SB 125-AK AEROSPACE CORPORATION                                                                             
                                                                                                                                
1:39:49 PM                                                                                                                    
CHAIR PASKVAN announced SB 125 to be up for consideration.                                                                      
                                                                                                                                
JEFF  STEPP,  staff  to  Senator  Paskvan,  sponsor  of  SB  125,                                                               
explained  this measure  was requested  by  the Alaska  Aerospace                                                               
Development  Corporation, and  it  simply seeks  to change  their                                                               
name  from the  Alaska Aerospace  Development Corporation  to the                                                               
Alaska  Aerospace Corporation.  Dropping  the word  "Development"                                                               
from their  title reflects  their mature  status as  a full-blown                                                               
launch facility.                                                                                                                
                                                                                                                                
DALE NASH,  CEO, Alaska  Aerospace Development  Corporation, said                                                               
Mr.  Stepp  explained it  very  well.  The  facility has  had  14                                                               
launches so  far. He said they  are often confused with  being an                                                               
economic development agency,  but as they are pretty  much like a                                                               
small Boeing or  Lockheed, they contract with  the government for                                                               
launches. This  will help  clarify that they  have the  people to                                                               
provide  the entire  package for  their  launch customers  versus                                                               
some  other development  organizations within  other states  that                                                               
are   there  to   provide  the   tax  incentives   for  aerospace                                                               
corporations to come to their state.                                                                                            
                                                                                                                                
1:43:19 PM                                                                                                                    
He explained that they are  growing the facility "from the ground                                                               
up" and  this name  would more accurately  reflect what  they are                                                               
doing.                                                                                                                          
                                                                                                                                
SENATOR THOMAS asked  if the fiscal note was to  change the logos                                                               
on pencils and things like that.                                                                                                
                                                                                                                                
MR. NASH replied yes.                                                                                                           
                                                                                                                                
1:44:13 PM                                                                                                                    
SENATOR   BUNDE  moved   to  report   SB   125  with   individual                                                               
recommendations  and  attached  fiscal  note(s).  There  were  no                                                               
objections and it was so ordered.