AK
Alaska Senate Bill SB239

Alaska 2023-2024 Regular Session

Alaska Senate Bill SB239 Compare Versions

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10-HOUSE CS FOR SENATE BILL NO. 239(L&C)
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11+ SENATE BILL NO. 239
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1213 IN THE LEGISLATURE OF THE STATE OF ALASKA
1314
1415 THIRTY-THIRD LEGISLATURE - SECOND SESSION
1516
16-BY THE HOUSE LABOR AND COMMERCE COMMITTEE
17+BY SENATOR DUNBAR
1718
18-Offered: 5/10/24
19-Referred: Rules
19+Introduced: 2/19/24
20+Referred: Labor and Commerce, Finance
2021
21-Sponsor(s): SENATOR DUNBAR
22+
2223 A BILL
2324
2425 FOR AN ACT ENTITLED
2526
26-"An Act relating to the Alaska Industrial Development and Export Authority; relating 1
27-to state loans for oil and gas development projects in the Cook Inlet sedimentary basin; 2
28-and relating to workforce housing development projects." 3
29-BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 4
30- * Section 1. AS 42.05.141 is amended by adding a new subsection to read: 5
31-(g) The commission shall, as required under AS 44.88.850(b), determine 6
32-whether the sale price in a gas sales agreement for gas produced through a project 7
33-partially or fully funded by a loan under AS 44.88.850 constitutes a just and 8
34-reasonable immediate delivery price for gas. 9
35- * Sec. 2. AS 44.25.020 is amended to read: 10
36-Sec. 44.25.020. Duties of department. The Department of Revenue shall 11
37-(1) enforce the tax laws of the state; 12
38-(2) collect, account for, have custody of, invest, and manage all state 13
39-funds and all revenues of the state except revenues incidental to a program of licensing 14 33-LS1072\R
40-HCS SB 239(L&C) -2- SB0239b
27+"An Act relating to the Alaska Industrial Development and Export Authority; and 1
28+relating to workforce housing development projects." 2
29+BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 3
30+ * Section 1. AS 44.88.070 is amended to read: 4
31+Sec. 44.88.070. Purpose of the authority. The purpose of the authority is to 5
32+promote, develop, and advance the general prosperity and economic welfare of the 6
33+people of the state, to relieve problems of unemployment, and to create additional 7
34+employment by 8
35+(1) providing various means of financing and means of facilitating the 9
36+financing, in cooperation with federal, state, and private institutions, of industrial, 10
37+manufacturing, energy, export, small business, and business enterprises and the other 11
38+facilities referred to in AS 44.88.010(a) in the state; 12
39+(2) owning and operating or providing development project financing 13
40+for the enterprises and other facilities described in AS 44.88.172; 14 33-LS1072\B
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43-and regulation carried on by another state department, funds managed and invested by 1
44-the Alaska Retirement Management Board, and as otherwise provided by law; 2
45-(3) invest and manage the balance of the power development fund in 3
46-accordance with AS 44.83.386; 4
47-(4) administer the surety bond program for licensure as a fish 5
48-processor or primary fish buyer; 6
49-(5) provide reasonable assistance to the Alaska Industrial 7
50-Development and Export Authority under AS 44.88.850(c). 8
51- * Sec. 3. AS 44.37.020 is amended by adding a new subsection to read: 9
52-(d) The Department of Natural Resources shall provide reasonable assistance 10
53-to the Alaska Industrial Development and Export Authority under AS 44.88.850(c). 11
54- * Sec. 4. AS 44.88.070 is amended to read: 12
55-Sec. 44.88.070. Purpose of the authority. The purpose of the authority is to 13
56-promote, develop, and advance the general prosperity and economic welfare of the 14
57-people of the state, to relieve problems of unemployment, and to create additional 15
58-employment by 16
59-(1) providing various means of financing and means of facilitating the 17
60-financing, in cooperation with federal, state, and private institutions, of industrial, 18
61-manufacturing, energy, export, small business, and business enterprises and the other 19
62-facilities referred to in AS 44.88.010(a) in the state; 20
63-(2) owning and operating or providing development project financing 21
64-for the enterprises and other facilities described in AS 44.88.172; 22
65-(3) fostering the expansion of exports of goods, services, and raw 23
66-materials of the state; 24
67-(4) cooperating and acting in conjunction with other organizations, 25
68-public and private, the objects of which are the promotion and advancement of export 26
69-trade activities in the state; 27
70-(5) establishing a source of funding credit guarantees and insurance, 28
71-not otherwise available, to support export development; 29
72-(6) providing and cooperating or participating with federal, state, and 30
73-private institutions to provide actual and potential state exporters, particularly small- 31 33-LS1072\R
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44+(3) fostering the expansion of exports of goods, services, and raw 1
45+materials of the state; 2
46+(4) cooperating and acting in conjunction with other organizations, 3
47+public and private, the objects of which are the promotion and advancement of export 4
48+trade activities in the state; 5
49+(5) establishing a source of funding credit guarantees and insurance, 6
50+not otherwise available, to support export development; 7
51+(6) providing and cooperating or participating with federal, state, and 8
52+private institutions to provide actual and potential state exporters, particularly small- 9
53+and medium-sized exporters, with financial assistance in support of export 10
54+transactions; 11
55+(7) providing various means of financing and means of facilitating 12
56+the financing of construction of new workforce housing facilities containing five 13
57+or more dwelling units. 14
58+ * Sec. 2. AS 44.88.080 is amended to read: 15
59+Sec. 44.88.080. Powers of the authority. In furtherance of its corporate 16
60+purposes, the authority has the following powers in addition to its other powers: 17
61+(1) to sue and be sued; 18
62+(2) to have a seal and alter it at pleasure; 19
63+(3) to make and alter bylaws for its organization and internal 20
64+management; 21
65+(4) to adopt regulations governing the exercise of its corporate powers; 22
66+(5) to acquire an interest in a project as necessary or appropriate to 23
67+provide financing for the project, whether by purchase, gift, or lease; 24
68+(6) to lease to others a project acquired by it for the rentals and upon 25
69+the terms and conditions the authority may consider advisable, including, without 26
70+limitation, provisions for options to purchase or renew; 27
71+(7) to issue bonds and otherwise to incur indebtedness, in accordance 28
72+with AS 44.88.090, in order to pay the cost of a project or development projects or in 29
73+order to provide money for the authority's purposes under this chapter; the authority 30
74+may also secure payment of the bonds or other indebtedness as provided in this 31 33-LS1072\B
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77-and medium-sized exporters, with financial assistance in support of export 1
78-transactions; 2
79-(7) providing various means of financing and means of facilitating 3
80-the financing of construction of new workforce housing facilities. 4
81- * Sec. 5. AS 44.88.080 is amended to read: 5
82-Sec. 44.88.080. Powers of the authority. In furtherance of its corporate 6
83-purposes, the authority has the following powers in addition to its other powers: 7
84-(1) to sue and be sued; 8
85-(2) to have a seal and alter it at pleasure; 9
86-(3) to make and alter bylaws for its organization and internal 10
87-management; 11
88-(4) to adopt regulations governing the exercise of its corporate powers; 12
89-(5) to acquire an interest in a project as necessary or appropriate to 13
90-provide financing for the project, whether by purchase, gift, or lease; 14
91-(6) to lease to others a project acquired by it for the rentals and upon 15
92-the terms and conditions the authority may consider advisable, including, without 16
93-limitation, provisions for options to purchase or renew; 17
94-(7) to issue bonds and otherwise to incur indebtedness, in accordance 18
95-with AS 44.88.090, in order to pay the cost of a project or development projects or in 19
96-order to provide money for the authority's purposes under this chapter; the authority 20
97-may also secure payment of the bonds or other indebtedness as provided in this 21
98-chapter; 22
99-(8) to sell, by installment sale or otherwise, exchange, donate, convey, 23
100-or encumber, in any manner by mortgage or by creation of any other security interest, 24
101-real or personal property owned by it, or in which it has an interest, including a 25
102-project, when, in the judgment of the authority, the action is in furtherance of its 26
103-corporate purposes; 27
104-(9) to accept gifts, grants, or loans from, and enter into contracts or 28
105-other transactions regarding them with, a federal agency, an agency or instrumentality 29
106-of the state, a municipality, a private organization, or other source; 30
107-(10) to deposit or invest its funds, subject to agreements with 31 33-LS1072\R
108-HCS SB 239(L&C) -4- SB0239b
78+chapter; 1
79+(8) to sell, by installment sale or otherwise, exchange, donate, convey, 2
80+or encumber, in any manner by mortgage or by creation of any other security interest, 3
81+real or personal property owned by it, or in which it has an interest, including a 4
82+project, when, in the judgment of the authority, the action is in furtherance of its 5
83+corporate purposes; 6
84+(9) to accept gifts, grants, or loans from, and enter into contracts or 7
85+other transactions regarding them with, a federal agency, an agency or instrumentality 8
86+of the state, a municipality, a private organization, or other source; 9
87+(10) to deposit or invest its funds, subject to agreements with 10
88+bondholders; 11
89+(11) to enter into contracts or agreements with respect to the exercise 12
90+of any of its powers, and do all things necessary or convenient to carry out its 13
91+corporate purposes and exercise the powers granted in this chapter; 14
92+(12) to purchase or insure loans to finance the costs of manufacturing, 15
93+industrial, and business enterprise projects; 16
94+(13) to enter into loan agreements with respect to one or more projects 17
95+upon the terms and conditions the authority considers advisable; 18
96+(14) to acquire, manage, and operate projects as the authority considers 19
97+necessary or appropriate to serve a public purpose; 20
98+(15) to assist private lenders to make loans to finance the costs of 21
99+projects through loan commitments, short-term financing, or otherwise; 22
100+(16) to accept gifts, grants, or loans from a federal agency, from an 23
101+agency or instrumentality of the state or of a municipality, or from any other source; 24
102+(17) to enter into contracts or other transactions with a federal agency, 25
103+with an agency or instrumentality of the state or of a municipality, or with a private 26
104+organization or other entity consistent with the exercise of any power under this 27
105+chapter; 28
106+(18) to facilitate the expansion of a secondary market for the resale of 29
107+federally or commercially insured loans made to finance the cos
108+ts of projects in the 30
109+state held by federal and state chartered financial institutions or by the Alaska 31 33-LS1072\B
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111-bondholders; 1
112-(11) to enter into contracts or agreements with respect to the exercise 2
113-of any of its powers, and do all things necessary or convenient to carry out its 3
114-corporate purposes and exercise the powers granted in this chapter; 4
115-(12) to purchase or insure loans to finance the costs of manufacturing, 5
116-industrial, and business enterprise projects; 6
117-(13) to enter into loan agreements with respect to one or more projects 7
118-upon the terms and conditions the authority considers advisable; 8
119-(14) to acquire, manage, and operate projects as the authority considers 9
120-necessary or appropriate to serve a public purpose; 10
121-(15) to assist private lenders to make loans to finance the costs of 11
122-projects through loan commitments, short-term financing, or otherwise; 12
123-(16) to accept gifts, grants, or loans from a federal agency, from an 13
124-agency or instrumentality of the state or of a municipality, or from any other source; 14
125-(17) to enter into contracts or other transactions with a federal agency, 15
126-with an agency or instrumentality of the state or of a municipality, or with a private 16
127-organization or other entity consistent with the exercise of any power under this 17
128-chapter; 18
129-(18) to facilitate the expansion of a secondary market for the resale of 19
130-federally or commercially insured loans made to finance the costs of projects in the 20
131-state held by federal and state chartered financial institutions or by the Alaska 21
132-Commercial Fishing and Agriculture Bank; 22
133-(19) to charge fees or other forms of remuneration for the use or 23
134-possession of the projects described in (14) of this section in accordance with the 24
135-agreements described in (11) and (17) of this section, other agreements pertaining to 25
136-the projects, covenants, or representations made in bond documents pertaining to the 26
137-projects, or regulations of the authority pertaining to the projects; 27
138-(20) to participate with government or private industry in programs for 28
139-technical assistance, loans, technology, transfer, or other programs related to the 29
140-exportation of goods, services, or raw materials of the state with respect to its 30
141-financing activities; 31 33-LS1072\R
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113+Commercial Fishing and Agriculture Bank; 1
114+(19) to charge fees or other forms of remuneration for the use or 2
115+possession of the projects described in (14) of this section in accordance with the 3
116+agreements described in (11) and (17) of this section, other agreements pertaining to 4
117+the projects, covenants, or representations made in bond documents pertaining to the 5
118+projects, or regulations of the authority pertaining to the projects; 6
119+(20) to participate with government or private industry in programs for 7
120+technical assistance, loans, technology, transfer, or other programs related to the 8
121+exportation of goods, services, or raw materials of the state with respect to its 9
122+financing activities; 10
123+(21) to provide export finance training for office staff and other 11
124+individuals involved in export finance assistance, including the training sessions that 12
125+may be provided by the United States Export-Import Bank or other organizations; 13
126+(22) to coordinate to the maximum extent possible its efforts to 14
127+promote the export of goods, services, and raw materials of the state with programs 15
128+and goals of the United States Export-Import Bank, the International Trade 16
129+Administration of the United States Department of Commerce, the Foreign Credit 17
130+Insurance Association, and other private and public programs designed to provide 18
131+export assistance and export-related financing; 19
132+(23) to guarantee loans related to qualified export transactions under 20
133+regulations adopted by the authority; 21
134+(24) to provide financing assistance, in cooperation with federal, state, 22
135+and private institutions, as provided in this chapter for small business enterprises; 23
136+(25) to make cooperative agreements with the Department of 24
137+Transportation and Public Facilities, acting on behalf of the international airports 25
138+revenue fund established under AS 37.15.430, to acquire, equip, operate, maintain, 26
139+construct, or install facilities that will enhance the competitiveness of the international 27
140+airports, including a cooperative agreement to lend amounts from the international 28
141+airports revenue fund to finance the development or improvement of utilities serving 29
142+the airports; 30
143+(26) to screen potential applicants for a new business incenti
144+ve grant 31 33-LS1072\B
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145-(21) to provide export finance training for office staff and other 1
146-individuals involved in export finance assistance, including the training sessions that 2
147-may be provided by the United States Export-Import Bank or other organizations; 3
148-(22) to coordinate to the maximum extent possible its efforts to 4
149-promote the export of goods, services, and raw materials of the state with programs 5
150-and goals of the United States Export-Import Bank, the International Trade 6
151-Administration of the United States Department of Commerce, the Foreign Credit 7
152-Insurance Association, and other private and public programs designed to provide 8
153-export assistance and export-related financing; 9
154-(23) to guarantee loans related to qualified export transactions under 10
155-regulations adopted by the authority; 11
156-(24) to provide financing assistance, in cooperation with federal, state, 12
157-and private institutions, as provided in this chapter for small business enterprises; 13
158-(25) to make cooperative agreements with the Department of 14
159-Transportation and Public Facilities, acting on behalf of the international airports 15
160-revenue fund established under AS 37.15.430, to acquire, equip, operate, maintain, 16
161-construct, or install facilities that will enhance the competitiveness of the international 17
162-airports, including a cooperative agreement to lend amounts from the international 18
163-airports revenue fund to finance the development or improvement of utilities serving 19
164-the airports; 20
165-(26) to screen potential applicants for a new business incentive grant 21
166-and recommend the award of the grants under AS 45.81.020; 22
167-(27) to oversee the administration of outstanding grants awarded by the 23
168-Alaska Science and Technology Foundation under former AS 37.17.010 - 37.17.110; 24
169-(28) to oversee the administration of outstanding BIDCO assistance 25
170-grants and loans made by the Alaska Science and Technology Foundation under 26
171-former AS 37.17.200 - 37.17.390; 27
172-(29) to guarantee loans made to the Alaska Insurance Guaranty 28
173-Association (AS 21.80.040), with these guarantees limited to loans necessary to make 29
174-the association financially able to meet cash flow needs up to a maximum outstanding 30
175-principal balance at any time of $30,000,000;
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148+and recommend the award of the grants under AS 45.81.020; 1
149+(27) to oversee the administration of outstanding grants awarded by the 2
150+Alaska Science and Technology Foundation under former AS 37.17.010 - 37.17.110; 3
151+(28) to oversee the administration of outstanding BIDCO assistance 4
152+grants and loans made by the Alaska Science and Technology Foundation under 5
153+former AS 37.17.200 - 37.17.390; 6
154+(29) to guarantee loans made to the Alaska Insurance Guaranty 7
155+Association (AS 21.80.040), with these guarantees limited to loans necessary to make 8
156+the association financially able to meet cash flow needs up to a maximum outstanding 9
157+principal balance at any time of $30,000,000; 10
158+(30) with legislative approval and notwithstanding AS 44.88.060, to 11
159+purchase from the Alaska Energy Authority as an investment of the revolving fund, 12
160+loans of the power project fund established under AS 42.45.010; 13
161+(31) to consider, when exercising the powers listed in this section, the 14
162+interests of local governments affected by the authority's activities to share in the 15
163+benefits of these activities, with appropriate consideration of the authority's ability to 16
164+meet debt obligations, issue new debt, and fulfill the authority's purposes; 17
165+(32) to provide development project financing for all or a portion of 18
166+the cost of a development project as provided in AS 44.88.172; 19
167+(33) to provide various means of financing and means of 20
168+facilitating the financing of construction of new workforce housing facilities 21
169+containing five or more dwelling units. 22
170+ * Sec. 3. AS 44.88.900(6) is amended to read: 23
171+(6) "development project" has the meaning given to "project" in 24
172+(13)(A), [AND] (D) - (H), and (J) of this section; 25
173+ * Sec. 4. AS 44.88.900(13) is amended to read: 26
174+(13) "project" means 27
175+(A) a plant or facility used or intended for use in connection 28
176+with making, processing, preparing, transporting, or producing in any manner, 29
177+goods, products, or substances of any kind or nature or in connection with 30
178+developing or utilizing a natural resource, or extracting, smelting, transporting, 31 33-LS1072\B
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180-(30) with legislative approval and notwithstanding AS 44.88.060, to 1
181-purchase from the Alaska Energy Authority as an investment of the revolving fund, 2
182-loans of the power project fund established under AS 42.45.010; 3
183-(31) to consider, when exercising the powers listed in this section, the 4
184-interests of local governments affected by the authority's activities to share in the 5
185-benefits of these activities, with appropriate consideration of the authority's ability to 6
186-meet debt obligations, issue new debt, and fulfill the authority's purposes; 7
187-(32) to provide development project financing for all or a portion of 8
188-the cost of a development project as provided in AS 44.88.172; 9
189-(33) to provide various means of financing and means of 10
190-facilitating the financing of construction of new workforce housing facilities. 11
191- * Sec. 6. AS 44.88 is amended by adding new sections to read: 12
192-Article 10A. Cook Inlet Reserve-Based Lending. 13
193-Sec. 44.88.850. Cook Inlet reserve-based lending account. (a) The Cook 14
194-Inlet reserve-based lending account is established in the revolving fund. The account 15
195-consists of money or assets deposited into the account by the authority and 16
196-contributions from other sources. 17
197-(b) The authority may use money in the account to make one or more reserve-18
198-based loans to fund oil and gas development projects the authority considers necessary 19
199-to increase oil and gas production from the Cook Inlet sedimentary basin. The 20
200-authority may, as a term of the loan, accept an ownership share in the project funded 21
201-by the loan. If the authority accepts an ownership share as a term of the loan, the 22
202-ownership share must be in the form of a carried interest that does not obligate the 23
203-authority to contribute to the development costs of the project. The authority may 24
204-make a loan under this section only 25
205-(1) to a legal entity in compliance with state and federal laws; 26
206-(2) if the loan applicant provides a written waiver permitting the 27
207-authority to access or obtain copies of the loan applicant's confidential records that are 28
208-in possession of the Department of Natural Resources or the Department of Revenue; 29
209-information provided to the authority under this section shall be kept confidential by 30
210-the authority unless disclosure is authorized by the loan applicant or borrower; 31 33-LS1072\R
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182+converting, assembling, or producing in any manner, minerals, raw materials, 1
183+chemicals, compounds, alloys, fibers, commodities and materials, products, or 2
184+substances of any kind or nature; 3
185+(B) a plant or facility used or intended for use in connection 4
186+with a business enterprise; 5
187+(C) commercial activity by a business enterprise; 6
188+(D) a plant or facility demonstrating technological advances of 7
189+new methods and procedures and prototype commercial applications for the 8
190+exploration, development, production, transportation, conversion, and use of 9
191+energy resources; 10
192+(E) infrastructure for a new tourism destination facility or for 11
193+the expansion of a tourism destination facility; in this subparagraph, "tourism 12
194+destination facility" does not include a hotel or other overnight lodging facility; 13
195+(F) a plant or facility, other than a plant or facility described in 14
196+(D) of this paragraph, for the generation, transmission, development, 15
197+transportation, conversion, or use of energy resources; 16
198+(G) a plant or facility that enhances, provides for, or promotes 17
199+economic development with respect to transportation, communications, 18
200+community public purposes, technical innovations, prototype commercial 19
201+applications of intellectual property, or research; 20
202+(H) a plant or facility used or intended for use as a federal 21
203+facility, including a United States military, national guard, or coast guard 22
204+facility; 23
205+(I) infrastructure for an area that is designated as a military 24
206+facility zone under AS 26.30; 25
207+(J) a new workforce housing facility containing five or more 26
208+dwelling units; 27
209+ * Sec. 5. AS 44.88.900 is amended by adding a new paragraph to read: 28
210+(20) "workforce housing" means residential housing that costs the 29
211+occupants less than 30 percent of the income of a household with 120 percent of the 30
212+area median family income, as determined by the United States Department of 31 33-LS1072\B
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214-(3) if the authority obtains an independent study performed by an 1
215-experienced, qualified expert that confirms the valuation of the loan security and the 2
216-capacity of the loan to support the oil and gas development project and to cause or 3
217-increase the commercial production of oil or gas from the Cook Inlet sedimentary 4
218-basin; 5
219-(4) if the Regulatory Commission of Alaska determines, under 6
220-AS 42.05.141(g), that the sale price in a gas sales agreement for gas produced through 7
221-a project partially or fully funded by a loan under this section does not exceed a just 8
222-and reasonable immediate delivery price for gas; 9
223-(5) if the authority determines that the sales price for oil and gas 10
224-produced through a project partially or fully funded by a loan under this section is 11
225-reasonable and in the best interests of residents of the state. 12
226-(c) The authority may request assistance from the Department of Revenue 13
227-under AS 44.25.020(a)(5) or the Department of Natural Resources under 14
228-AS 44.37.020(d) to execute this section. 15
229-(d) The authority may accept an overriding royalty interest in a lease for 16
230-which a loan has been extended under (b) of this section if, as a term of the loan, the 17
231-overriding royalty interest is subject to prior approval by the Department of Natural 18
232-Resources. The authority may only have the overriding royalty interest transferred to 19
233-the authority if the borrower defaults. 20
234-Sec. 44.88.855. Cook Inlet oil and gas development projects; report. (a) 21
235-The authority shall evaluate oil and gas development projects the authority believes 22
236-have reasonable potential to increase oil and gas production from the Cook Inlet 23
237-sedimentary basin. Each year, the authority shall prepare a report related to those oil 24
238-and gas development projects and shall, by the first day of each regular session of the 25
239-legislature, deliver the report to the senate secretary and the chief clerk of the house of 26
240-representatives and notify the legislature that the report is available. At the request of a 27
241-legislative committee, a representative of the authority shall appear in that committee 28
242-to review the report. For each oil and gas development project, the report must include 29
243-(1) a cost estimate for the project; 30
244-(2) the potential recoverable gas from the project; 31 33-LS1072\R
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248-(3) the projected rate of return for the project; 1
249-(4) if the authority recommends a reserve-based loan for the project, 2
250-the amount of funds necessary for deposit into the Cook Inlet reserve-based lending 3
251-account to provide a loan for the project and the recommended source of funds for the 4
252-deposit. 5
253-(b) Notwithstanding AS 44.88.215, 44.88.850(b)(2), or any other law, a 6
254-borrower's information shall be subject to the public reporting requirements under this 7
255-section. Each year, the authority shall prepare a report related to Cook Inlet reserve-8
256-based loans made under AS 44.88.850 and shall, by the first day of each regular 9
257-session of the legislature, deliver the report to the senate secretary and the chief clerk 10
258-of the house of representatives and notify the legislature that the report is available. At 11
259-the request of a legislative committee, a representative of the authority shall appear in 12
260-that committee to review the report. The report must 13
261-(1) identify each entity borrowing funds under AS 44.88.850; 14
262-(2) list the amount borrowed by each borrower and the date each loan 15
263-was approved; 16
264-(3) include a summary of the terms of the lending agreement with each 17
265-borrower; 18
266-(4) summarize each project for which a loan was made, including the 19
267-status of the project and the volume of oil and gas produced and expected to be 20
268-produced from the project; 21
269-(5) list the status of payments made on the loan, including whether the 22
270-loan is or ever was in default. 23
271- * Sec. 7. AS 44.88.900(6) is amended to read: 24
272-(6) "development project" has the meaning given to "project" in 25
273-(13)(A), [AND] (D) - (H), and (J) of this section; 26
274- * Sec. 8. AS 44.88.900(13) is amended to read: 27
275-(13) "project" means 28
276-(A) a plant or facility used or intended for use in connection 29
277-with making, processing, preparing, transporting, or producing in any manner, 30
278-goods, products, or substances of any kind or nature or in connection with 31 33-LS1072\R
279-SB0239b -9- HCS SB 239(L&C)
280- New Text Underlined [DELETED TEXT BRACKETED]
281-
282-developing or utilizing a natural resource, or extracting, smelting, transporting, 1
283-converting, assembling, or producing in any manner, minerals, raw materials, 2
284-chemicals, compounds, alloys, fibers, commodities and materials, products, or 3
285-substances of any kind or nature; 4
286-(B) a plant or facility used or intended for use in connection 5
287-with a business enterprise; 6
288-(C) commercial activity by a business enterprise; 7
289-(D) a plant or facility demonstrating technological advances of 8
290-new methods and procedures and prototype commercial applications for the 9
291-exploration, development, production, transportation, conversion, and use of 10
292-energy resources; 11
293-(E) infrastructure for a new tourism destination facility or for 12
294-the expansion of a tourism destination facility; in this subparagraph, "tourism 13
295-destination facility" does not include a hotel or other overnight lodging facility; 14
296-(F) a plant or facility, other than a plant or facility described in 15
297-(D) of this paragraph, for the generation, transmission, development, 16
298-transportation, conversion, or use of energy resources; 17
299-(G) a plant or facility that enhances, provides for, or promotes 18
300-economic development with respect to transportation, communications, 19
301-community public purposes, technical innovations, prototype commercial 20
302-applications of intellectual property, or research; 21
303-(H) a plant or facility used or intended for use as a federal 22
304-facility, including a United States military, national guard, or coast guard 23
305-facility; 24
306-(I) infrastructure for an area that is designated as a military 25
307-facility zone under AS 26.30; 26
308-(J) a new workforce housing facility; 27
309- * Sec. 9. AS 44.88.900 is amended by adding new paragraphs to read: 28
310-(20) "oil and gas development project" means a development project to 29
311-produce proven oil or gas reserves; 30
312-(21) "reserve-based loan" means a loan made against and fully secured 31 33-LS1072\R
313-HCS SB 239(L&C) -10- SB0239b
314- New Text Underlined [DELETED TEXT BRACKETED]
315-
316-by an oil and gas field, proven undeveloped or developed oil and gas reserves, or other 1
317-assets of the entity receiving the loan. 2
318-(22) "workforce housing" means residential housing that contains five 3
319-or more dwelling units. 4
216+Housing and Urban Development, for where the housing is constructed. 1