04/04/2022 01:00 PM House FINANCE

HOUSE BILL NO. 229                                                                                                            
                                                                                                                                
     "An Act relating to the Alaska higher education                                                                            
     investment fund; and relating to the Alaska Student                                                                        
     Loan Corporation."                                                                                                         
                                                                                                                                
1:43:27 PM                                                                                                                    
                                                                                                                                
Co-Chair  Merrick noted  that the  bill had  been previously                                                                    
heard and no amendments had been received by her office.                                                                        
                                                                                                                                
Co-Chair Merrick OPENED and CLOSED public testimony.                                                                            
                                                                                                                                
1:44:16 PM                                                                                                                    
AT EASE                                                                                                                         
                                                                                                                                
1:47:02 PM                                                                                                                    
RECONVENED                                                                                                                      
                                                                                                                                
Co-Chair Merrick  asked the department to  review the fiscal                                                                    
note.                                                                                                                           
                                                                                                                                
KERRY THOMAS, DIRECTOR,  POSTSECONDARY EDUCATION OPERATIONS,                                                                    
DEPARTMENT   OF  EDUCATION   AND   EARLY  DEVELOPMENT   (via                                                                    
teleconference), reviewed  the fiscal note with  the control                                                                    
code cxzuG. The  fiscal note included a  funding request for                                                                    
personal services to provide  additional funds for half-time                                                                    
accounting position.  The note also included  [Department of                                                                    
Law] legal  fees, audit fees,  and a one-time legal  cost to                                                                    
establish  the Higher  Education Investment  Fund under  the                                                                    
Alaska Student Loan Corporation.                                                                                                
                                                                                                                                
1:48:50 PM                                                                                                                    
                                                                                                                                
REPRESENTATIVE   ANDY   JOSEPHSON,  SPONSOR,   thought   the                                                                    
committee could  zero out the  fiscal note. He  believed the                                                                    
expenses shown  in the note  were excessive. He  stated that                                                                    
the bill  was well  vetted and was  in cooperation  with the                                                                    
University of  Alaska. He elaborated  that the  bill offered                                                                    
and afforded  the greatest protection  from a sweep  for the                                                                    
Higher Education  Investment Fund. He encouraged  passage of                                                                    
the bill.                                                                                                                       
                                                                                                                                
Co-Chair  Foster  MOVED  to  REPORT  CSHB  229(EDC)  out  of                                                                    
committee   with   individual    recommendations   and   the                                                                    
accompanying fiscal notes.                                                                                                      
                                                                                                                                
There being NO OBJECTION, it was so ordered.                                                                                    
                                                                                                                                
CSHB 229(EDC)  was REPORTED  out of  committee with  six "do                                                                    
pass"   recommendations   and   four   "no   recommendation"                                                                    
recommendations  and with  one new  fiscal impact  note from                                                                    
the Department  of Education and  Early Development  and one                                                                    
new  indeterminate  fiscal  note  from  the  Office  of  the                                                                    
Governor/Fund Capitalization.                                                                                                   
                                                                                                                                
1:50:20 PM                                                                                                                    
AT EASE                                                                                                                         
                                                                                                                                
1:51:28 PM                                                                                                                    
RECONVENED