05/08/2002 10:46 AM Senate FIN

                                                                                                                                
     SENATE BILL NO. 268                                                                                                        
     "An Act  relating to the issuance  of state-guaranteed  revenue                                                            
     bonds  by the  Alaska Housing  Finance Corporation  to  finance                                                            
     mortgages  for  qualifying   veterans;  and  providing  for  an                                                            
     effective date."                                                                                                           
                                                                                                                                
                                                                                                                                
This was  the second  hearing for  this bill in  the Senate  Finance                                                            
Committee.  At the  previous  hearing  a motion  was  made to  adopt                                                            
Amendment #1, although no action was taken.                                                                                     
                                                                                                                                
Amendment  #1:  This  amendment  deletes  "the  first  general"  and                                                            
inserts  "a special election  to be  held on the  date of the  first                                                            
primary"  on page 2 line  24. This amendment  also inserts  language                                                            
following "Act" on line  25. The amended language of Section 4 reads                                                            
as follows.                                                                                                                     
                                                                                                                                
          Sec. 4. The uncodified law of the State of Alaska is                                                                  
     amended by adding a new section to read:                                                                                   
          BALLOT QUESTION.  The question of the state guarantee of                                                              
     bonds  referred  to  in this  Act  shall  be submitted  to  the                                                            
     qualified voters of  the state at a special election to be held                                                            
     on the date  of the first primary election after  the effective                                                            
     date  of  this Act.  The  special  election  shall be  held  in                                                            
     substantial  compliance  with the election  laws of the  state,                                                            
     including  absentee voting  and preparation,  publication,  and                                                            
     mailing  of an election pamphlet  under AS 15.58. The  election                                                            
     pamphlet must comply  with AS 15.58.020(7). The question placed                                                            
     before  the  qualified  voters  of  the state  at  the  special                                                            
     election shall read substantially as follows:                                                                              
                …                                                                                                               
                                                                                                                                
Senator Leman  moved to withdraw his  motion to adopt Amendment  #1.                                                            
                                                                                                                                
There  being no  objection, the  motion  to adopt  Amendment #1  was                                                            
WITHDRAWN.                                                                                                                      
                                                                                                                                
Senator  Green  "moved  Senate   Bill  268  out  of  Committee  with                                                            
individual recommendations and accompanying fiscal note."                                                                       
                                                                                                                                
Senator Leman asked if  the co-chair had spoken with Tam Cook of the                                                            
Division of Legal  and Research Services regarding  issues raised at                                                            
the previous hearing relating to Amendment #1.                                                                                  
                                                                                                                                
Co-Chair  Kelly responded  that Ms. Cook  provided a legal  opinion,                                                            
although it  was not distributed because  Senator Leman removed  his                                                            
motion to adopt the amendment.                                                                                                  
                                                                                                                                
Senator Leman indicated  he would like to review the memorandum at a                                                            
later date.                                                                                                                     
                                                                                                                                
Without objection  SB 268 MOVED from  Committee with fiscal  note #1                                                            
for $1,500 from  the Office of the Governor and zero  fiscal note #2                                                            
from the Department of Revenue.