Legislature(2009 - 2010)
2009-03-09 House JournalFull Journal pdf
2009-03-09 House Journal Page 0410 HB 172 HOUSE BILL NO. 172 by the House Rules Committee by request of the Governor, entitled: "An Act relating to an investment in the education loan fund; relating to authority for the commissioner of revenue to enter into a bond purchase agreement and letter of credit with the Alaska Student Loan Corporation; and providing for an effective date." was read the first time and referred to the Education and Finance Committees. The following fiscal note(s) apply: 1. Zero, Dept. of Revenue 2. Fiscal, Dept. of Education & Early Development The Governor's transmittal letter dated March 3, 2009, follows: "Dear Speaker Chenault: Under the authority of Article III, Section 18, of the Alaska Constitution, I am transmitting a bill relating to an investment in the education loan fund, and relating to the authority of the commissioner of the Department of Revenue (DOR) to enter into a bond purchase agreement and letter of credit to the Alaska Student Loan Corporation. 2009-03-09 House Journal Page 0411 The bill would allow the DOR commissioner, during times when the education loan fund is unable to finance loan demand through the issuance of bonds, to invest money in the education loan fund for the purpose of financing education loans. The corporation would be allowed to pledge education loans to secure the investment of state funds. The bill would further require the corporation to repay the money received and cover the costs associated with the investment. The bill also would allow the DOR commissioner to provide the corporation with a standby bond purchase agreement and a letter of credit when market conditions relating to credit enhancement mechanisms are uneconomical. These measures are necessary to avoid a disruption in education loan services provided by the Alaska Student Loan Corporation. I urge your prompt and favorable action on this measure. Sincerely, /s/ Sarah Palin Governor"