HB 90: "An Act relating to bonding limitations and confidentiality of records and information of the Alaska Industrial Development and Export Authority; and providing for an effective date."
00 HOUSE BILL NO. 90 01 "An Act relating to bonding limitations and confidentiality of records and information 02 of the Alaska Industrial Development and Export Authority; and providing for an 03 effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 44.88.095(a) is amended to read: 06 (a) The authority may not issue bonds in a 12-month period in an amount that 07 exceeds $400,000,000, excluding refunding and conduit revenue bonds. 08 * Sec. 2. AS 44.88.095(g) is amended to read: 09 (g) The [BEFORE JULY 1, 2007, THE] authority may issue bonds in an 10 amount greater than $10,000,000 to assist in the financing of a development project 11 under AS 44.88.172 - 44.88.177 only if approved by law, excluding refunding 12 bonds. Refunding bonds may be issued without further approval by law in a 13 principal amount sufficient to provide funds for the payment of all bonds to be 14 refunded by them, and, in addition, for the payment of all other amounts that the
01 authority considers appropriate in connection with the refunding, including 02 expenses incident to the redeeming, calling, retiring, or paying of the outstanding 03 bonds, the funding of reserves, and the issuance of the refunding bonds [WITH 04 LEGISLATIVE APPROVAL. BEGINNING JULY 1, 2007, AND THEREAFTER, 05 WITHOUT PRIOR LEGISLATIVE APPROVAL, THE AUTHORITY MAY NOT 06 ISSUE BONDS, EXCEPT REFUNDING AND CONDUIT REVENUE BONDS]. 07 * Sec. 3. AS 44.88.215(a) is amended to read: 08 (a) In order to promote the purposes of AS 44.88, unless the records or 09 information were a matter of public record before submittal to the authority, the 10 following records [, FILES,] and information shall be kept confidential if [UPON THE 11 REQUEST OF] the person supplying the records or information or [UPON THE 12 REQUEST OF] the project, bond, loan, or guarantee applicant or borrower requests 13 confidentiality and makes an adequate showing to the executive director of the 14 authority that the records or information are: 15 (1) income tax returns; 16 (2) financial statements, profit-and-loss statements, and cash flow 17 projections, except the information required by the authority to calculate debt service 18 coverage on the loan; 19 (3) financial business plans; 20 (4) credit reports from consumer reporting agencies and other credit 21 information obtained from banks, creditors, or other credit reporting entities; 22 (5) trade secrets, including confidential proprietary information 23 and confidential information about products, pricing, or manufacturing or 24 business processes; 25 (6) appraisals, except the name of the appraiser, the date of the 26 appraisal, and the fair market value determined for the property appraised; 27 (7) market surveys and marketing strategy information; or [AND] 28 (8) any information required to be kept confidential by a federal law or 29 regulation or by state law. 30 * Sec. 4. AS 44.88.215(b) is amended to read: 31 (b) Information compiled by the authority from information described in (a) of
01 this section shall be kept confidential unless disclosure is authorized by the person 02 supplying the information and by the project, bond, loan, or guarantee applicant or 03 borrower. 04 * Sec. 5. AS 44.88.215(c) is amended to read: 05 (c) The records and information that the executive director of the authority 06 determines [IS DETERMINED] to be confidential under (a) or (b) of this section are 07 [IS] not [A] public records [RECORD] under AS 40.25.110 - 40.25.220. 08 * Sec. 6. AS 44.88.900 is amended by adding a new paragraph to read: 09 (14) "trade secret" has the meaning given in AS 45.50.940. 10 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 11 read: 12 REVISOR'S INSTRUCTION. The revisor of statutes shall change the catchline of 13 AS 44.88.215 from "Confidentiality of information" to "Confidentiality of records and 14 information." 15 * Sec. 8. This Act takes effect July 1, 2009.