Legislature(2023 - 2024)
2024-05-15 Senate Journal
Full Journal pdf2024-05-15 Senate Journal Page 2848 HB 122 CS FOR HOUSE BILL NO. 122(FIN) am "An Act authorizing the Alaska Railroad Corporation to issue revenue bonds to finance the replacement of the Alaska Railroad Corporation's passenger dock and related terminal facility in Seward, Alaska; authorizing the Alaska Railroad Corporation to issue revenue bonds to finance the completion of the Port MacKenzie Rail Extension in Point MacKenzie, Alaska; and providing for an effective date" was read the second time. Senator Stedman, Cochair, moved and asked unanimous consent for the adoption of the Finance Senate Committee Substitute offered on page 2630. Without objection, SENATE CS FOR CS FOR HOUSE BILL NO. 122(FIN) "An Act authorizing the Alaska Railroad Corporation to issue revenue bonds to finance the replacement of the Alaska Railroad Corporation's passenger dock and related terminal facility in Seward, Alaska; and providing for an effective date" was adopted. Senator Myers offered Amendment No. 1 : Page 1, line 1, following "Act": Insert "relating to the review of the Alaska Railroad Corporation's assets; relating to the Alaska Railroad Corporation's annual reporting requirements;" Page 1, following line 4: Insert new bill sections to read: "* Section 1. AS 42.40.260(a) is amended to read: (a) Within 90 days following the end of the fiscal year of the Alaska Railroad, the board shall present to the governor a report describing the operations and financial condition of the corporation during the preceding fiscal year. The report may include suggestions for legislation relating to the structure, powers, or duties of the corporation or to the operation or facilities of the corporation. Subject to AS 42.40.220, the report shall itemize the cost of providing each category of service offered by 2024-05-15 Senate Journal Page 2849 the railroad and the income generated by each category. The board shall submit the report to the senate secretary and chief clerk of the house of representatives and notify the legislature that the report is available. * Sec. 2. AS 42.40.260 is amended by adding a new subsection to read: (d) The annual report must include a complete accounting, audited by an independent outside auditor, of the assets of the corporation and the results of the review and determination made under AS 42.40.545. * Sec. 3. AS 42.40 is amended by adding a new section to article 6 to read: Sec. 42.40.545. Annual Review of Assets. (a) The corporation shall annually review the corporation's assets to determine whether assets of the corporation exceed an amount required to fulfill the purposes of the corporation as described in this chapter. In making its review, the board shall determine whether, and to what extent, assets in excess of the amount required to fulfill the purposes of the corporation during the next fiscal year are available without (1) breaching an agreement entered into by the corporation; (2) materially impairing the operations or financial integrity of the corporation; or (3) materially affecting the ability of the corporation to fulfill the purposes of the corporation as described in this chapter. (b) The corporation shall specifically identify in the corporation's assets the amounts that the board believes are necessary to meet the requirements of (a)(3) of this section." Page 1, line 5: Delete "Section 1" Insert "Sec. 4" Renumber the following bill section accordingly. Senator Myers moved for the adoption of Amendment No. 1. Senator Stedman objected. 2024-05-15 Senate Journal Page 2850 The question being: "Shall Amendment No. 1 be adopted?" The roll was taken with the following result: SCS CSHB 122(FIN) Second Reading Amendment No. 1? YEAS: 10 NAYS: 10 EXCUSED: 0 ABSENT: 0 Yeas: Dunbar, Giessel, Gray-Jackson, Hughes, Kawasaki, Kiehl, Myers, Olson, Shower, Wielechowski Nays: Bishop, Bjorkman, Claman, Hoffman, Kaufman, Merrick, Stedman, Stevens, Tobin, Wilson and so, Amendment No. 1 failed. Senator Giessel moved and asked unanimous consent 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. 122(FIN) "An Act authorizing the Alaska Railroad Corporation to issue revenue bonds to finance the replacement of the Alaska Railroad Corporation's passenger dock and related terminal facility in Seward, Alaska; and providing for an effective date" was read the third time. Senator Wilson moved and asked unanimous consent to abstain from voting due to a conflict of interest. Objections were heard and Senator Wilson was required to vote. The question being: "Shall SENATE CS FOR CS FOR HOUSE BILL NO. 122(FIN) "An Act authorizing the Alaska Railroad Corporation to issue revenue bonds to finance the replacement of the Alaska Railroad Corporation's passenger dock and related terminal facility in Seward, Alaska; and providing for an effective date" pass the Senate?" The roll was taken with the following result: SCS CSHB 122(FIN) Third Reading - Final Passage Effective Date(s) 2024-05-15 Senate Journal Page 2851 YEAS: 18 NAYS: 2 EXCUSED: 0 ABSENT: 0 Yeas: Bishop, Bjorkman, Claman, Dunbar, Giessel, Gray-Jackson, Hoffman, Kaufman, Kawasaki, Kiehl, Merrick, Myers, Olson, Stedman, Stevens, Tobin, Wielechowski, Wilson Nays: Hughes, Shower and so, SENATE CS FOR CS FOR HOUSE BILL NO. 122(FIN) passed the Senate. Senator Giessel moved and asked unanimous consent the vote on the passage of the bill be considered the vote on the effective date clause(s). Without objection, it was so ordered and the bill was referred to the Secretary for engrossment.