04/18/2010 05:16 PM Senate FIN

CS FOR HOUSE BILL NO. 424(FIN) am                                                                                             
                                                                                                                                
     "An Act providing  for and relating to  the issuance of                                                                    
     general obligation bonds for  the purpose of paying the                                                                    
     cost of design and  construction of library, education,                                                                    
     and educational research  facilities; and providing for                                                                    
     an effective date."                                                                                                        
                                                                                                                                
5:27:20 PM                                                                                                                    
                                                                                                                                
Co-Chair   Hoffman  MOVED   to   ADOPT  proposed   committee                                                                    
substitute,  work  draft  #26-LS1649/C, Cook,  4/15/10.  Co-                                                                    
Chair Stedman OBJECTED.                                                                                                         
                                                                                                                                
MILES BAKER, STAFF, SENATOR BERT  STEDMAN, noted the changes                                                                    
in  the Committee  Substitute (CS).  He  explained that  the                                                                    
original bill  included the appropriation to  the State Bond                                                                    
Committee.  He noted  that the  CS  addresses the  necessary                                                                    
funding  for  the  State  Bond  Committee  in  this  General                                                                    
Obligation (GO)  bond bill.  In order  to take  advantage of                                                                    
the federal  rates, the CS  exempts issuance  from AS3715040                                                                    
and  authorizes the  Department of  Revenue (DOR)  to use  a                                                                    
negotiated sale  for these bonds.  The appropriation  to the                                                                    
State  Bond  Committee  was  added  to  the  capital  budget                                                                    
currently on the House floor.                                                                                                   
                                                                                                                                
5:30:32 PM                                                                                                                    
                                                                                                                                
Co-Chair Stedman  WITHDREW his OBJECTION to  the adoption of                                                                    
the CS. There being NO OBJECTION, it was so ordered.                                                                            
                                                                                                                                
Co-Chair  Stedman described  the  one fiscal  note from  the                                                                    
Department of Revenue for $10  thousand in general funds for                                                                    
FY11 to cover  the cost of public  notice requirements, debt                                                                    
repayment  will   begin  again   in  FY12   at  a   cost  of                                                                    
$29,769,600.                                                                                                                    
                                                                                                                                
Co-Chair Hoffman MOVED to report  CS HB 424 out of Committee                                                                    
with individual recommendations  and the accompanying fiscal                                                                    
notes. There being NO OBJECTION, it was so ordered.                                                                             
                                                                                                                                
CS HB  424 was REPORTED  out of  Committee with a  "do pass"                                                                    
recommendation and with one new  fiscal impact note from the                                                                    
Department of Revenue.