Legislature(1993 - 1994)

04/06/1993 08:06 AM FIN

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
txt
                                                                               
  SENATE BILL NO. 16                                                           
                                                                               
       An  Act  relating  to the  financing  authority  of the                 
       Alaska Industrial Development and Export Authority  and                 
       giving  approval  of  the  issuance  of  bonds  for  an                 
                                                                               
                                                                               
       Anchorage airport seafood  facility; and providing  for                 
       an effective date.                                                      
                                                                               
  Upon convening  the meeting, Co-chair  Pearce announced  her                 
  intention to first  deal with  final questions regarding  SB
  16.    Senator  Rieger  inquired  concerning  the  ownership                 
  structure of the Anchorage airport  seafood facility, asking                 
  how much  equity AIDEA would  own.   RILEY SNELL,  Executive                 
  Director, Alaska Industrial Development and Export Authority                 
  (AIDEA), Dept.  of Commerce  and Economic  Development, came                 
  before committee.  He said that of the $163 million project,                 
  AIDEA  would  finance  $50  million  for  the  cold  storage                 
  facility.  Senator Rieger asked if the authority would  loan                 
  100% of that amount.  Mr. Snell answered affirmatively.  The                 
  Senator then asked  what kind of return  AIDEA would receive                 
  as the  bonds are  paid off.   Mr.  Snell said  the rate  of                 
  return  would  be  negotiated.     AIDEA  has  traditionally                 
  received approximately a 6.5% return.   That is the point at                 
  which negotiations would start.                                              
                                                                               
  [See pages 20-21 for incorporation of  SB 16 within CSSB 171                 
  (Fin).]                                                                      
                                                                               

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