Legislature(2013 - 2014)
2014-04-17 Senate Journal
Full Journal pdf2014-04-17 Senate Journal Page 2552 HB 297 CS FOR HOUSE BILL NO. 297(FIN) "An Act recognizing the Alaska Housing Finance Corporation as the authorizing agency to approve home energy rating systems for the state; and providing for an effective date" was read the second time. Senator Meyer, Cochair, moved and asked unanimous consent for the adoption of the Finance Senate Committee Substitute offered on page 2502. Senator French objected, then withdrew his objection. There being no further objection, SENATE CS FOR CS FOR HOUSE BILL NO. 297(FIN) "An Act recognizing the Alaska Housing Finance Corporation as the authorizing agency to approve home energy rating systems for the state; relating to legislative approval for a loan from the power project fund for the Blue Lake hydroelectric project; and providing for an effective date" was adopted. 2014-04-17 Senate Journal Page 2553 Senator McGuire offered Amendment No. 1 : Page 1, line 2, following "state;": Insert "relating to the Alaska Industrial Development and Export Authority revolving fund; limiting the use of the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund for certain loans and loan guarantees and allowing the development fund to be used as security for a bond guarantee; amending the definition of 'qualified energy development'; authorizing the Alaska Industrial Development and Export Authority to issue bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge rare earth element project and the Niblack project;" Page 1, following line 9: Insert new bill sections to read: "* Sec. 2. AS 44.88.660 is amended to read: Sec. 44.88.660. Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund. The Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund is established in the authority. The development fund consists of appropriations made to the development fund by the legislature, money or other assets transferred to the development fund by a vote of the members of the authority under AS 44.88.050 from any other fund controlled by the authority, and unrestricted loan repayments, interest, or other income earned on loans, investments, or assets of the development fund. The development fund is not an account in the revolving [LOAN] fund established in AS 44.88.060, and the authority shall account for the development fund separately from the revolving fund. The authority may create additional accounts in the development fund. Subject to agreements made with the holders of the authority's bonds or with other persons, the authority may transfer amounts in an account in the development fund to another account in the development fund. Amounts deposited in the development fund may be pledged to the payment of bonds of the authority or expended for the purposes of AS 44.88.650 - 44.88.690. The authority has the powers and responsibilities established in AS 37.10.071 with respect to the investment of amounts held in the development fund. 2014-04-17 Senate Journal Page 2554 * Sec. 3. AS 44.88.690(a) is amended to read: (a) Unless the authority has obtained legislative approval by law, the authority may not use the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund established in AS 44.88.660 to make [FINANCE OR PARTICIPATE IN FINANCING OF] (1) a loan for more than one-third of the capital cost of qualified energy development; or (2) a loan guarantee if the amount of the guarantee [THAT] exceeds $20,000,000. * Sec. 4. AS 44.88.690 is amended by adding a new subsection to read: (c) Notwithstanding (a) of this section, the authority may use the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund established in AS 44.88.660 as security for a bond guarantee. * Sec. 5. AS 44.88.900(14) is amended to read: (14) "qualified energy development" means a development [PROJECT] in the state that involves (A) transmission, generation, conservation, storage, or distribution of heat or electricity; (B) liquefaction, regasification, distribution, storage, or use of natural gas except a natural gas pipeline project for transporting natural gas from the North Slope or Cook Inlet to market; (C) distribution or storage of refined petroleum products; * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to read: LEGISLATIVE APPROVAL; BOKAN-DOTSON RIDGE RARE EARTH ELEMENT PROJECT. (a) The Alaska Industrial Development and Export Authority may issue bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge rare earth element project. The Bokan-Dotson Ridge rare earth element project's surface complex shall be owned and operated by the authority or financed under AS 44.88.172. The principal amount of the bonds provided by the authority for the Bokan-Dotson Ridge rare earth element project may not exceed $145,000,000 and may include the costs of issuing bonds considered reasonable and appropriate by the 2014-04-17 Senate Journal Page 2555 Alaska Industrial Development and Export Authority. (b) This section constitutes legislative approval required by AS 44.88.095(g). * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to read: LEGISLATIVE APPROVAL; NIBLACK PROJECT. (a) The Alaska Industrial Development and Export Authority may issue bonds to finance the infrastructure and construction costs of the Niblack project. The Niblack project includes a mineral processing mill, associated dock, and loading and related infrastructure facilities at the Gravina Island Industrial Complex, as well as infrastructure at the project site on Prince of Wales Island. The mineral processing mill, associated dock, and loading and related infrastructure facilities at the Gravina Island Industrial Complex, as well as infrastructure at the project site on Prince of Wales Island, shall be owned and operated by the authority or financed under AS 44.88.172. The principal amount of the bonds provided by the authority for the Niblack project may not exceed $125,000,000 and may include the costs of issuing bonds considered reasonable and appropriate by the Alaska Industrial Development and Export Authority. (b) This section constitutes legislative approval required by AS 44.88.095(g)." Renumber the following bill sections accordingly. Senator McGuire moved and asked unanimous consent for the adoption of Amendment No. 1. Senator French objected, then withdrew his objection. There being no further objection, Amendment No. 1 was adopted. Senator Coghill moved and asked unanimous consent that the bill be considered engrossed, advanced to third reading and placed on final passage. Without objection, it was so ordered. SENATE CS FOR CS FOR HOUSE BILL NO. 297(FIN) am S "An Act recognizing the Alaska Housing Finance Corporation as the authorizing agency to approve home energy rating systems for the state; relating to the Alaska Industrial Development and Export Authority revolving fund; limiting the use of the Alaska Industrial Development and Export Authority sustainable energy transmission 2014-04-17 Senate Journal Page 2556 and supply development fund for certain loans and loan guarantees and allowing the development fund to be used as security for a bond guarantee; amending the definition of 'qualified energy development'; authorizing the Alaska Industrial Development and Export Authority to issue bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge rare earth element project and the Niblack project; relating to legislative approval for a loan from the power project fund for the Blue Lake hydroelectric project; and providing for an effective date" was read the third time. The question being: "Shall SENATE CS FOR CS FOR HOUSE BILL NO. 297(FIN) am S "An Act recognizing the Alaska Housing Finance Corporation as the authorizing agency to approve home energy rating systems for the state; relating to the Alaska Industrial Development and Export Authority revolving fund; limiting the use of the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund for certain loans and loan guarantees and allowing the development fund to be used as security for a bond guarantee; amending the definition of 'qualified energy development'; authorizing the Alaska Industrial Development and Export Authority to issue bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge rare earth element project and the Niblack project; relating to legislative approval for a loan from the power project fund for the Blue Lake hydroelectric project; and providing for an effective date" pass the Senate?" The roll was taken with the following result: SCS CSHB 297(FIN) am S Third Reading - Final Passage Effective Date YEAS: 20 NAYS: 0 EXCUSED: 0 ABSENT: 0 Yeas: Bishop, Coghill, Dunleavy, Dyson, Egan, Ellis, Fairclough, French, Gardner, Giessel, Hoffman, Huggins, Kelly, McGuire, Meyer, Micciche, Olson, Stedman, Stevens, Wielechowski and so, SENATE CS FOR CS FOR HOUSE BILL NO. 297(FIN) am S passed the Senate. 2014-04-17 Senate Journal Page 2557 Senator Coghill moved and asked unanimous consent that the vote on the passage of the bill be considered the vote on the effective date clause. Without objection, it was so ordered and the bill was referred to the Secretary for engrossment.