15 (1) make loans to a tax exempt entity, a federally recognized tribe, a 16 regional educational attendance area, a [AREAS OR TO] municipal government 17 [GOVERNMENTS], including a subdivision [SUBDIVISIONS] of a municipal 18 government, [GOVERNMENTS, TO] the University of Alaska, or [TO] the state for 19 the purpose of financing energy efficiency improvements to buildings in the state 20 owned by a tax exempt entity, a federally recognized tribe, a regional educational 21 attendance area, [AREAS, BY] the University of Alaska, [BY] the state, or a 22 municipality [BY MUNICIPALITIES IN THE STATE]; 23 (2) secure bonds issued by the corporation to finance the loans 24 described in (1) of this subsection; 25 (3) pay costs of administering the revolving loan fund; and 26 (4) pay the costs of administering and enforcing the terms of loans 27 made by the corporation from the revolving loan fund. 28 * Sec. 3. AS 18.56.855(c) is amended to read: 29 (c) Before a federally recognized tribe, a regional educational attendance 30 area, the University of Alaska, a municipal government, or a subdivision of a 31 municipal government, may borrow money from the corporation under this section,
01 the federally recognized tribe, regional educational attendance area, [THE] 02 University of Alaska, or [THE] municipal government shall waive any sovereign 03 immunity defense it may have available to it with respect to enforcement of the terms 04 of the loan. A regional educational attendance area, the University of Alaska, or a 05 municipal government may waive sovereign immunity to comply with the requirement 06 of this subsection. The state waives any sovereign immunity defense against 07 enforcement of the terms of a loan made to the state under this section. A person or 08 corporation having a claim under this section shall bring an action in a state court in 09 Alaska that has jurisdiction over the claim. 10 * Sec. 4. AS 18.56.855(d) is amended to read: 11 (d) A tax exempt entity, a federally recognized tribe, a [ALL] regional 12 educational attendance area, a [AREAS AND] municipal government, or 13 [GOVERNMENTS IN THE STATE AND] the University of Alaska is [ARE] 14 authorized to borrow from the corporation under this section. The corporation shall set 15 out the terms of a loan to a tax exempt entity, a federally recognized tribe, or a 16 regional educational attendance area in a loan agreement or similar document. At the 17 discretion of the corporation, a borrowing by a regional educational attendance area, 18 the University of Alaska, or a municipal government under this section may be 19 effected by use of a loan agreement or similar document evidencing and setting out the 20 terms of the loan or by issuance of a bond by the municipal government to the 21 corporation. Notwithstanding a charter provision requiring public sale by a regional 22 educational attendance area or a municipality of its municipal bonds or other 23 indebtedness, a regional educational attendance area or municipality may sell its bonds 24 under this section to the corporation at a negotiated, private sale. At the discretion of 25 the corporation, the bonds or other indebtedness of the municipality may be general 26 obligations of the municipality or may be secured by an identified revenue source or 27 by a combination of the full faith and credit of the municipality and an identified 28 revenue source. 29 * Sec. 5. AS 18.56.855(e) is amended to read: 30 (e) Notwithstanding any other provision of law, to the extent that a department 31 or agency of the state is the custodian of money payable to a tax exempt entity, a
01 federally recognized tribe, a regional educational attendance area, [TO] the 02 University of Alaska, or [TO] a municipality, at any time after written notice to the 03 department or agency head from the corporation that a tax exempt entity, federally 04 recognized tribe, [THE] regional educational attendance area, [THE] University of 05 Alaska, or [THE] municipality is in default on the payment of principal of or interest 06 on municipal bonds or other indebtedness then held or owned by the corporation, or 07 amounts due under an agreement between the corporation and a tax exempt entity, a 08 federally recognized tribe, a regional educational attendance area, the University of 09 Alaska, or a municipality, the department or agency shall withhold the payment of that 10 money from a tax exempt entity, federally recognized tribe, [THAT] regional 11 educational attendance area, [THE] University of Alaska, or [THAT] municipality and 12 pay over the money to the corporation for the purpose of paying the principal of and 13 interest on the bonds or indebtedness. The notice must be given in each instance of 14 default. If a notice is given under this subsection and, if applicable, under 15 AS 44.85.170 and the default is continuing under this subsection or [AND] under 16 AS 44.85.170, the department or agency shall make payment to the corporation and to 17 the Alaska Municipal Bond Bank Authority on a pro rata basis, taking into 18 consideration the principal amount of the respective default amounts. 19 * Sec. 6. AS 18.56.855(j) is amended to read: 20 (j) In this section, 21 (1) "authorized state officer" means 22 (A) [(1)] the commissioner of the department of the state for a 23 building owned by the state; 24 (B) [(2)] the executive director of a public corporation for a 25 building owned by the public corporation; 26 (C) [(3)] the legislative council for a building owned by the 27 legislature; 28 (D) [(4)] the administrative director of the Alaska Court 29 System for a building owned by the judicial system; 30 (E) [(5)] any other person designated in writing by a person 31 listed in (A) - (E) [(1) - (4)] of this paragraph [SUBSECTION];
01 (2) "federally recognized tribe" 02 (A) means a tribe that is recognized by the United States 03 Secretary of the Interior to exist as an Indian tribe under 25 U.S.C. 479a 04 (Federally Recognized Indian Tribe List Act of 1994); 05 (B) includes a subdivision, subsidiary, or business 06 enterprise wholly owned by a federally recognized tribe; 07 (3) "tax-exempt entity" means an entity designated as tax exempt 08 under 26 U.S.C. 501(c)(3), (4), (6), (12), or (19) (Internal Revenue Code). 09 * Sec. 7. AS 18.56.855 is amended by adding new subsections to read: 10 (k) In considering applications and making loans from the Alaska energy 11 efficiency revolving loan fund, the corporation shall give priority to energy efficiency 12 improvements to buildings owned by a regional educational attendance area, the 13 University of Alaska, a municipality, or the state over other applications and loans. 14 (l) Notwithstanding any provision of this section, the recipient of a loan under 15 this section may not be a for-profit business enterprise.