Legislature(2003 - 2004)
03/03/2004 02:10 PM House FIN
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
HOUSE FINANCE COMMITTEE
March 03, 2004
2:10 PM
TAPE HFC 04 - 40, Side A
CALL TO ORDER
Co-Chair Williams called the House Finance Committee meeting
to order at 2:10 PM.
MEMBERS PRESENT
Representative John Harris, Co-Chair
Representative Bill Williams, Co-Chair
Representative Kevin Meyer, Vice-Chair
Representative Mike Chenault
Representative Eric Croft
Representative Hugh Fate
Representative Richard Foster
Representative Mike Hawker
Representative Reggie Joule
Representative Carl Moses
Representative Bill Stoltze
MEMBERS ABSENT
None
ALSO PRESENT
Tom Irwin, Commissioner, Department of Natural Resources;
Kevin Banks, Petroleum Market Analyst, Oil and Gas Division,
Department of Natural Resources; Jeff Cook, Williams Alaska
Petro.
PRESENT VIA TELECONFERENCE
(None)
SUMMARY
CS SB 283(FIN)
An Act making an appropriation to reverse the
deposit of money available for appropriation in
the general fund at the end of fiscal year 2003
into the constitutional budget reserve fund;
making an appropriation for investment management
fees for the constitutional budget reserve fund;
making appropriations under art. IX, sec. 17(c),
Constitution of the State of Alaska, from the
constitutional budget reserve fund; and providing
for an effective date.
CSSB 283 (FIN) was REPORTED out of Committee with
a "do pass" recommendation.
CSSB 348(FIN)
An Act approving and ratifying the sale of royalty
oil by the State of Alaska to Flint Hills
Resources Alaska, LLC, and Flint Hills Resources,
LLC; and providing for an effective date.
CSSB 348 (FIN) was REPORTED out of Committee with
a "do pass" recommendation and with previously
published fiscal impact note: #1 DNR.
CS FOR SENATE BILL NO. 348(FIN)
An Act approving and ratifying the sale of royalty oil
by the State of Alaska to Flint Hills Resources Alaska,
LLC, and Flint Hills Resources, LLC; and providing for
an effective date.
Co-Chair Harris spoke in support of SB 348 and observed that
SB 348 would ratify the agreement with the state of Alaska
and Fling Hills Resources Alaska, LLC. The fiscal note shows
a $7 million increase to the state of Alaska. He pointed out
that the Committee could not alter the agreement.
TOM IRWIN, COMMISSIONER, DEPARTMENT OF NATURAL RESOURCES,
spoke in support of the legislation. He observed that the
negotiations were intense, but good. He thought that the
contract would be in the state of Alaska's best interest.
JEFF COOK, WILLIAMS ALASKA PETRO, testified via
teleconference in support of the legislation. He noted that
the refinery has been for sale for 21 months and they are
happy with the caliber of the buyer. He stressed that the
legislation is need for the sale to go forward.
Representative Foster MOVED to report CSSB 348 (FIN) out of
Committee with the accompanying fiscal note. There being NO
OBJECTION, it was so ordered.
CSSB 348 (FIN) was REPORTED out of Committee with a "do
pass" recommendation and with previously published fiscal
impact note: #1 DNR.
CS FOR SENATE BILL NO. 283(FIN)
An Act making an appropriation to reverse the deposit
of money available for appropriation in the general
fund at the end of fiscal year 2003 into the
constitutional budget reserve fund; making an
appropriation for investment management fees for the
constitutional budget reserve fund; making
appropriations under art. IX, sec. 17(c), Constitution
of the State of Alaska, from the constitutional budget
reserve fund; and providing for an effective date.
Co-Chair Williams WITHDREW his motion to adopt Amendment 1.
There being NO OBJECTION, it was so ordered.
Co-Chair Harris noted that the Committee had previously
heard the legislation. He suggested the legislation be moved
without amendment.
Representative Foster MOVED to report CSSB 283 (FIN) out of
Committee with the accompanying fiscal note. There being NO
OBJECTION, it was so ordered.
CSSB 283 (FIN) was REPORTED out of Committee with a "do
pass" recommendation.
ADJOURNMENT
The meeting was adjourned at 2:25 PM
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