Legislature(2013 - 2014)

2014-04-17 Senate Journal

Full Journal pdf

2014-04-17                     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.