SENATE BILL NO. 270                                                                                                           
                                                                                                                                
     "An Act relating to the dividend paid to the state by                                                                      
     the Alaska Housing Finance Corporation; and providing                                                                      
     for an effective date."                                                                                                    
                                                                                                                                
9:16:35 AM                                                                                                                    
                                                                                                                                
BRYAN  BUTCHER,  DIRECTOR,  GOVERNMENT  AFFAIRS  AND  PUBLIC                                                                    
RELATIONS,  ALASKA   HOUSING  FINANCE   CORPORATION  (AHFC),                                                                    
DEPARTMENT OF REVENUE,  noted that SB 270  corresponded to a                                                                    
House bill.  He explained that the  legislation would change                                                                    
the  dividend  paid by  AHFC,  as  a  result of  changes  to                                                                    
accounting  procedures.  The  bill  would  ensure  that  the                                                                    
dividend  paid to  the  state  would be  75  percent of  the                                                                    
corporation's  net income.  The transfer  plan for  the AHFC                                                                    
dividend  was   put  into  statute  in   2003;  the  current                                                                    
provision represented  the second  time the  corporation had                                                                    
to adjust it because of accounting changes.                                                                                     
                                                                                                                                
Representative  Doogan queried  the  difference between  the                                                                    
House and Senate versions of  the bill. Mr. Butcher answered                                                                    
that there were no changes in the Senate bill.                                                                                  
                                                                                                                                
9:20:12 AM                                                                                                                    
                                                                                                                                
Vice-Chair Thomas  MOVED to report  SB 270 out  of committee                                                                    
with individual recommendations  and the accompanying fiscal                                                                    
note. There being NO OBJECTION, it was so ordered.                                                                              
                                                                                                                                
SB  270 was  REPORTED  out  of Committee  with  a "do  pass"                                                                    
recommendation  and   with  attached   previously  published                                                                    
fiscal note: FN1 (REV).