Legislature(2005 - 2006)
2005-02-28 House Journal
Full Journal pdf2005-02-28 House Journal Page 0449 HB 187 HOUSE BILL NO. 187 by the House Rules Committee by request of the Governor, entitled: "An Act establishing the Alaska capital income account within the Alaska permanent fund; relating to deposits into the account; relating to certain transfers regarding the Amerada Hess settlement to offset the effects of inflation on the Alaska permanent fund; and providing for an effective date." was read the first time and referred to the Judiciary and Finance Committees. The following fiscal note(s) apply: 1. Zero, Dept. of Revenue The Governor's transmittal letter dated February 25, 2005, follows: "Dear Speaker Harris: Under the authority of art. III, sec. 18, of the Alaska Constitution, I am transmitting a bill establishing the State of Alaska Capital Corporation (corporation). The corporation would be a public corporation with the authority to issue bonds to finance up to $350 million in state capital improvements, including the cost of issuing the bonds. My intent is that the debt service on bonds issued by the corporation would be annually covered by appropriations from the earnings on the settlement proceeds derived from the Amerada Hess royalty settlement. I also am transmitting a companion bill that would separately identify the Amerada Hess earnings so that they are available to the legislature if there is a desire to use the money for this purpose. The financing technique proposed in this bill would permit the state to leverage a funding source to obtain money for needed capital improvements from the sale of bonds on the major financial markets. 2005-02-28 House Journal Page 0450 I urge your prompt and favorable action on this measure. Sincerely yours, /s/ Frank H. Murkowski Governor"