Legislature(2001 - 2002)

04/03/2001 08:05 AM STA

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
SB 93 - ARCTIC WINTER GAMES TEAM ALASKA TRUST                                                                                 
Number 0001                                                                                                                     
CHAIR COGHILL reconvened  the meeting of the  House State Affairs                                                               
Standing Committee at 11:02 a.m.   Representatives Fate, Stevens,                                                               
Crawford, and Hayes were present at the call to order.                                                                          
CHAIR COGHILL  announced that the  next order of  business before                                                               
the committee  would be CS FOR  SENATE BILL NO. 93(FIN),  "An Act                                                               
relating  to  the Arctic  Winter  Games  Team Alaska  trust;  and                                                               
providing for an effective date."                                                                                               
SENATOR RANDY PHILLIPS  came forward to testify as  sponsor of SB
93.  He explained that it  will establish an endowment fund to be                                                               
managed  by the  Department of  Revenue.   Anybody  who wants  to                                                               
contribute toward the endowment can  do so, and that contribution                                                               
will  be accepted.    This bill,  SB 93,  sets  up the  technical                                                               
frameword under  which the  Department of  Revenue will  have the                                                               
authority to manage the fund.                                                                                                   
CHAIR COGHILL invited any questions from the committee.                                                                         
SENATOR PHILLIPS said the Arctic  Winter Games Trust is being set                                                               
up  in exactly  the  same  way as  the  Alaska Children's'  Fund.                                                               
There are  no appropriations for it  yet.  "All I'm  trying to do                                                               
is establish  the endowment  for now,  and then  later on  we can                                                               
work on the appropriation for it," he explained.                                                                                
CHAIR COGHILL  asked if he  knew of any contributions  that would                                                               
immediately go into the trust.                                                                                                  
SENATOR  PHILLIPS replied  that he  did not  know of  any pending                                                               
contributions,  and that  it would  be  up to  the Arctic  Winter                                                               
Games Committee to begin raising  funds.  "This is just authority                                                               
to begin  a trust,"  he reiterated.   "This  is not  bringing any                                                               
money  out of  state at  this point.   This  is just  a framework                                                               
only.  I want to make that abundantly clear."                                                                                   
Number 0260                                                                                                                     
CHAIR COGHILL noted  that the Arctic Winter  Games obviously have                                                               
captured the attention of Alaska.                                                                                               
Number 0286                                                                                                                     
SENATOR PHILLIPS replied,  "I hope so.  I think  they have."  The                                                               
next games  will be held in  Greenland in March of  2002, and the                                                               
state will be  sending about 320 athletes.  The  fund is intended                                                               
to be  invested to  earn about  five percent  interest, capturing                                                               
proceeds from the investment, not  spending any of the investment                                                               
fund, he explained.                                                                                                             
Number 0301                                                                                                                     
CHAIR  COGHILL said  he would  like  to move  SB 93  to the  next                                                               
committee  of referral,  the  House  Finance Standing  Committee.                                                               
What the House State Affairs  Standing Committee is passing on to                                                               
them is a  framework for them to  work on.  He asked  the will of                                                               
the committee.                                                                                                                  
Number 0345                                                                                                                     
REPRESENTATIVE STEVENS  moved to report  CSSB 93(FIN) out  of the                                                               
House   State   Affairs   Standing  Committee   with   individual                                                               
recommendations  and  a  zero  fiscal   note.    There  being  no                                                               
objection, CSSB  93(FIN) was moved  from the House  State Affairs                                                               
Standing Committee.                                                                                                             

Document Name Date/Time Subjects