HB 32: "An Act making certain entities that are exempt from federal taxation under 26 U.S.C. 501(c)(3), (4), (6), (12), or (19) (Internal Revenue Code), regional housing authorities, and federally recognized tribes 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. 32 01 "An Act making certain entities that are exempt from federal taxation under 26 U.S.C. 02 501(c)(3), (4), (6), (12), or (19) (Internal Revenue Code), regional housing authorities, 03 and federally recognized tribes eligible for a loan from the Alaska energy efficiency 04 revolving loan fund; relating to loans from the Alaska energy efficiency revolving loan 05 fund; and relating to the annual report published by the Alaska Housing Finance 06 Corporation." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. AS 18.56.200(d) is amended to read: 09 (d) The corporation shall include in its annual report under (b) of this section 10 (1) a report of its activities under 11 (A) AS 18.55.010 - 18.55.290 (Housing Project and Public 12 Building Assistance Act); 13 (B) AS 18.55.300 - 18.55.470 (programs of moderate income
01 and rental housing); 02 (C) AS 18.55.480 - 18.55.960 (Slum Clearance and 03 Redevelopment Act); and 04 (D) AS 18.56.855 (Alaska energy efficiency revolving loan 05 fund); 06 (2) a summary of its efforts to implement a program to extend the 07 operation of the programs authorized under AS 18.55 and this chapter to rural 08 communities; 09 (3) an evaluation of the corporation's ability to fulfill the objectives of 10 AS 18.56.010(b) - (e); and 11 (4) the amount of interest rate, building, and other subsidies for each 12 program of the corporation for which subsidies are given. 13 * Sec. 2. AS 18.56.855(b) is amended to read: 14 (b) Money and other assets of the Alaska energy efficiency revolving loan 15 fund may be used to 16 (1) make loans to a tax exempt entity, a federally recognized tribe, a 17 regional housing authority, a regional educational attendance area, a [AREAS OR 18 TO] municipal government [GOVERNMENTS], including a subdivision 19 [SUBDIVISIONS] of a municipal government, [GOVERNMENTS, TO] the 20 University of Alaska, or [TO] the state for the purpose of financing energy efficiency 21 improvements to buildings in the state owned by a tax exempt entity, a federally 22 recognized tribe, a regional housing authority, a regional educational attendance 23 area, [AREAS, BY] the University of Alaska, [BY] the state, or a municipality [BY 24 MUNICIPALITIES IN THE STATE]; 25 (2) secure bonds issued by the corporation to finance the loans 26 described in (1) of this subsection; 27 (3) pay costs of administering the revolving loan fund; and 28 (4) pay the costs of administering and enforcing the terms of loans 29 made by the corporation from the revolving loan fund. 30 * Sec. 3. AS 18.56.855(c) is amended to read: 31 (c) Before a federally recognized tribe, a regional housing authority, a
01 regional educational attendance area, the University of Alaska, a municipal 02 government, or a subdivision of a municipal government [,] may borrow money from 03 the corporation under this section, the federally recognized tribe, regional housing 04 authority, regional educational attendance area, [THE] University of Alaska, or 05 [THE] municipal government shall waive any sovereign immunity defense it may 06 have available to it with respect to enforcement of the terms of the loan. A regional 07 educational attendance area, the University of Alaska, or a municipal government may 08 waive sovereign immunity to comply with the requirement of this subsection. The 09 state waives any sovereign immunity defense against enforcement of the terms of a 10 loan made to the state under this section. A person or corporation having a claim under 11 this section shall bring an action in a state court in Alaska that has jurisdiction over the 12 claim. 13 * Sec. 4. AS 18.56.855(d) is amended to read: 14 (d) A tax exempt entity, a federally recognized tribe, a regional housing 15 authority, a [ALL] regional educational attendance area, a [AREAS AND] municipal 16 government, or [GOVERNMENTS IN THE STATE AND] the University of Alaska 17 is [ARE] authorized to borrow from the corporation under this section. The 18 corporation shall set out the terms of a loan to a tax exempt entity, a federally 19 recognized tribe, a regional housing authority, or a regional educational attendance 20 area in a loan agreement or similar document. At the discretion of the corporation, a 21 borrowing by a regional educational attendance area, the University of Alaska, or a 22 municipal government under this section may be effected by use of a loan agreement 23 or similar document evidencing and setting out the terms of the loan or by issuance of 24 a bond by the municipal government to the corporation. Notwithstanding a charter 25 provision requiring public sale by a regional educational attendance area or a 26 municipality of its municipal bonds or other indebtedness, a regional educational 27 attendance area or municipality may sell its bonds under this section to the corporation 28 at a negotiated, private sale. At the discretion of the corporation, the bonds or other 29 indebtedness of the municipality may be general obligations of the municipality or 30 may be secured by an identified revenue source or by a combination of the full faith 31 and credit of the municipality and an identified revenue source.
01 * Sec. 5. AS 18.56.855(e) is amended to read: 02 (e) Notwithstanding any other provision of law, to the extent that a department 03 or agency of the state is the custodian of money payable to a tax exempt entity, a 04 federally recognized tribe, a regional housing authority, a regional educational 05 attendance area, [TO] the University of Alaska, or [TO] a municipality, at any time 06 after written notice to the department or agency head from the corporation that the tax 07 exempt entity, federally recognized tribe, regional housing authority, regional 08 educational attendance area, [THE] University of Alaska, or [THE] municipality is in 09 default on the payment of principal of or interest on municipal bonds or other 10 indebtedness then held or owned by the corporation, or amounts due under an 11 agreement between the corporation and a tax exempt entity, a federally recognized 12 tribe, a regional housing authority, a regional educational attendance area, the 13 University of Alaska, or a municipality, the department or agency shall withhold the 14 payment of that money from the tax exempt entity, federally recognized tribe, 15 regional housing authority, [THAT] regional educational attendance area, [THE] 16 University of Alaska, or [THAT] municipality and pay over the money to the 17 corporation for the purpose of paying the principal of and interest on the bonds or 18 indebtedness. The notice must be given in each instance of default. If a notice is given 19 under this subsection and, if applicable, under AS 44.85.170 and the default is 20 continuing under this subsection or [AND] under AS 44.85.170, the department or 21 agency shall make payment to the corporation and to the Alaska Municipal Bond Bank 22 Authority on a pro rata basis, taking into consideration the principal amount of the 23 respective default amounts. 24 * Sec. 6. AS 18.56.855(j) is amended to read: 25 (j) In this section, 26 (1) "authorized state officer" means 27 (A) [(1)] the commissioner of the department of the state for a 28 building owned by the state; 29 (B) [(2)] the executive director of a public corporation for a 30 building owned by the public corporation; 31 (C) [(3)] the legislative council for a building owned by the
01 legislature; 02 (D) [(4)] the administrative director of the Alaska Court 03 System for a building owned by the judicial system; 04 (E) [(5)] any other person designated in writing by a person 05 listed in (A) - (D) [(1) - (4)] of this paragraph; 06 (2) "federally recognized tribe" means a 07 (A) tribe that is recognized by the United States Secretary 08 of the Interior to exist as an Indian tribe under 25 U.S.C. 5131 (Federally 09 Recognized Indian Tribe List Act of 1994); 10 (B) subdivision, subsidiary, or business enterprise wholly 11 owned by a federally recognized tribe; 12 (3) "regional housing authority" means a regional housing 13 authority established under AS 18.55.996; 14 (4) "tax exempt entity" means an entity designated as tax exempt 15 under 26 U.S.C. 501(c)(3), (4), (6), (12), or (19) (Internal Revenue Code), but does 16 not include an entity organized with the primary purpose of owning, operating, 17 managing, or controlling a plant or system for furnishing electric service by 18 generation, transmission, or distribution, unless the entity is applying for a loan 19 under this section for financing energy efficiency improvements to buildings 20 unrelated to the generation, transmission, or distribution of electric service or 21 recovered heat [SUBSECTION]. 22 * Sec. 7. AS 18.56.855 is amended by adding new subsections to read: 23 (k) In considering applications and making loans from the Alaska energy 24 efficiency revolving loan fund, the corporation shall give priority to energy efficiency 25 improvements to buildings owned by a regional educational attendance area, the 26 University of Alaska, a municipality, or the state over other applications and loans. 27 (l) Notwithstanding any provision of this section, the recipient of a loan under 28 this section may not be a for-profit business enterprise.