Legislature(1995 - 1996)

03/13/1996 03:16 PM L&C

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
 HB 526 - AIDEA OPERATIONS/PROJECTS/LOANS                                    
 Number 931                                                                    
 CHAIRMAN KOTT announced the next order of business would be HB 526,           
 "An Act relating to the financing authority, programs, operations,            
 and projects of the Alaska Industrial Development and Export                  
 Authority; providing an exemption from the procurement code for               
 certain projects of the authority; and providing for an effective             
 GEORGE DOZIER, Committee Aid, House Labor and Commerce Committee,             
 explained HB 526 makes a number of technical changes.  Sections 2             
 through 4 of the bill changes the phrase "loan financed" to "loan             
 participation purchased."  The purpose of this is to make it clear            
 that AIDEA, in the Loan Participation Program, purchases part of              
 the loans rather than actually financing the loans.  Mr. Dozier               
 explained the bill eliminates the business assistance fund.  Under            
 current law, part of AIDEA is the business assistance fund which is           
 used to backup loan guarantees under the Business Assistance                  
 Program.  By the elimination of the business assistance fund, that            
 would make the entire corpus available to backup business                     
 assistance guarantees.                                                        
 MR. DOZIER explained Section 8 increases the amount of a loan                 
 guarantee that AIDEA may make in its Business Assistance Program              
 from $75,000 to $100,000 without collateral.  Under existing law,             
 a guarantee could be made for a loan that is not collateralized up            
 to the amount of $75,000 provided that the loan is amortized over             
 a period of five years or less.  With this change, that amount                
 would increase to $100,000.  He explained there was another change            
 made in Section 8.  Under current law, the proceeds of a loan that            
 has been guaranteed, under this program, must go to a business that           
 is majority owned by Alaskans.  Under the bill in Section 8, the              
 change would be that the proceeds would only need to go to a                  
 business that benefits or is conducted in Alaska.  The ownership of           
 the business would be irrelevant.  Mr. Dozier pointed out another             
 change made in Section 8 is that under current law, AIDEA is not              
 permitted to guarantee the interest of loans that are made by these           
 financial institutions to third parties.  With this change interest           
 could be guaranteed.                                                          
 Number 1095                                                                   
 MR. DOZIER explained Section 15 is related to Section 8 in that it            
 makes it clear that a previous provision of the law is repealed.              
 The current provision is that individuals who hold debt instruments           
 that are subject to the Loan Guarantee Program or that had been               
 guaranteed by AIDEA, have no recourse to the assets of AIDEA beyond           
 those assets which are designated to be in the loan assistance                
 fund.  Since the fund is repealed, there is no longer a need for              
 this section and it no longer makes sense.                                    
 MR. DOZIER informed the committee Section 16 repeals a couple of              
 previous legislative authorizations for bonding projects.  He noted           
 one would be the bond project for the fueling facility at the                 
 Anchorage International Airport which was in the amount of $40                
 million.  That is no longer needed as the airlines self-financed              
 that.  Another legislative authorization was for the midrix project           
 at Point McKenzie in the amount of $50 million.  That project is no           
 longer intended to be at Point McKenzie so it is no longer                    
 necessary to have these appropriations as part of the statutes.               
 Mr. Dozier explained another important provision in Section 16 is             
 a repealer of the sunset provision that applies to the Business               
 Assistance Program.  That entire program will sunset in July of               
 this year.                                                                    
 MR. DOZIER referred to Section 17 and said it authorizes AIDEA to             
 issue bonds for the Delong Mountain project which services the Red            
 Dog Mine.  That would be in the amount of $60 million.                        
 MR. DOZIER said Section 18 addresses the Snettisham hydroelectric             
 project.  That would be an authorization for bonding in the amount            
 of $100 million.                                                              
 MR. DOZIER explained Section 19 gives an immediate effective date.            
 Number 1243                                                                   
 RILEY SNELL, Executive Director, Alaska Industrial Development and            
 Export Authority (AIDEA), Department of Commerce and Economic                 
 Development, was next to address HB 526.  He pointed out HB 526 is            
 very similar to HB 425, introduced by the Governor.  Probably the             
 only principle difference has to do with the absence in HB 526 of             
 including the renewed authority to issue bonds.  He said AIDEA                
 feels that is a very important provision which needs to be added to           
 the legislation.  He said he would work with the committee to                 
 explain what the absence of that provision does to their ability to           
 assist customers throughout the businesses in Alaska.  Without that           
 addition, there are several project financings that they would be             
 unable to respond to.  Mr. Snell said currently, they are waiting             
 for the renewal of these powers in order to be able to assist the             
 AMX Company in Fairbanks to do a conduit of financing for their               
 mine.  There is a provision of that project that could be done as             
 tax exempt.  He explained the Authority would act as an issuer                
 being able to use their powers, if they were renewed, in order to             
 obtain a lower cost financing for those items that would be                   
 MR. RILEY explained there are additional projects that are awaiting           
 the authority to regain its powers to issue those types of bonds.             
 One includes the Kenzington mining project and they're currently              
 having discussions with others.  In addition to being able to do              
 what they call the conduit type financings there is also, with the            
 absence of the renewal of these powers, the inability to                      
 participate in the ability to issue bonds for loans under the loan            
 participation program of the Authority.  The most recent project              
 where they were able to use those powers was in the Kodiak fish               
 mill project which included a fish mill project that was under a              
 compliance order to clean up its operations.  Many of the facets of           
 that project were eligible for tax exempt financing and AIDEA was             
 able to use its power to bring a lower cost of financing into that            
 project that allowed them to have a more affordable overall total             
 cost financing.  Mr. Riley said with the one absence of that                  
 provision, which was Section 2 in HB 425, AIDEA finds that this               
 bill satisfies the recommended changes that board of directors were           
 recommending be taken up.  Mr. Riley said he would be happy to                
 review the specifics of the projects or provisions if the Chairman            
 Number 1416                                                                   
 REPRESENTATIVE KOTT asked Mr. Riley to explain what the                       
 ramifications would be if this bill, or a similar bill, were not to           
 pass this session.                                                            
 MR. RILEY said he thinks there would be a very definite impact on             
 the business communities of the state of Alaska.  As most of the              
 business people in attendance knows, you can hardly find a bank               
 doing business in the state of Alaska who will participate in a               
 loan that will exceed ten years in terms.  That is partly because             
 of the FDIC regulations on how they now make banks account for                
 their participation in lending practices.  In the absence of the              
 banks being able to do that because of closer regulations from the            
 FDIC, these types of longer amortization schedules have fallen to             
 the markets of pension funds, insurance companies and those types             
 of people who have traditionally been involved in commercial real             
 estate.  As a result of a downturn in the state's economy in the              
 mid 1980s, most of these types of lenders have fled the state.  He            
 said AIDEA represents probably the only long term lender of capital           
 of this nature.  With the way their programs work, by the bank's              
 participation remaining at a ten year term, AIDEA will take a                 
 longer term amortization which allows the businesses in the state             
 to actually structure financing that is affordable.  Absence that             
 type of capital market, there could be distress as to the capital             
 gap to do certain types of commercial lending in the state.                   
 Number 1516                                                                   
 REPRESENTATIVE ELTON asked Mr. Snell to explain what the impact of            
 the passage of the bill would be without the bonding provisions.              
 MR. SNELL said he believes the answer would be very similar.  With            
 no legislation, the biggest impact would be on their inability to             
 use their bonding powers to assist businesses in the state.  Mr.              
 Snell said if the bill were to pass without that bond, they could             
 do certain types of lending out of their cash equity, but they                
 would still be prohibited from probably using the lowest possible             
 financing costs or features for certain types of projects for                 
 businesses in the state.                                                      
 Number 1562                                                                   
 REPRESENTATIVE ELTON asked the committee if it is protocol not to             
 replicate an existing bill.  He asked if there is any reason that             
 the bonding provisions are not in HB 526.                                     
 CHAIRMAN KOTT stated there are no reasons to substantiate why they            
 are not included.  He said it was basically left up to the                    
 committee to determine whether or not these particular bonding                
 requirements should be inclusive within the bill.  Chairman Kott              
 said if it is the will of the committee to insert those further               
 recommendations of AIDEA, he wouldn't have any heartburn.                     
 Number 1617                                                                   
 REPRESENTATIVE PORTER asked Mr. Snell if the sunset is the problem            
 with the bonding in general.                                                  
 MR. SNELL said that is correct.  He said there was a provision that           
 was in the previous legislation of the authority that had a sunset            
 provision.  As a result of that sunset provision, which became                
 effective on July 1, 1995, AIDEA has lost its ability to issue                
 bonds.  That is something that has been traditional.  These powers            
 have been passed through to the Authority in previous years, but              
 there has always been a sunset provision that requires them to come           
 before the body to get these powers renewed.                                  
 Number 1673                                                                   
 REPRESENTATIVE PORTER asked if there was an attempt last year to              
 extend or do away with the sunset.                                            
 MR. SNELL indicated the answer is no.  He said, "We did an                    
 inventory of our customers, understanding just exactly what likely            
 was the deal flow where we would have to have the bonding (indisc.)           
 renewed, and based upon the newness of the Administration and the             
 fact that were told that none of our current customers that we were           
 aware of had those projects that would be coming forth, we felt we            
 could deal with it in this session.  And as where we set today, as            
 long as this body takes the action, then we still have all the                
 customers in a position to where we could use these powers.                   
 Number 1724                                                                   
 REPRESENTATIVE ELTON offered an amendment to HB 526 that reinserts            
 Section 2 from HB 425.  It would be lines 9 through 12 on the                 
 handout the committee had just received.  He said to insert that as           
 a new Section 2 in HB 526 and then renumber the subsequent                    
 CHAIRMAN KOTT said the amendment basically inserts Section 2 of the           
 Governor's bill, HB 425.  He said they would be granting AIDEA the            
 ability to bond for projects less than $10 million without                    
 legislative approval.                                                         
 Number 1807                                                                   
 MR. SNELL pointed out that those are powers that were previously in           
 CHAIRMAN KOTT asked Mr. DOZIER to come back before the committee.             
 He said there is an opinion by counsel regarding this particular              
 section.  He then objected to the proposed amendment for the                  
 purpose of discussion.                                                        
 Number 1891                                                                   
 MR. DOZIER explained that the opinion was that the way Section of             
 HB 425 currently reads is that there is a grant of the ability to             
 issue bonds up the amount of $10 million without legislative                  
 oversight.  A limitation on the ability to grant bonds in excess of           
 $10 million, without legislative oversight, when the bonds are                
 issued to assist in the financing and development projects under              
 44.88.172 through 177.  The negative implication would be that the            
 limitation or the requirement of legislative oversight may not                
 apply or arguably might not apply if the intent is to issue bonds             
 in the amount of $10 million or over for purposes not related to              
 development projects under Sections 172 through 177.  He indicated            
 counsel has suggested that the committee should delete the                    
 language, "To assist in the financing of a development project                
 under 44.88.172 through 44.88.177."  He said it would simply read             
 starting on line 11, "Amount greater than $10 million."                       
 REPRESENTATIVE PORTER said, "Wouldn't that generally return to                
 where it was in the first place?"                                             
 Number 1049                                                                   
 MR. SNELL said he thinks there is some difficulty with that                   
 language.  The first concern is there are several types of programs           
 and bonding powers within the Authority.  There is a development              
 finance program which are for the larger projects like Red Dog,               
 Snettisham, Skagway ore terminal, Unalaska port, those types of               
 projects that they have engaged in under what is traditionally                
 called the "Own and Operates Projects Program."  Then there are the           
 loan participation programs where a bank will originate a loan,               
 bring it to the Authority for their participation.  He pointed out            
 AIDEA is capped in another portion of their statues to a limit not            
 to exceed $10 million in any participation by a bank loan.  Mr.               
 Snell said AIDEA already has the additional safeguards.  He said              
 they are ready prevented in any single loan participation of                  
 participating on their part up to anything greater than $10                   
 million.  Mr. Snell said, "Where I believe that language would run            
 afoul of some projects that we offer assistance to businesses in              
 the state is in what is called conduit of financing or revenue                
 financing where the Authority's credit is not involved.  It is                
 strictly the credit of the businesses and we are just acting in the           
 capacity of an issuer.  Those would be the case in Fort Knox where            
 there is $30 million of eligible qualifying costs under the                   
 Internal Revenue Service tax code that we can issue that do not               
 affect, in any way, shape or form, the finances or the credit of              
 the Authority.  I believe, just listening to the language that was            
 read, that could preclude us from acting as an issuer on behalf of            
 businesses in the state for those types of projects without                   
 legislative approval.  And these deals -- this deal flow usually              
 come through to where the legislative body may not be in session or           
 it could be awkward in bringing this in a bill form through that              
 process would be my only thought at this time."                               
 Number 2205                                                                   
 REPRESENTATIVE PORTER said with Mr. Snell's explanation, he would             
 presume it wouldn't be a problem if the bill were amended to say,             
 "In an amount greater than $10 million that would affect the credit           
 of the authority..."                                                          
 MR. SNELL said he believes that is correct.                                   
 Number 2243                                                                   
 REPRESENTATIVE ROKEBERG indicated concern about cutting Legislative           
 Budget and Audit out of the loop particularly if there is conduit             
 financing.  He said he is reluctant to jump on something like this            
 without further review.                                                       
 REPRESENTATIVE PORTER referred to when AIDEA had the bonding                  
 authority and asked if this was a requirement then.                           
 MR. SNELL said they were given the $10 million and there was no               
 restriction on what they could do under a conduit financing.  It              
 did not require further legislative oversight.                                
 REPRESENTATIVE ROKEBERG said new language is being added.                     
 REPRESENTATIVE PORTER pointed out the language being added is                 
 apparently aimed at getting us back where we were prior to the                
 Number 2347                                                                   
 REPRESENTATIVE ELTON said if Representative Porter wants to put his           
 language in the form of a motion, he would consider that a friendly           
 REPRESENTATIVE ROKEBERG said he didn't understand.                            
 REPRESENTATIVE PORTER said he would move to amend the amendment to            
 delete on page 1, line 11, "to assist in the financing of a                   
 development" and all of line 2, but then add words to the effect of           
 "in an amount greater than $10 million if those bonds would affect            
 the credit of the state of Alaska."                                           
 MR. SNELL suggested that "the Authority" be inserted in place of              
 "the state of Alaska."  He noted they have independent status.                
 REPRESENTATIVE PORTER said if those bonds would affect the credit             
 of the Authority.                                                             
 REPRESENTATIVE ROKEBERG noted, for the record, that he was reading            
 out of HB 425.                                                                
 REPRESENTATIVE PORTER said, "Again, for the record, the intent is             
 to bring it back to where we were prior to July, 1995, whatever               
 that appropriate language to do that..." [END OF TAPE...]                     
 TAPE 96-22, SIDE A                                                            
 Number 001                                                                    
 MR. SNELL said, "Representative, I believe the that the sunset                
 provision removes the powers to do it without and then you come               
 before them to get renewed."                                                  
 CHAIRMAN KOTT said currently as it stands, AIDEA has no authority             
 to bond for any amount without coming to the legislature.                     
 MR. SNELL said other than refunding bonds, they have no ability to            
 issue new bonds.                                                              
 CHAIRMAN KOTT said the question before the committee is whether or            
 not they want to restore it to what it was July, 1995, which                  
 provided the opportunity to bond up to $10 million without                    
 legislative authority because they have sunsetted.  He said that is           
 the amendment.                                                                
 REPRESENTATIVE ROKEBERG said the Governor's bill did take out the             
 accepting refunding bonds.  He asked Mr. Snell if they are no                 
 longer doing refunding bonds.                                                 
 Number 123                                                                    
 MR. SNELL explained those are bonds that come due and are callable            
 and based upon what the current interest rate environment is, a lot           
 of time you can do what is called a "refunding bond" to lower the             
 cost on the interest on the bonds.  That then is passed to the                
 REPRESENTATIVE ROKEBERG said there is a lot of stuff going on in              
 about five or six words that he is concerned about.                           
 REPRESENTATIVE PORTER asked Mr. Snell why they wanted to accept               
 refunding bonds.                                                              
 MR. SNELL said it was a legal drafting issue that he believes they            
 have the powers to do a refunding bond so that was some editing on            
 the provisions.                                                               
 REPRESENTATIVE ROKEBERG said it is hard to read it out of context.            
 Number 252                                                                    
 CHAIRMAN KOTT said the motion was to adopt Amendment 1 which would            
 then read, "Without prior legislative approval, the Authority may             
 not issue bonds greater than $10 million if those bonds would                 
 affect the credit of the authority."                                          
 REPRESENTATIVE ELTON said it is important to note that this is a              
 conceptual amendment.                                                         
 CHAIRMAN KOTT asked if there was objection to the amendment.                  
 Hearing none, Amendment 1 was adopted.                                        
 Number 331                                                                    
 REPRESENTATIVE SANDERS questioned whether AIDEA is going to buy a             
 dam and own it.                                                               
 MR. SNELL referred to the current owners of the Snettisham and the            
 Eklutna hydroelectric project is owned by the Federal Alaska Power            
 Administration.  There have been ongoing discussions by our                   
 congressional delegation as well as by the state for a number of              
 years looking at ways to transfer those projects from federal                 
 ownership back into either state or local ownership.  Based on the            
 number of years of negotiation and based on a number of memorandums           
 of understandings that have been crafted by previous                          
 administrations, Congress finally took the action last session to             
 transfer these projects out of federal ownership to state                     
 ownership, as it relates to Snettisham.  As it relates to Eklutna             
 to participate in utilities in the railbelt area who will be                  
 acquiring that.  The purpose of that transfer, as he understands,             
 is to get the federal government out of the energy business in                
 Alaska.  He noted this is something that has been talked about for            
 a long time.  The purpose is also to allow the local governments              
 and the state, in the case of Snettisham, to obtain the assets to             
 ensure stable energy rates to the consumers in these areas.  Mr.              
 Snell explained he believes, based on the negotiations that AIDEA             
 has been involved in over the last couple of years as it relates to           
 Snettisham, that they have structured the outline of an agreement             
 that provides substantial comfort to AIDEA through the ability of             
 Mr. Corbus to operate the plant and to be able to meet what has               
 already been a 20 year history on a project that has operated.  Mr.           
 Snell said they are satisfied that there are reasonable ways of               
 having reserves and replacement funds made available so that when             
 you need to replace parts, that there are adequate funds to do                
 that.  This means that under a taker pay contract with the local              
 utility, that we can stabilize the electric rates within the Juneau           
 area.  Mr. Snell indicated they take comfort in the terms of the              
 contract that they are negotiating with Mr. Corbus.  He said AIDEA            
 feels this is an appropriate deal and one that the state should               
 follow through with.                                                          
 MR. SNELL said the reason that the state must be the owner is so              
 there is the ability to use tax exempt financing.  If it is                   
 publicly owned, they have the ability to bring tax exempt financing           
 which will lower the overall cost of the acquisition costs from the           
 federal government to the state.  He explained they fully intend              
 and have crafted the necessary agreements to put all of the                   
 operating and maintenance responsibilities back on the local                  
 utility.  Mr. Snell said AIDEA is not an operating entity.                    
 Although they have several ownerships in projects, they transfer              
 those responsibilities directly back to the businesses that they              
 are engaged with.                                                             
 Number 608                                                                    
 REPRESENTATIVE ROKEBERG asked if this is the only legislative                 
 oversight on the Snettisham transfer.  He asked if it was contained           
 in the bill.  He asked if there is other legislation that talks               
 about this.                                                                   
 MR. SNELL indicated this is the only legislation that talks about             
 the Snettisham transfer.  He explained AIDEA will have all the                
 attributes of ownership, but they will transfer the direct                    
 operating and maintenance responsibilities directly to the local              
 utility.  In addition to that, under the power sales agreement that           
 will be drafted, it will be a take or pay contract with the local             
 utility, which they are obligated to make payments to the state               
 under nearly and most all conditions.                                         
 Number 753                                                                    
 REPRESENTATIVE ROKEBERG said he would like to have a background of            
 understanding of what the changes are in what is called the                   
 participation purchase or the business assistance loan program.  He           
 said several pages of the bill are apparently AIDEA's                         
 recommendations for changing that program and rising the level up             
 to $100,000 from $75,000.  Representative Rokeberg asked when this            
 provision was put in AIDEA's authority.                                       
 MR. SNELL explained he believes the program was adopted and brought           
 forth under the authority's umbrella in the mid 1980s.                        
 REPRESENTATIVE ROKEBERG asked how many loans the Authority has                
 actually made.  He said it was his understanding that there wasn't            
 too many.                                                                     
 MR. SNELL explained it has never been overly active because there             
 have been companion type programs at the federal government level,            
 predominately the SBA Program which is very similar in structure in           
 providing guarantees to the banks on (indisc.).  To date, he                  
 believes they have $2.8 million committed under this program.  He             
 noted they also currently have in process about another $1.7                  
 million.  Mr. Snell informed the committee they have had one                  
 default under the program and it was to the tune of $37,000.                  
 REPRESENTATIVE ROKEBERG asked Mr. Snell to walk him through the               
 loan process.                                                                 
 MR. SNELL explained that a borrower would not approach them                   
 directly as they do not do direct lending.  They originate their              
 loans with the bank.  The bank underwrites the loan, presents their           
 write up to the Authority, the Authority Credit Committees on the             
 loan following their own loan officer's review and its own write up           
 on the credit.  The Credit Committee then makes a determination as            
 to whether or not it satisfies all the requirements of credit                 
 worthiness.  They will either pass to participate on the loan or              
 they'll approve the loan and then the necessary paperwork with the            
 bank for AIDEA's guarantee is executed.                                       
 REPRESENTATIVE ROKEBERG asked what the typical loan to ratio is.              
 MR. SNELL indicated it is about 75 percent.  The bank then picks up           
 the balance.                                                                  
 REPRESENTATIVE ROKEBERG asked what the typical rate currently is.             
 MR. SNELL said AIDEA's taxable rate currently is probably in the              
 9.2 percent range.  The bank is usually prime plus something.                 
 REPRESENTATIVE ROKEBERG asked what AIDEA is selling their taxable             
 bonds for.                                                                    
 MR. SNELL indicated 9.25 to 9.50 depending on where the market is.            
 He explained his actual cost of money includes necessary loan loss            
 reserves, commitment fees and those types of things.                          
 REPRESENTATIVE ROKEBERG asked what is being done structurally.                
 MR. SNELL explained the SBA has undergone some rather significant             
 changes in their program.  They now do not guarantee as large                 
 amount under any given loan.  They've raised their fee structure to           
 where it is not very attractive and in a lot of cases not                     
 affordable to small business in the state.  He noted AIDEA has been           
 approached by the small business community along with the banking             
 institutions in the state asking them to modify their programs to             
 where it is more attractive for the use by the banks and small                
 businesses in the state.  It is predominately the result of the               
 federal government changes in the existing SBA Program.                       
 REPRESENTATIVE ROKEBERG asked what the loan to ratio would be if              
 there was a real estate loan of $1 million.                                   
 MR. SNELL explained it would be 75 percent loan to value or an                
 appraised value on the project not to exceed 80 percent.  He said             
 if the committee were to look at AIDEA's default rate, they would             
 agree that AIDEA probably does some of the toughest underwriting as           
 to the loans that are brought to them.                                        
 Number 1183                                                                   
 REPRESENTATIVE PORTER said AIDEA is going to ask the local                    
 utilities to oversee and pay the maintenance requirements for the             
 MR. SNELL said from the power sales agreement, they would be                  
 REPRESENTATIVE PORTER asked if that is currently being done by the            
 MR. SNELL said it is.                                                         
 REPRESENTATIVE PORTER asked if it is assumed that rates are going             
 to go up when this happens.                                                   
 MR. SNELL said the way the structure is set and the way that they             
 have calculated the purchase price with the Alaska Power                      
 Administration, it is AIDEA's belief that rates will remain                   
 substantially the same.  He noted any rate adjustments would have             
 to go before the Alaska Public Utilities Commission.                          
 Number 1284                                                                   
 REPRESENTATIVE ROKEBERG referred to page 4, line 24, subsection (2)           
 (c), "The authority may guarantee the payment of interest on the              
 guaranteed portion of a loan for the time and in the manner                   
 established by the authority by regulation," and questioned the               
 MR. SNELL explained the current program works in such a fashion               
 that the old program of AIDEA, the existing program of AIDEA, did             
 not guarantee interest on a loan that went into default.  The new             
 proposal, which would be adopted by regulation by the Authority,              
 they would move forward with public hearings and adopt regulations            
 that would allow interest payments under the guaranteed program up            
 to a period of ninety days.  He said AIDEA believes that is a                 
 prudent and reasonable time frame to allow the banker to move in              
 and to liquidate the collateral at the point that the loan was to             
 go into default.  It is something that currently exists under the             
 SBA Program.  He indicated he would schedule time with                        
 Representative Rokeberg to review the bill.                                   
 Number 1468                                                                   
 REPRESENTATIVE SANDERS made a motion to move HB 526, with                     
 accompanying fiscal notes and amendments.                                     
 CHAIRMAN KOTT asked if there was an objection.  Hearing none, CSHB            
 526(L&C) was moved out of the House Labor and Commerce Committee.             

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