Legislature(2005 - 2006)HOUSE FINANCE 519

05/01/2006 08:30 AM FINANCE


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Audio Topic
08:44:25 AM Start
08:55:33 AM SB265
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+= HB 291 WORKERS' COMPENSATION RECORDS TELECONFERENCED
<Bill Hearing Canceled>
+= HB 381 TOBACCO REV. FOR UNIV. & CORR. FACILITIES TELECONFERENCED
Heard & Held
-- Testimony <Invitation Only> --
+ SB 265 BONDS OF BOND BANK AUTHORITY TELECONFERENCED
Moved Out of Committee
*+ HB 504 ANCHORAGE PARKING GARAGE TELECONFERENCED
<Bill Hearing Canceled>
+ SB 291 MUNICIPAL HARBOR FACILITY GRANTS TELECONFERENCED
Moved Out of Committee
+ Bills Previously Heard/Scheduled TELECONFERENCED
                  HOUSE FINANCE COMMITTEE                                                                                       
                        May 1, 2006                                                                                             
                         8:44 a.m.                                                                                              
                                                                                                                                
CALL TO ORDER                                                                                                                 
                                                                                                                                
Co-Chair Meyer called the House  Finance Committee meeting to                                                                   
order at 8:44:25 AM.                                                                                                          
                                                                                                                                
MEMBERS PRESENT                                                                                                               
                                                                                                                                
Representative Mike Chenault, Co-Chair                                                                                          
Representative Kevin Meyer, Co-Chair                                                                                            
Representative Bill Stoltze, Vice-Chair                                                                                         
Representative Richard Foster                                                                                                   
Representative Mike Hawker                                                                                                      
Representative Jim Holm                                                                                                         
Representative Reggie Joule                                                                                                     
Representative Mike Kelly                                                                                                       
Representative Beth Kerttula                                                                                                    
Representative Carl Moses                                                                                                       
Representative Bruce Weyhrauch                                                                                                  
                                                                                                                                
MEMBERS ABSENT                                                                                                                
                                                                                                                                
None                                                                                                                            
                                                                                                                                
ALSO PRESENT                                                                                                                  
                                                                                                                                
Kimberly  Carnot, Staff,  Senator  Steadman; Deven  Mitchell,                                                                   
Executive  Director, Alaska  Municipal  Bond Bank  Authority,                                                                   
Department   of  Revenue;  Victor   Winters,  State   Harbors                                                                   
Engineer; John  Stone, Alaska Association of  Harbor Masters;                                                                   
Kathie  Wasserman,  Alaska  Municipal   League;  John  Walsh,                                                                   
Bristol  Bay Borough;  Peter Ecklund,  Staff,  Representative                                                                   
Kevin Meyer; Joe Dubler, Director  of Finance, Alaska Housing                                                                   
Finance Corporation                                                                                                             
                                                                                                                                
PRESENT VIA TELECONFERENCE                                                                                                    
                                                                                                                                
There were no teleconference participants.                                                                                      
                                                                                                                                
SUMMARY                                                                                                                       
                                                                                                                                
SB 265    An  Act increasing  the total  amount of bonds  and                                                                   
          notes that the Alaska Municipal Bond Bank                                                                             
          Authority may have outstanding; and providing for                                                                     
          an effective date.                                                                                                    
                                                                                                                                
          SB  265 was REPORTED  out of  Committee with  a "do                                                                   
          pass" recommendation  and with previously published                                                                   
          fiscal  impact note by  the Department  of Revenue:                                                                   
          #1.                                                                                                                   
                                                                                                                                
CS SB 291(CRA)                                                                                                                  
          An  Act relating to  the municipal harbor  facility                                                                   
          grant  program;  and  providing  for  an  effective                                                                   
          date.                                                                                                                 
                                                                                                                                
          CS SB 291 (CRA) was  REPORTED out of Committee with                                                                   
          a  "do  pass" recommendation  and  with  previously                                                                   
          published fiscal  impact note by the  Department of                                                                   
         Transportation and Public Facilities: #1.                                                                              
                                                                                                                                
HB 381    "An Act relating to  the financing of construction,                                                                   
          major  maintenance,  and renovation  of  facilities                                                                   
          for  the  University  of Alaska;  relating  to  the                                                                   
          financing   of  construction   of  a   correctional                                                                   
          facility;  authorizing the commissioner  of revenue                                                                   
          to  sell the  right  to receive  a  portion of  the                                                                   
          anticipated  revenue   from  a  tobacco  litigation                                                                   
          settlement  to the Northern Tobacco  Securitization                                                                   
          Corporation,  with  the proceeds  of  that sale  to                                                                   
          finance   construction,   major  maintenance,   and                                                                   
          renovation  of  facilities  for the  University  of                                                                   
          Alaska  and  to  finance   the  construction  of  a                                                                   
          correctional    facility;    providing   for    the                                                                   
          establishment   of  funds  for  deposit   of  those                                                                   
          proceeds; authorizing  the issuance of bonds by the                                                                   
          Northern  Tobacco  Securitization  Corporation  for                                                                   
          the  purpose of  acquiring the  right to receive  a                                                                   
          portion  of  anticipated  revenue  from  a  tobacco                                                                   
          litigation   settlement;  and   providing  for   an                                                                   
          effective date."                                                                                                      
                                                                                                                                
          HB 381 was heard and HELD in Committee.                                                                               
SENATE BILL NO. 265                                                                                                           
                                                                                                                                
     An Act increasing the total amount of bonds and notes                                                                      
     that the Alaska Municipal Bond Bank Authority may have                                                                     
     outstanding; and providing for an effective date.                                                                          
                                                                                                                                
KIMBERLY CARNOT, STAFF, SENATOR  STEADMAN (SPONSOR), provided                                                                   
testimony  on SB  265.  She observed  that  SB  265 seeks  to                                                                   
increase the bond  authority of the Municipal  Bond Bank from                                                                   
$500,000,000  to   $750,000,000.  In  2003,  the   limit  was                                                                   
increased  from  $300 million  to  $500 million.  The  Alaska                                                                   
Municipal  Bond Bank  helps  municipalities  by lowering  the                                                                   
borrowing  cost  for  participants  through  bond  issuances,                                                                   
creating  economies of  scale, and  leveraging the  borrowing                                                                   
power and  credit worthiness  of the  state of Alaska.  Since                                                                   
1975, the  Bank has  helped Alaskan  communities secure  over                                                                   
$800 million  in financing for  public work projects.  At the                                                                   
same time the Municipal Bond Bank  has returned $26.9 million                                                                   
in excess  earnings  to the state.  This year  the Bank  will                                                                   
return a  $652 thousand dividend  to the citizens  of Alaska.                                                                   
Last  year,  $23 million  in  bonds  were issued  to  Alaskan                                                                   
communities, which  saved those communities $16.7  million in                                                                   
issuance and interest  costs. She gave examples  of municipal                                                                   
bond  projects. The  Bank has  approximately  $80 million  in                                                                   
pending  applications  and  only  $50  million  in  borrowing                                                                   
capacity.                                                                                                                       
                                                                                                                                
DEVEN  MITCHELL, EXECUTIVE  DIRECTOR,  ALASKA MUNICIPAL  BOND                                                                   
BANK AUTHORITY,  DEPARTMENT OF  REVENUE, testified  regarding                                                                   
the  bill. The  Department  supports  the increased  cap.  He                                                                   
pointed out  that increased  demand reflects greater  capital                                                                   
infrastructure  development at  the local  level, to  replace                                                                   
historical expenditures by the state of Alaska.                                                                                 
                                                                                                                                
Representative Weyhrauch asked  regarding the  state's credit                                                                   
rating. Mr. Mitchell  explained that the Bond Bank  has an A1                                                                   
rating  from  Moody's, and  an  A  rating from  Standard  and                                                                   
Poor's.  The  state  is  lobbying   Standard  and  Poor's  to                                                                   
considered  an A+ rating.  The ratings  are a combination  of                                                                   
various methods. The Bond Bank  has an AAA rating, due to the                                                                   
diversity of  entities that borrow  in their pool;  the state                                                                   
of Alaska has an  AA rating, and has a more  limited and less                                                                   
diverse  pool of  borrowers. The  credit rating  is based  on                                                                   
that pool and  the moral obligations of the  State. The value                                                                   
of the  pool analysis is  diminished by the largest  borrower                                                                   
in  the  program:  Northwest Artic  Borough,  which  has  the                                                                   
ability  to deplete  the  reserve.  There is  a  pool of  $30                                                                   
million for  the main Bond Bank  program. The Bank  would not                                                                   
have the ability to pay off a  default by the Northwest Artic                                                                   
Borough, which  has $70 million  outstanding; this  creates a                                                                   
negative consideration.                                                                                                         
                                                                                                                                
In response  to a question  by Representative  Weyhrauch, Mr.                                                                   
Mitchell explained  that the bill  would allow the  Bond Bank                                                                   
to facilitate  transactions  issued through  a subsidiary  of                                                                   
the Bond  Bank, whether or  not they  would be backed  by the                                                                   
moral obligation  of the State. There are no  negative rating                                                                   
actions for the main Bond Bank programs or issuances.                                                                           
                                                                                                                                
Representative Weyhrauch observed   that  the  authority  had                                                                   
been increased in 1984 and 2003;  and that the increase curve                                                                   
of  $250 million  was quite  steep. He  wondered whether  the                                                                   
bond requests could be financed  with $750 million, given the                                                                   
current state  financial climate. He questioned  if the limit                                                                   
would  have   to  be  raised   further  to  reflect   pension                                                                   
obligations.                                                                                                                    
                                                                                                                                
Mr. Mitchell  noted that  there would not  be an  impact from                                                                   
[pension] obligations. He acknowledged  that there might be a                                                                   
need  to raise  the cap  at another  date, but  felt that  it                                                                   
would  be appropriate  to  return to  the  legislature for  a                                                                   
further   increase.  He   thought  $750   million  would   be                                                                   
sufficient.                                                                                                                     
                                                                                                                                
8:55:33 AM                                                                                                                    
                                                                                                                                
Representative Hawker expressed  full support of the bill. He                                                                   
observed that the Governor's office  had previously stated it                                                                   
would  be inappropriate  to expand  the  authority and  asked                                                                   
what had changed in the past ninety  days. Mr. Mitchell could                                                                   
not respond to the question.                                                                                                    
                                                                                                                                
Representative  Foster   MOVED  to  REPORT  SB   265  out  of                                                                   
Committee  with  the  previously published  fiscal  note  and                                                                   
individual recommendations. There  being NO OBJECTION, it was                                                                   
so ordered.                                                                                                                     
                                                                                                                                
SB  265  was REPORTED  out  of  Committee  with a  "do  pass"                                                                   
recommendation  and with previously  published fiscal  impact                                                                   
note by the Department of Revenue: #1.                                                                                          
                                                                                                                                
CS FOR SENATE BILL NO. 291(CRA)                                                                                               
                                                                                                                                
     An Act relating to the municipal harbor facility grant                                                                     
     program; and providing for an effective date.                                                                              
                                                                                                                                
KIMBERLY  CARNOT,  STAFF,  SENATOR   STEADMAN  testified,  on                                                                   
behalf of the  sponsor, in support of the bill.  She observed                                                                   
that  SB  291  creates  a  Municipal  Harbor  Facility  Grant                                                                   
program  to   address  statewide  deferred   maintenance  and                                                                   
capital  upgrades to  harbor facilities;  it creates  a 50/50                                                                   
matching  program. The  Water  Craft Fuel  Tax and  Fisheries                                                                   
Business  tax  would  be  used   for  the  state  share.  She                                                                   
maintained  that the  fund  sources are  appropriate  because                                                                   
coastal communities,  which benefit, would also  generate the                                                                   
grant funds. Municipalities  must show their  ability to take                                                                   
full financial ownership of the  harbors in order to qualify.                                                                   
It would  be a one-time infusion  of funds to  bring deferred                                                                   
maintenance up to date. Municipalities  are eligible for only                                                                   
one grant [for  each harbor], per year. Each  grant is capped                                                                   
at $5 million  in a fiscal year. Individual  harbors are only                                                                   
eligible for one grant under the program.                                                                                       
                                                                                                                                
8:59:47 AM                                                                                                                    
                                                                                                                                
In response  to a question  by Representative  Weyhrauch, Ms.                                                                   
Carnot reiterated  that individual  harbors are eligible  for                                                                   
one grant  under the  program; municipalities  may have  more                                                                   
than one  harbor and could qualify  for up to $5  million for                                                                   
each harbor. She clarified that  funding from one grant could                                                                   
not be transferred to another harbor grant.                                                                                     
                                                                                                                                
Representative Weyhrauch asked  who  would  be  the  granting                                                                   
agency. Ms.  Carnot observed grants  are matching.  The state                                                                   
portion would not require the obligation to be repaid.                                                                          
                                                                                                                                
9:02:46 AM                                                                                                                    
                                                                                                                                
Ms. Carnot  observed that the  program is discretionary  with                                                                   
an unspecified beginning and ending date.                                                                                       
                                                                                                                                
9:03:20 AM                                                                                                                    
                                                                                                                                
Representative Hawker referred  to a similar bill about which                                                                   
he held  reservations. He expressed  support for  the current                                                                   
bill, but  stated his belief that  the State would  be better                                                                   
off with a statewide transportation bond.                                                                                       
                                                                                                                                
9:04:21 AM                                                                                                                    
                                                                                                                                
Representative Weyhrauch asked  if  the sponsor  intended  to                                                                   
exclude areas  not known as  harbors, but as  boat launchings                                                                   
or docks.  Ms. Carnot  noted that the  initial intent  was to                                                                   
deal  with  harbors  transferred  from  the  State  to  local                                                                   
communities.  Although these harbors  would not be  excluded,                                                                   
they would  have to meet the  requirements of the  program to                                                                   
qualify.                                                                                                                        
                                                                                                                                
9:05:36 AM                                                                                                                    
                                                                                                                                
Ms. Carnot explained  that a municipality that  owns a harbor                                                                   
facility may  submit an  application. The  grant may  be used                                                                   
for construction, maintenance or repair.                                                                                        
                                                                                                                                
Representative  Weyhrauch observed  that in  some areas  what                                                                   
would normally be called a boat  launch may serve as a harbor                                                                   
and  questioned  if  it  were  the  intent  to  exclude  such                                                                   
projects. Ms.  Carnot confirmed that  there was no  intent to                                                                   
exclude  boat  launches, although  it  was  not part  of  the                                                                   
initial  impetus  of  the bill.  Ms.  Carnot  confirmed  that                                                                   
interaction  between  the  municipality   and  Department  of                                                                   
Transportation  and Public  Facilities  would determine  what                                                                   
would qualify.                                                                                                                  
                                                                                                                                
9:09:08 AM                                                                                                                    
                                                                                                                                
VICTOR WINTERS,  STATE HARBORS ENGINEER, testified.  He noted                                                                   
that  several boat  launches had  been  transferred from  the                                                                   
state to local communities and  that these would be eligible.                                                                   
Representative  Weyhrauch  summarized  that  the  legislation                                                                   
would  provide  money  for facilities  transferred  from  the                                                                   
State to municipalities.  Mr. Winters responded  that harbors                                                                   
would  have  the  first priority;  other  programs  could  be                                                                   
considered subsequently. Representative  Weyhrauch questioned                                                                   
if  facilities would  have to  have been  transferred by  the                                                                   
State.  Mr. Winters  affirmed  that other  projects could  be                                                                   
considered as a lower priority.                                                                                                 
                                                                                                                                
9:11:15 AM                                                                                                                    
                                                                                                                                
JOHN STONE,  ALASKA ASSOCIATION OF HARBOR  MASTERS, commented                                                                   
on  the  bill.  He  noted that  all  27  communities  in  the                                                                   
Association  are supportive  of  the bill,  as  an effort  to                                                                   
restore  the  harbor  infrastructure. He  stated  that  small                                                                   
businesses are impacted by the harbor system.                                                                                   
                                                                                                                                
Responding  to  a  reference  to  Representative  Weyhrauch's                                                                   
question,  Mr. Stone  commented  that all  the boat  launches                                                                   
would  be  eligible,   with  the  first  priority   going  to                                                                   
supporting the  transferred infrastructure,  and then  to any                                                                   
new construction. He referred  to qualifications, for example                                                                   
providing  50 percent  of the  funding, as  well as  adequate                                                                   
property loss insurance and a preventive maintenance plan.                                                                      
                                                                                                                                
9:13:47 AM                                                                                                                    
                                                                                                                                
KATHIE WASSERMAN,  ALASKA MUNICIPAL LEAGUE, spoke  in support                                                                   
of  the  legislation  and  noted that  the  harbors  are  the                                                                   
lifeblood  of  any community.  She  commented  that safe  and                                                                   
improved  harbors encouraged  sport,  tourism and  commercial                                                                   
boats to  enter communities. She  expressed their  support of                                                                   
the bill, and  commended the idea of the fifty  percent match                                                                   
requirement.                                                                                                                    
                                                                                                                                
9:15:00 AM                                                                                                                    
                                                                                                                                
Representative Kelly referred  to the  earlier question,  and                                                                   
asserted that  the bill  pertained to facilities  transferred                                                                   
to the  municipality from  the State.  Ms. Wasserman  thought                                                                   
that the Title must be transferred.                                                                                             
                                                                                                                                
9:15:39 AM                                                                                                                    
                                                                                                                                
Representative Weyhrauch questioned the need for title.                                                                         
                                                                                                                                
9:16:55 AM                                                                                                                    
                                                                                                                                
Representative Kelly referred  to language on page 3, line 5:                                                                   
                                                                                                                                
     (b)    The  Department  of   Transportation  and  Public                                                                   
     Facilities  shall  award  a  grant  for  every  proposed                                                                   
     project eligible  under AS 29.60.810 that  is for repair                                                                   
     and  major maintenance  of  a harbor  facility that  was                                                                   
     transferred  by  the  state  to  a  municipality  before                                                                 
     grants may  be made for  other proposed harbor  facility                                                                   
     projects during a fiscal  year. [Underline emphasized by                                                                   
     Representative Kelly]                                                                                                      
                                                                                                                                
9:18:48 AM                                                                                                                    
                                                                                                                                
Ms.  Carnot  clarified  that  the  sentence  referred  to  by                                                                   
Representative Kelly, went on  to state "before grants can be                                                                   
made  for  other  proposed  harbor  facility  projects".  She                                                                   
confirmed that  the Department  of Transportation  and Public                                                                   
Facilities would prioritize the projects yearly.                                                                                
                                                                                                                                
9:19:52 AM                                                                                                                    
                                                                                                                                
JOHN  WALSH, BRISTOL  BAY  BOROUGH, testified  regarding  the                                                                   
bill.  There  are  two  tiers  established  under  the  bill,                                                                   
addressing  the   needs  of  the   harbors  that   have  been                                                                   
transferred  and require more  funds to  bring them  to code.                                                                   
The Bristol Bay Borough funded  their dock. He noted that the                                                                   
facility  needed to  be rebuilt,  but that  it was  uncertain                                                                   
whether they would apply for this  fund. He stressed that the                                                                   
program  may  assist  communities in  their  development.  He                                                                   
acknowledged  that a  tier  system exists  in  the bill,  but                                                                   
stressed that future  development is a need  and priority. He                                                                   
pointed  out that  the  program includes  a  local match.  He                                                                   
emphasized  that  the program  represents  a  hope for  these                                                                   
communities.                                                                                                                    
                                                                                                                                
9:22:25 AM                                                                                                                    
                                                                                                                                
Representative Stoltze observed  that there was a zero fiscal                                                                   
note  from  the  Department  of   Transportation  and  Public                                                                   
Facilities.                                                                                                                     
                                                                                                                                
Representative  Foster asked  how  the fiscal  note could  be                                                                   
zero.  Ms. Carnot  explained that  the grant  was subject  to                                                                   
appropriation; no funds were included for the legislation.                                                                      
                                                                                                                                
Representative  Foster   MOVED  to  report  SB   291  out  of                                                                   
Committee with  the accompanying fiscal note.  There being NO                                                                   
OBJECTION, it was so ordered.                                                                                                   
                                                                                                                                
CS SB  291 (CRA)  was REPORTED  out of  Committee with  a "do                                                                   
pass"  recommendation and  with  previously published  fiscal                                                                   
impact note  by the Department  of Transportation  and Public                                                                   
Facilities: #1.                                                                                                                 
                                                                                                                                
9:25:31 AM                                                                                                                    
                                                                                                                                
HOUSE BILL NO. 381                                                                                                            
                                                                                                                                
     "An  Act  relating  to the  financing  of  construction,                                                                   
     major maintenance, and renovation  of facilities for the                                                                   
     University  of  Alaska;  relating  to the  financing  of                                                                   
     construction  of  a correctional  facility;  authorizing                                                                   
     the  commissioner  of  revenue  to  sell  the  right  to                                                                   
     receive  a portion  of the  anticipated  revenue from  a                                                                   
     tobacco  litigation settlement  to the Northern  Tobacco                                                                   
     Securitization  Corporation, with  the proceeds  of that                                                                   
     sale  to finance  construction,  major maintenance,  and                                                                   
     renovation  of facilities for  the University  of Alaska                                                                   
     and  to  finance  the  construction  of  a  correctional                                                                   
     facility; providing  for the establishment  of funds for                                                                   
     deposit of  those proceeds; authorizing the  issuance of                                                                   
     bonds   by    the   Northern   Tobacco    Securitization                                                                   
     Corporation  for the purpose  of acquiring the  right to                                                                   
     receive a portion of anticipated revenue from a tobacco                                                                    
     litigation settlement; and providing for an effective                                                                      
     date."                                                                                                                     
                                                                                                                                
PETER ECKLUND, STAFF, REPRESENTATIVE  KEVIN MEYER, noted that                                                                   
a proposed  committee  substitute would  be available  in the                                                                   
afternoon.                                                                                                                      
                                                                                                                                
JOE  DUBLER,  DIRECTOR  OF FINANCE,  ALASKA  HOUSING  FINANCE                                                                   
CORPORATION,  testified regarding  the bill.  He noted  their                                                                   
affiliation with Northern Tobacco  Securitization Corporation                                                                   
(NTSC),  which  is  the  issuer of  the  tobacco  bonds.  The                                                                   
original bill only allowed sale  of residual interests of the                                                                   
tobacco receipts that the state  of Alaska receives under the                                                                   
settlement agreement.  The residual  interest starts  in 2015                                                                   
or  20016.   This  would   require  NTSC   to  sell   capital                                                                   
appreciation  or  zero  coupon   bonds,  which  are  commonly                                                                   
referred to  as CAB.  He noted problems  in the "CAB"  market                                                                   
recently,    which     have    caused    problems     in    a                                                                   
Fresno transaction. He stated  that they became uncomfortable                                                                   
with CAB  as the vehicle for  bond sales since the  market is                                                                   
drying  up  quickly.  The  anticipated  committee  substitute                                                                   
would allow for  a full restructure of the  existing debt and                                                                   
a securitization  of the residual interest that  would revert                                                                   
to  the  State once  the  bonds  pay  off. It  would  include                                                                   
refunding  to  maximize  bond  proceeds that  the  state  has                                                                   
pledged.  He  explained  that the  initial  two  transactions                                                                   
limited the amount  to assure [a return of]:  $93 million and                                                                   
$113 on the transactions. To receive  these proceeds the debt                                                                   
service was shortened.                                                                                                          
                                                                                                                                
9:28:44 AM                                                                                                                    
                                                                                                                                
In response  to a question  by Representative  Weyhrauch, Mr.                                                                   
Dubler provided  more information on the  Fresno transaction,                                                                   
which pertained to the Oppenhemier  Fund. The Fund became too                                                                   
aggressive   and    they   tried   to   lower    their   over                                                                   
collateralization, which caused an investor to cash in.                                                                         
                                                                                                                                
9:30:20 AM                                                                                                                    
                                                                                                                                
Representative Weyhrauch referred  to  earlier testimony  and                                                                   
discussion  about transactions  timing  to maximize  benefit.                                                                   
Mr. Dubler proposed that the timing  was not as beneficial at                                                                   
this time  as it was  in October 2005,  due to rates  and the                                                                   
behavior of  CAB vehicles. He  noted that as far  as interest                                                                   
spreads, the situation  was the same. Responding  to a follow                                                                   
up question, Mr. Dubler commented  that rising interest rates                                                                   
would cost the transaction somewhat.                                                                                            
                                                                                                                                
9:32:06 AM                                                                                                                    
                                                                                                                                
Representative Weyhrauch asked  when the State would proceed.                                                                   
Mr. Dubler observed that NTSC  would begin moving immediately                                                                   
once it is effective and would generally take 90 days to                                                                        
complete the transactions.                                                                                                      
                                                                                                                                
9:32:37 AM                                                                                                                    
                                                                                                                                
Representative  Foster asked  whether there  was a  companion                                                                   
Senate  Bill. Mr.  Ecklund believed  that the  intent was  to                                                                   
move HB  381, but acknowledged  that SB 243 was  a companion.                                                                   
He clarified that Board approval was not needed.                                                                                
                                                                                                                                
9:33:11 AM                                                                                                                    
                                                                                                                                
Representative Stoltze HELD the bill in Committee for                                                                           
further public discussion.                                                                                                      
                                                                                                                                
HB 381 was heard and HELD in Committee.                                                                                         
ADJOURNMENT                                                                                                                   
                                                                                                                                
The meeting was adjourned at 9:34 AM                                                                                            
                                                                                                                                
                                                                                                                                

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