HOUSE BILL NO. 287 "An Act making and amending capital appropriations and reappropriations and capitalizing funds; and providing for an effective date." Co-Chair Torgerson stated that this legislation was the companion bill to HB 281. He noted that the prior bill, HB 281 was authorization for the projects as outlined and HB 287 was the appropriation for the projects. Co-Chair Parnell made a motion to ADOPT version 1-GH2043\I for consideration by the Committee. Senator Phillips objected. A roll call vote was taken. IN FAVOR: Senator Adams, Senator Wilken, Senator P. Kelly, Senator Green, Senator Leman, Co-Chair Parnell, Co-Chair Torgerson. OPPOSED: Senator Phillips, Senator Donley. THE MOTION PASSED: (7-2) Amendment #1: This amendment deletes old and adds new language as follows: Page 2, line 14: Delete "$61,488,000" Insert "$61,788,000" Page 2, line 23: Delete "5,200,000" Insert "5,500,000" Page 3, following line 12: Insert a new subsection to read: "(d) The sum of $4,200,000 is appropriated to the Department of Education and Early Development for construction of AVTEC student housing in Seward from the proceeds of the revenue bonds described in sec. 3 of this Act that are issued by the Alaska Housing Finance Corporation, or a subsidiary of the corporation." Renumber the following subsection accordingly. Co-Chair Parnell made a motion to adopt Amendment #1. Co-Chair Torgerson explained the justification for changes to these appropriation figures and why they were necessary. Senator Phillips objected. A roll call vote was taken. IN FAVOR: Senator Leman, Senator Adams, Senator Wilken, Senator P. Kelly, Senator Green, Co-Chair Parnell, Co-Chair Torgerson. OPPOSED: Senator Donley, Senator Phillips. THE MOTION PASSED: (7-2) Tape: SFC - 00 #108, Side B, 6:34 PM MR. BITNEY, AHFC, stated that the Corporation suggested a technical change to this legislation. He noted that the related appropriation language outlined in Section 1, in three different places, which discusses revenue bonds as noted in Section 3 of this same legislation should be revised. He noted that for clarification purposes, there were two types of bonds that will pay for this project, one is revenue bonds, secured by a tobacco payment stream. He continued that the other type of bond is AHFC general obligation bonds secured by the full faith in credit of AHFC. He added that these were not revenue bonds. He suggested that the word "revenue" on page 2, line 3 and on page 2, line 15 should be removed. He added that on page 3, line 2, the word "revenue" should also be removed, the same on page 3, line 25 and generally where ever else this terminology is referenced. Amendment #2: This conceptual amendment reflects the changes to this legislation as outlined by Mr. Bitney. Co-Chair Parnell moved for adoption. Hearing no objection, Amendment #2 was ADOPTED. Co-Chair Parnell made a motion to move HB 287, version 1- GH2043\I as amended from Committee with individual recommendations. Senator Phillips objected. A roll call vote was taken. IN FAVOR: Senator P. Kelly, Senator Green, Senator Leman, Senator Adams, Senator Wilken, Co-Chair Parnell, Co-Chair Torgerson. OPPOSED: Senator Phillips, Senator Donley. THE MOTION PASSED: (7-2) Co-Chair Torgerson noted that HB 287 was MOVED from Committee.