SENATE BILL NO. 74                                                                                                            
                                                                                                                                
     "An Act creating the University of Alaska building                                                                         
     fund for the payment by the University of Alaska of                                                                        
     the costs  of use, management,  operation, maintenance,                                                                    
     and   depreciation   of   space   in   buildings;   and                                                                    
     authorizing the  Board of Regents of  the University of                                                                    
     Alaska to designate buildings for  which the fund is to                                                                    
     be used."                                                                                                                  
                                                                                                                                
9:46:33 AM                                                                                                                    
                                                                                                                                
Co-Chair Kelly inquired about the dedicated fund.                                                                               
                                                                                                                                
HEATHER SHATTUCK, STAFF, SENATOR  PETE KELLY, related that a                                                                    
memo from Legal  Services was in members'  packets. The memo                                                                    
stated that the bill did not create a dedicated fund.                                                                           
                                                                                                                                
9:47:49 AM                                                                                                                    
AT EASE                                                                                                                         
                                                                                                                                
9:48:52 AM                                                                                                                    
RECONVENED                                                                                                                      
                                                                                                                                
Vice-Chair  Fairclough queried  the upper  limit of  bonding                                                                    
authority   for  the   university.   The  discussion   arose                                                                    
regarding the  engineering buildings.  She noted  that under                                                                    
AS 14.40.253  regarding financing  notice and  approval, the                                                                    
university  must return  to the  legislature to  communicate                                                                    
their debts, reasons and anticipated annual payments.                                                                           
                                                                                                                                
9:49:59 AM                                                                                                                    
                                                                                                                                
Vice-Chair Fairclough  supported the bill, but  wondered how                                                                    
the  building  fund  would   be  capitalized.  She  reminded                                                                    
committee members  that the capital budget  language section                                                                    
suggested that  a building be  given to the  university. She                                                                    
wondered whether  the intention was  for seed money  for the                                                                    
building fund.                                                                                                                  
                                                                                                                                
9:51:29 AM                                                                                                                    
                                                                                                                                
Co-Chair Kelly MOVED  to REPORT SB 74 out  of committee with                                                                    
individual  recommendations  and   the  accompanying  fiscal                                                                    
notes. There being NO OBJECTION, it was so ordered.                                                                             
                                                                                                                                
SB  74  was REPORTED  out  of  committee  with a  "do  pass"                                                                    
recommendation  and  with new  zero  fiscal  notes from  the                                                                    
University  of  Alaska,  Department of  Administration,  and                                                                    
Department of Revenue.                                                                                                          
                                                                                                                                
9:52:29 AM                                                                                                                    
AT EASE                                                                                                                         
                                                                                                                                
9:54:25 AM                                                                                                                    
RECONVENED