02/21/2006 03:00 PM House FINANCE

CS FOR SENATE BILL NO. 236(FIN)                                                                                               
                                                                                                                                
     An  Act  relating  to  subsidiary  corporations  of  the                                                                   
     Alaska Housing  Finance Corporation and to  the dividend                                                                   
     paid  to  the  state  by   the  Alaska  Housing  Finance                                                                   
     Corporation; and providing for an effective date.                                                                          
                                                                                                                                
Co-Chair Meyer pointed out that  the House companion bill had                                                                   
been heard  in the  House Finance Committee  last year.   The                                                                   
Senate bill was referred back  to the House Finance Committee                                                                   
for approval.  It is basically the same bill.                                                                                   
                                                                                                                                
3:49:24 PM                                                                                                                    
                                                                                                                                
DAN  FAUSKE,   (TESTIFIED   VIA  TELECONFERENCE),   EXECUTIVE                                                                   
DIRECTOR, ALASKA  HOUSING FINANCE CORPORATION,  DEPARTMENT OF                                                                   
REVENUE,  acknowledged that  it was the  same bill,  although                                                                   
gotten better with age.  The legislation  provides a transfer                                                                   
plan, which increases the amount  normally given to the State                                                                   
from the Alaska  Housing Finance Corporation  (AHFC) from $40                                                                   
million to $80 million dollars.                                                                                                 
                                                                                                                                
He pointed out that on the first  page, language was added on                                                                   
Line 9,  "harbors or other capital  projects".  That  was due                                                                   
to  change  in the  Government  Accounting  Standards  Board,                                                                   
regarding  how  AHFC determines  net  income  to net  assets.                                                                   
The configuration prompted the adjustment in the amount.                                                                        
                                                                                                                                
3:50:39 PM                                                                                                                    
                                                                                                                                
Vice Chair  Stoltze MOVED  to REPORT CS  SB 236 (FIN)  out of                                                                   
Committee  with  individual  recommendations   and  with  the                                                                   
accompanying  fiscal  note  by  the  Alaska  Housing  Finance                                                                   
Corporation,   Department  of  Revenue.     There   being  NO                                                                   
OBJECTION, it was so ordered.                                                                                                   
                                                                                                                                
CS SB  236 (FIN)  was reported  out of  Committee with  a "do                                                                   
pass" recommendation  and with fiscal  note #1 by  the Alaska                                                                   
Housing Finance Corporation, Department of Revenue.                                                                             
                                                                                                                                
3:51:24 PM