04/10/2010 01:00 PM Senate FINANCE

SENATE BILL NO. 300                                                                                                           
                                                                                                                                
     "An   Act   relating   to   loan   participations   and                                                                    
     development finance projects of the Alaska Industrial                                                                      
     Development and Export Authority; and relating to                                                                          
     loans from the rural development initiative fund."                                                                         
                                                                                                                                
Co-Chair Stedman stated that this  was the second hearing on                                                                    
SB 300.                                                                                                                         
                                                                                                                                
Senator Olson MOVED to ADOPT Amendment 1:                                                                                       
                                                                                                                                
     Page 1, line 2 following "Authority"                                                                                       
     Delete"; and relating"                                                                                                     
                                                                                                                                
     Insert", to the powers of the                                                                                              
     authority, and" Page 1, following                                                                                          
     line 4:                                                                                                                    
                                                                                                                                
     Insert new bill section to read:                                                                                           
     "Section 1. AS 44.88.080 is amended by adding a new                                                                        
     paragraph to read:                                                                                                         
     (30) to consider, when  exercising the powers listed in                                                                    
     this  section,  the   interests  of  local  governments                                                                    
     impacted by the authority's  activities to share in the                                                                    
     benefits   of   these  activities,   with   appropriate                                                                    
     consideration of  the authority's ability to  meet debt                                                                    
     obligations,   issue   new   debt,  and   fulfill   the                                                                    
     authority's purposes."                                                                                                     
     Page 1, line 5: Delete "Section I" Insert "Sec. 2"                                                                         
     Renumber the following bill sections accordingly.                                                                          
                                                                                                                                
Co-Chair Stedman OBJECTED.                                                                                                      
                                                                                                                                
Senator Olson informed the committee  that the last time the                                                                    
bill was  heard he stated  that he would have  a forthcoming                                                                    
amendment.                                                                                                                      
                                                                                                                                
TED  LEONARD, DIRECTOR,  ALASKA  INDUSTRIAL DEVELOPMENT  AND                                                                    
EXPORT  AUTHORITY  (AIDEA),  explained  that  the  amendment                                                                    
allows AIDEA the ability to  take into account the impact on                                                                    
local governments  and share  the benefits  while protecting                                                                    
their financial interests and obligations to bond holders.                                                                      
                                                                                                                                
Co-Chair  Stedman asked  if AIDEA  supported the  amendment.                                                                    
Mr. Leonard replied that it does.                                                                                               
                                                                                                                                
1:18:49 PM                                                                                                                    
                                                                                                                                
PAT GALVIN,  COMMISSIONER, DEPARTMENT  OF REVENUE,  spoke as                                                                    
the chair of the AIDEA Board in support of the amendment.                                                                       
                                                                                                                                
Co-Chair Stedman  WITHDREW his OBJECTION to  adopt Amendment                                                                    
1. There being NO OBJECTION, it was so ordered.                                                                                 
                                                                                                                                
Co-Chair Stedman noted three zero fiscal notes.                                                                                 
                                                                                                                                
Co-Chair  Hoffman MOVED  to  REPORT CSSB  300  (FIN) out  of                                                                    
committee   with   individual    recommendations   and   the                                                                    
accompanying fiscal notes. There  being NO OBJECTION, it was                                                                    
so ordered.                                                                                                                     
                                                                                                                                
CSSB  300 (FIN)  was REPORTED  out of  Committee with  a "do                                                                    
pass"  recommendation and  with  three previously  published                                                                    
zero fiscal notes: FN 1 CED; FN 2 REV; FN 3 DOT.                                                                                
                                                                                                                                
1:19:43 PM