Legislature(2005 - 2006)SENATE FINANCE 532

05/15/2005 03:00 PM FINANCE


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Audio Topic
03:17:55 PM Start
03:18:21 PM SB122
05:02:35 PM Adjourn
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+= SB 122 AMERADA HESS INCOME; CAPITAL INCOME ACCT. TELECONFERENCED
Moved SB 122 Out of Committee
+= SB 121 STATE OF AK CAPITAL CORP.; BONDS TELECONFERENCED
Moved SB 121 Out of Committee
+= SB 97 SUPPLEMENTAL APPROPRIATIONS/CBR TELECONFERENCED
Heard & Held
+= SB 46 APPROP: CAPITAL BUDGET TELECONFERENCED
Heard & Held
3:18:21 PM                                                                                                                    
                                                                                                                                
     SENATE BILL NO. 121                                                                                                        
     "An Act establishing  the State of Alaska Capital  Corporation;                                                            
     authorizing  the  issuance  of bonds  by  the State  of  Alaska                                                            
     Capital  Corporation  to finance  capital  improvements in  the                                                            
     state; and providing for an effective date."                                                                               
                                                                                                                                
                                                                                                                                
This was  the second  hearing for  this bill in  the Senate  Finance                                                            
Committee.                                                                                                                      
                                                                                                                                
CHERYL FRASCA, Director,  Office of Management and Budget, Office of                                                            
the Governor, spoke to  this bill and SB 122. SB 121 would establish                                                            
a corporation  through which the State  could issue bonds  using the                                                            
proceeds of the  commonly referred to "Amerada Hess"  settlement the                                                            
State  received   in  the  1990s.   She  indicated  the   background                                                            
information  describing  this proposal  [copy on  file] and how  the                                                            
corporation  would operate.  She also noted  that the Department  of                                                            
Revenue  detailed  the process  to  the Committee  at  the  previous                                                            
hearing.                                                                                                                        
                                                                                                                                
Ms. Frasca continued that  SB 122 would establish the capital income                                                            
account into  which the  earnings from the  Amerada Hess  settlement                                                            
would  be deposited.  From this  account, the  proposed corporation                                                             
would pay the debt service on issued bonds.                                                                                     
                                                                                                                                
3:19:30 PM                                                                                                                    
                                                                                                                                
Co-Chair Green  recalled the extensive discussion  on this proposal.                                                            
                                                                                                                                
3:19:33 PM                                                                                                                    
                                                                                                                                
TOM BOUTIN,  Deputy Commissioner,  Department of Revenue,  indicated                                                            
he had nothing to add.                                                                                                          
                                                                                                                                
3:19:50 PM                                                                                                                    
                                                                                                                                
Co-Chair Wilken  offered a motion to report the bill  from Committee                                                            
with individual recommendations and accompanying fiscal note.                                                                   
                                                                                                                                
There was no objection  and SB 121 MOVED from Committee  with fiscal                                                            
note #1 for $16,492,900 from the Department of Revenue.                                                                         
                                                                                                                                
3:20:05 PM                                                                                                                    
                                                                                                                                
                                                                                                                                
     SENATE BILL NO. 122                                                                                                        
     "An Act establishing  the Alaska capital income  account within                                                            
     the  Alaska  permanent  fund;  relating  to deposits  into  the                                                            
     account;  relating to certain  transfers regarding the  Amerada                                                            
     Hess  settlement  to offset  the effects  of  inflation on  the                                                            
     Alaska  permanent fund; and providing  for an effective  date."                                                            
                                                                                                                                
                                                                                                                                
This was the second hearing for this bill in the Senate Finance                                                                 
Committee.                                                                                                                      
                                                                                                                                
Co-Chair Green established the Committee had no further questions                                                               
and that no one was present to testify.                                                                                         
                                                                                                                                
3:20:18 PM                                                                                                                    
                                                                                                                                
Co-Chair Wilken offered a motion to report the bill from Committee                                                              
with individual recommendations and accompanying fiscal note.                                                                   
                                                                                                                                
Without objection SB 122 MOVED from Committee with zero fiscal note                                                             
#1 from the Department of Revenue.                                                                                              
                                                                                                                                
AT EASE 3:20:33 PM / 5:02:35 PM                                                                                             

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