HB 278-RETIREMENT SYSTEM BONDS                                                                                                
                                                                                                                                
9:19:47 AM                                                                                                                    
                                                                                                                                
CHAIR SEATON announced that the  next order of business was HOUSE                                                               
BILL NO. 278, "An Act relating  to the Alaska Municipal Bond Bank                                                               
Authority; permitting  the Alaska  Municipal Bond  Bank Authority                                                               
or a  subsidiary of the  authority to assist state  and municipal                                                               
governmental  employers by  issuing  bonds  and other  commercial                                                               
paper to  enable the  governmental employers to  prepay all  or a                                                               
portion  of the  governmental employers'  shares of  the unfunded                                                               
accrued   actuarial  liabilities   of   retirement  systems   and                                                               
authorizing governmental employers to  contract with and to issue                                                               
bonds,  notes,  or  commercial  paper to  the  authority  or  its                                                               
subsidiary  corporation for  that purpose;  and providing  for an                                                               
effective date."                                                                                                                
                                                                                                                                
CHAIR  SEATON noted  that  in  the committee  packet  there is  a                                                               
letter from Tamara Cook, Director,  Legal Services, dated January                                                               
5, 2006, which is a response  to questions from the House Special                                                               
Committee  on   Ways  and   Means  chair,   Representative  Bruce                                                               
Weyhrauch.     Chair   Seaton  said   Representative  Weyhrauch's                                                               
questions  were  in  regard  to  [municipalities]  and  "issuance                                                               
without a vote" or "not applying to capital projects."                                                                          
                                                                                                                                
CHAIR  SEATON,  after  ascertaining  that there  was  no  one  to                                                               
testify,  closed public  testimony.   He  said  the committee  is                                                               
awaiting an  amendment.  He  asked the committee members  to look                                                               
at all the information in their  packets and be ready to move the                                                               
bill at its next hearing.                                                                                                       
                                                                                                                                
[HB 278 was heard and held.]