SENATE BILL NO. 40 An Act making appropriations from the Alaska Housing Finance Corporation revolving fund to the general fund; and providing for an effective date. Co-chairman Halford directed that SB 40 be brought on for discussion. [Note - Recording problem with Tape SFC-95, #13, Side 1. The tape stopped approximately half way through side 1. Attempts to advance and continue recording were to no avail. Minutes regarding SB 40 and the first portion of minutes on SB 70 reflect transcription of shorthand notes.] Senator Sharp advised that he would not ask that the bill move from committee at the present time. He then requested that the Legislative Auditor speak to the bill. RANDY WELKER, Legislative Auditor, came before committee. He noted the cautionary aspect of an appropriation from AHFC in terms of possible impact on the corporation's bond rating. Co-chairman Halford asked that Mr. Welker estimate the amount of bonds AHFC might expect to issue for the remainder of the year as well as what the bonds would be issued for. Mr. Welker said he would provide the information and a cash flow analysis indicating how the corporation intends to raise moneys and use the moneys it raises. Senator Sharp MOVED to amend the bill by increasing the $135,000,000 in Sec. 2 to $200,000,000, thus making the total appropriation $400,000,000. No objection having been raised, the AMENDMENT was ADOPTED. Senator Sharp then requested that the bill remain in committee for further consideration.