03/09/1995 09:40 AM Senate FIN

                                                                               
  SENATE BILL NO. 40                                                           
                                                                               
       An Act  making appropriations  from the Alaska  Housing                 
       Finance Corporation revolving fund to the general fund;                 
       and providing for an effective date.                                    
                                                                               
  Co-chairman Halford  directed that SB  40 be brought  on for                 
  discussion.                                                                  
                                                                               
  [Note -  Recording problem  with Tape SFC-95,  #13, Side  1.                 
  The  tape  stopped approximately  half  way through  side 1.                 
  Attempts to advance and continue recording were to no avail.                 
  Minutes regarding SB 40 and the  first portion of minutes on                 
  SB 70 reflect transcription of shorthand notes.]                             
                                                                               
  Senator Sharp advised  that he would  not ask that the  bill                 
  move from committee at the present  time.  He then requested                 
  that the Legislative Auditor speak to the bill.                              
                                                                               
  RANDY WELKER,  Legislative Auditor,  came before  committee.                 
  He noted the cautionary aspect of an appropriation from AHFC                 
  in  terms  of  possible  impact  on the  corporation's  bond                 
  rating.                                                                      
                                                                               
  Co-chairman  Halford  asked  that  Mr.  Welker estimate  the                 
  amount of bonds AHFC might expect to issue for the remainder                 
  of the year as well as  what the bonds would be issued  for.                 
  Mr. Welker said he would provide  the information and a cash                 
                                                                               
                                                                               
  flow  analysis  indicating  how the  corporation  intends to                 
  raise moneys and use the moneys it raises.                                   
                                                                               
  Senator Sharp  MOVED to  amend  the bill  by increasing  the                 
  $135,000,000  in  Sec. 2  to  $200,000,000, thus  making the                 
  total  appropriation $400,000,000.  No objection having been                 
  raised,  the  AMENDMENT  was ADOPTED.    Senator  Sharp then                 
  requested  that  the bill  remain  in committee  for further                 
  consideration.