Legislature(2009 - 2010)BARNES 124

02/18/2009 03:15 PM House LABOR & COMMERCE

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HB 90-AIDEA: BONDING LIMITS; CONFIDENTIALITY                                                                                  
3:19:52 PM                                                                                                                    
CHAIR OLSON announced  that the first order of  business would be                                                               
HOUSE BILL  NO. 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."                                                                                                             
3:19:58 PM                                                                                                                    
TED  LEONARD, Executive  Director, Alaska  Industrial Development                                                               
and Export  Authority (AIDEA), stated that  the Alaska Industrial                                                               
Development and Export Authority's  (AIDEA) mission is to provide                                                               
financing  to  promote  economic growth  and  diversification  in                                                               
Alaska.  He  opined that AIDEA fulfills its  mission by providing                                                               
Alaska   businesses  and   nonprofits  agencies   with  long-term                                                               
commercial and  development financing at  a reasonable cost.   He                                                               
related that  HB 90  would allow AIDEA  more flexibility  when it                                                               
issues bonds to ensure the  authority receives the most favorable                                                               
rates and  to reduce  overall costs  to AIDEA  and Alaskans.   He                                                               
explained that  the bill would  clarify and assure  borrowers and                                                               
development  applicants   that  certain  records  will   be  kept                                                               
3:21:52 PM                                                                                                                    
MR. LEONARD  reviewed the bill  sections, stating that  Section 1                                                               
of HB 90  would amend the bond limitation's  section by excluding                                                               
refunding  and  conduit revenue  bonds.    He related  that  this                                                               
section limits  the amount of bonds  that can be issued  in a 12-                                                               
month period  to $400,000.   He  offered that  the main  types of                                                               
bonds  that  AIDEA  issues are  general  obligation  (GO)  bonds,                                                               
revenue bonds,  conduit revenue bonds,  and refunding bonds.   He                                                               
clarified that  GO bonds and  revenue bonds are  typically issued                                                               
for project  development and to  fund AIDEA's  loan participation                                                               
bonds.  He  explained that GO bonds pledge the  general assets of                                                               
the  authority while  revenue  bonds pledge  the  revenue of  the                                                               
bond.   He further explained  that revenue bonds were  issued for                                                               
Snettisham Dam, and  are repaid directly from  the receipts AIDEA                                                               
receives from  the Alaska Electric  Light and Power (AEL&P).   He                                                               
explained that refunding bonds are  used to refinance and replace                                                               
existing bond debt  in order to obtain more favorable  terms.  He                                                               
offered  an analogy  by stating  that when  mortgage rates  drop,                                                               
homeowners want to  refinance to obtain lower finance  rates.  He                                                               
reiterated that similarly, refunding  bonds replace existing debt                                                               
with  new debt  at more  favorable  terms.   He highlighted  that                                                               
refunding bonds cannot be issued  unless economic benefits can be                                                               
demonstrated to the  bond market.  Thus, the  refunding bonds are                                                               
self-limiting since the  bonds are only used  to replace existing                                                               
3:23:51 PM                                                                                                                    
MR.  LEONARD  offered that  conduit  bonds  are used  to  provide                                                               
financing to  businesses and  nonprofits, where  AIDEA acts  as a                                                               
"conduit" for the issuance for  the taxable and tax exempt bonds.                                                               
He explained that under its  program, AIDEA has financed over 309                                                               
projects through $1.2 billion in  conduit bonds.  He related that                                                               
the bonds are slowly repaid  by the developer through the revenue                                                               
derived from the developer's project.   However, the AIDEA has no                                                               
financial obligation or risk for  the debt when it issues conduit                                                               
revenue bonds.  He highlighted  that the Internal Revenue Service                                                               
(IRS) limits the  amount of conduit revenue bonds  that the state                                                               
can  issue to  $260 million  annually.   He indicated  that AIDEA                                                               
must  obtain  approval from  the  bond  committee before  issuing                                                               
conduit revenue bonds.                                                                                                          
MR.  LEONARD  summarized that  the  refunding  bonds and  conduit                                                               
bonds  help promote  the  AIDEA's  mission without  substantially                                                               
increasing the  amount of its  outstanding debt.  He  stated that                                                               
the  purpose of  the bill  is to  ensure that  the 12  month bond                                                               
limitation would  not hamper AIDEA's  ability to issue  debt that                                                               
would provide  the authority and  businesses with  more favorable                                                               
terms or  lower capital cost.   He  further stated that  the bill                                                               
helps to ensure that AIDEA's  conduit revenue bond program is not                                                               
limited from providing conduit revenue bonds for businesses.                                                                    
3:25:44 PM                                                                                                                    
REPRESENTATIVE HOLMES  related her understanding with  respect to                                                               
refunding bonds  that AIDEA  can issue  up to  $400,000 in  a 12-                                                               
month  rolling  period.   She  asked  for clarification  for  the                                                               
exception for refunding bonds.                                                                                                  
3:26:44 PM                                                                                                                    
MR.  LEONARD responded  that  the issue  is one  of  timing.   He                                                               
highlighted that if  the municipal market is  positive, and rates                                                               
dropped, and AIDEA issued $250  million in refunding bonds for an                                                               
economic  development   project,  and  turned  $100   million  of                                                               
variable debt  to fixed  debt, that the  total issuance  of bonds                                                               
would be  $350 million.   If that  happened during the  same time                                                               
period,  then AIDEA  could  not issue  debt  through the  conduit                                                               
program  for perhaps  six months  or longer,  until the  12-month                                                               
period  passed, he  stated.    He said  he  anticipates that  the                                                               
conduit revenue  bond program  may become  more active  since the                                                               
Congress  just  passed  legislation  that  changes  what  can  be                                                               
included  in  industrial  development  bonds,  such  as  allowing                                                               
intangible  assets to  be included.   Thus,  the changes  make it                                                               
easier to issue bonds under the tax exempt status, he added.                                                                    
REPRESENTATIVE  HOLMES inquired  as  to  whether refunding  bonds                                                               
always  refund  underlying  debt  or  can debt  be  added  to  an                                                               
existing bond.                                                                                                                  
MR. LEONARD  related his understanding  that the  refunding bonds                                                               
could also include issuance cost,  but he offered his belief that                                                               
new debt could not be added in the process.                                                                                     
3:29:08 PM                                                                                                                    
VALORIE  WALKER,  Deputy  Director,  Finance,  Alaska  Industrial                                                               
Development &  Export Authority (AIDEA),  stated that  she agrees                                                               
with  Mr. Leonard.    She explained  that  refunding bonds  could                                                               
include cost of issuance and  additional amounts to fund reserves                                                               
but the costs would be related to the original issue of bonds.                                                                  
3:29:51 PM                                                                                                                    
REPRESENTATIVE HOLMES  related her understanding  that additional                                                               
costs could  be added  but that  the underlying  obligation would                                                               
not be doubled.                                                                                                                 
MR. LEONARD agreed.                                                                                                             
3:30:06 PM                                                                                                                    
MS.  WALKER,  in response  to  Representative  Buch, stated  that                                                               
Bradley  Lake was  Alaska  Energy Authority  bonds  so this  bill                                                               
would not apply to those bonds.                                                                                                 
MR. LEONARD,  in response  to Representative  Chenault, explained                                                               
that  conduit revenue  bonds amount  to $464  million outstanding                                                               
since 1995.                                                                                                                     
REPRESENTATIVE  CHENAULT   related  his  understanding   that  by                                                               
excluding refunding  bonds and conduit revenue  bonds AIDEA would                                                               
expand  its ability  to bond  for different  projects.   However,                                                               
currently  the AIDEA  is restricted  by  a total  amount of  $400                                                               
million.    He  inquired  as   to  how  much  additional  bonding                                                               
authority would be provided by this bill.                                                                                       
MR.  LEONARD responded  that it  would depend  on how  many bonds                                                               
come to  us.   He explained  that the AIDEA  has $200  million in                                                               
outstanding  bonds.    Additionally,   $463  million  in  conduit                                                               
revenue  bonds are  outstanding.   However,  he reminded  members                                                               
that  the  conduit  revenue  bonds   do  not  appear  on  AIDEA's                                                               
financial statements,  except as a  note to mention  the program.                                                               
He reiterated  that refunding  bonds are  self limiting  to bonds                                                               
that are  outstanding.  Thus,  those bonds are replaced  with new                                                               
bonds.   An  overall  limitation exists  on  the conduit  revenue                                                               
bonds with  the state,  but the AIDEA  is essentially  a "conduit                                                               
for  nonprofits and  businesses" to  have access  to the  capital                                                               
3:33:41 PM                                                                                                                    
REPRESENTATIVE  CHENAULT expressed  his  concern  that the  state                                                               
could double  its bonding authority.   He inquired as  to whether                                                               
AIDEA would  need to  come back to  the legislature  for approval                                                               
prior  to issuing  bonds.   He summarized  that he  did not  want                                                               
AIDEA to have unlimited bonding authority.                                                                                      
MR.  LEONARD explained  that  the conduit  revenue  bonds do  not                                                               
affect AIDEA's  bonding capacity since they  are "conduit" bonds.                                                               
He  related   that  the  conduit  revenue   bonds  help  economic                                                               
development access  to the capital markets.   Additionally, small                                                               
businesses  in manufacturing  or that  meet certain  criteria can                                                               
use  tax-exempt  bonding authority  instead  of  a taxable  bond,                                                               
which can lower the rate.                                                                                                       
3:36:12 PM                                                                                                                    
MS. WALKER  explained that HB  90 would limit AIDEA's  ability to                                                               
issue new  money bonds  to $400 million  in any  12-month period.                                                               
This  section  of  the  bill  requests  the  ability  to  exclude                                                               
refunding  bonds  and  conduit   revenue  bonds.    However,  the                                                               
limitation of  $400 million  in any 12  month period  would still                                                               
apply.    She  highlighted  that  this  issue  arose  when  AIDEA                                                               
initially  issued  bonds  the  bonds tended  to  be  small  bonds                                                               
ranging from  under $1  million or under  $10 million.   However,                                                               
the IRS  rules changed.   She explained that the  conduit revenue                                                               
bonds  are   used  by  tax-exempt  organizations   under  Section                                                               
501(c)(3) of the  Internal Revenue Code.   Typically, the conduit                                                               
revenue  bonds  are used  by  hospitals,  for very  large  dollar                                                               
amounts.   She related  that the  AIDEA has  no control  over the                                                               
timing  of conduit  revenue  bonds.   She  stated  that AIDEA  is                                                               
currently working on refunding a  conduit revenue bond that three                                                               
weeks ago was not known.  She  related that the bond could be for                                                               
$127  million.   In  the event  that AIDEA  needed  to refund  an                                                               
outstanding variable  rate debt or  issue a refunding  bond, that                                                               
the $127 million  could limit the AIDEA's authority  to issue any                                                               
additional bonds during a 12-month  period, or to issue bonds for                                                               
a conduit, since the bonds are all lumped together.                                                                             
3:38:19 PM                                                                                                                    
MR.  LEONARD, in  response to  Representative Chenault,  answered                                                               
that the  AIDEA is not  over the  limit on its  bonding authority                                                               
since the $400  million refers to the limit that  AIDEA can issue                                                               
in bonds  during a 12-month  period.   He related that  since the                                                               
1980s  that  AIDEA  has  issued about  $1.2  billion  in  conduit                                                               
revenue bonds and the amount left outstanding is $463 million.                                                                  
3:39:13 PM                                                                                                                    
MR. LEONARD, in response to  Chair Olson, stated that the state's                                                               
Standard &  Poor's rating is AA.   He stated that  the state went                                                               
from a rating of A to AA, which is better than many states.                                                                     
3:39:45 PM                                                                                                                    
REPRESENTATIVE BUCH inquired  if Section 2 of HB  90 would remove                                                               
the obligation for AIDEA to  come to the legislature for approval                                                               
would not be necessary.                                                                                                         
MR. LEONARD responded that Section 2  of HB 90 removes the sunset                                                               
authority.  Additionally,  this would allow AIDEA  to issue bonds                                                               
under  $10  million,  but  requires  AIDEA  to  seek  legislative                                                               
approval  on any  bonds issued  over $10  million.   However, the                                                               
limit in  Section 1  would still  apply, which  is not  to exceed                                                               
$400 million during a 12-month period.                                                                                          
3:40:55 PM                                                                                                                    
REPRESENTATIVE CHENAULT inquired as to  whether there are any big                                                               
projects that would need legislative approval.                                                                                  
MR.  LEONARD answered  that  while no  official  action has  been                                                               
taken, that  Fairbanks Natural  Gas, as  well as  possible Alaska                                                               
Energy Authority's  (AEA) energy projects could  need legislative                                                               
MR.  LEONARD, in  response to  Representative Chenault,  answered                                                               
that AEA has bonding authority.   He surmised that AIDEA probably                                                               
has better  capacity to service  debt than  for AEA to  start its                                                               
own program.                                                                                                                    
REPRESENTATIVE  CHENAULT inquired  as to  whether AEA  could bond                                                               
more  since the  state would  be "on  the hook"  versus if  AIDEA                                                               
bonded that AIDEA or the consumer would be "on the hook".                                                                       
MR. LEONARD offered his belief that  AEA could not own a project,                                                               
but AIDEA could bond and have  a development project, such as the                                                               
Red Dog Mine  in Western Alaska.  He acknowledged  that he is not                                                               
an expert on AEA's statutes.                                                                                                    
3:43:27 PM                                                                                                                    
REPRESENTATIVE COGHILL,  in response to Chair  Olson, related his                                                               
understanding that Fairbanks Natural Gas,  LLC was seeking a $250                                                               
million  bond.   However,  he  offered  that private  capital  is                                                               
available.   Thus, asking for  bonding would create a  big hurdle                                                               
for him since private capital is available, he opined.                                                                          
MR. LEONARD  offered that  AIDEA will  look at  any project.   He                                                               
stated  that AIDEA  does not  conduct due  diligence on  projects                                                               
REPRESENTATIVE COGHILL  clarified that the project  is conceptual                                                               
and that  the $250 million  is also  conceptual and has  not been                                                               
3:45:35 PM                                                                                                                    
MR.  LEONARD,  in  response  to   Chair  Olson  offered  possible                                                               
projects for  AIDEA involvement include  the Red Dog Mine  for an                                                               
estimated $300  million for a  deep port, and  Ketchikan shipyard                                                               
for an additional  $40 to $50 million for expansion  of its dock.                                                               
He related that AIDEA has not  yet been asked for assistance, but                                                               
that it is ready and willing to help.                                                                                           
REPRESENTATIVE  COGHILL mentioned  that  a preliminary  agreement                                                               
has been reached on the Healy Clean Coal issue.                                                                                 
MR. LEONARD related  that AIDEA has assets  of approximately $930                                                               
million.  Thus,  AIDEA has its own bonding capacity,  but that as                                                               
it  issues bonds  its ability  goes down,  except when  it issues                                                               
conduit revenue bonds.                                                                                                          
3:47:42 PM                                                                                                                    
MR.  LEONARD, in  response  to  Representative Neuman,  explained                                                               
that the bill was formulated  as AIDEA projected its programs and                                                               
realized  the potential  existed  that could  affect the  conduit                                                               
revenue  bond  program  and  in   terms  of  the  confidentiality                                                               
sections,  whether borrowers'  proprietary  information could  be                                                               
kept confidential.                                                                                                              
MR.  LEONARD, in  response  to  Representative Neuman,  explained                                                               
that when  AIDEA issues a  conduit revenue bond, the  bond market                                                               
understands AIDEA's role.  He  related his understanding that the                                                               
bonds are  based on the  borrower's financial statements  and the                                                               
project.   He  said, "They  realize they  cannot go  back against                                                               
AIDEA for  those bonds  so they  know they  are not  buying AIDEA                                                               
bonds.   They're actually buying  Fairbanks Hospital bonds."   He                                                               
related  that this  helps businesses  use  AIDEA's expertise  and                                                               
bond attorneys to  issue these bonds.  He pointed  out that AIDEA                                                               
does charge an application fee of  $500, plus one percent for the                                                               
$1 million, then  a half a percent  from $1 to $5  million, and a                                                               
quarter percent  from $5 to $15  million.  Thus, in  essence when                                                               
people buy  these bonds,  they have knowledge  that AIDEA  is not                                                               
pledging its assets or its credit.                                                                                              
3:50:38 PM                                                                                                                    
REPRESENTATIVE NEUMAN  related that with the  economy collapsing,                                                               
he confessed  a general uneasiness  that a state agency  would be                                                               
used as  a conduit  for businesses that  cannot obtain  their own                                                               
bonding authority.                                                                                                              
MR. LEONARD said:                                                                                                               
     In actuality, that is the  function of AIDEA.  AIDEA is                                                                    
     there to allow  access to capital markets.   We do that                                                                    
     through our loan participation program.   We have about                                                                    
     $400  million in  small loans  to  businesses, and  our                                                                    
     conduit   revenue  bond,   again,  is   the  way   that                                                                    
     nonprofits can get to the capital markets.                                                                                 
3:51:38 PM                                                                                                                    
REPRESENTATIVE  COGHILL  related  his understanding  that  AIDEA,                                                               
along with AEA and the  Alaska Housing Finance Corporation (AHFC)                                                               
were specifically  designed to turn  some of Alaska's  oil riches                                                               
into a  method to reinvest  in economic development.   He offered                                                               
that  the  argument all  along  as  been  whether this  is  "real                                                               
economy" or "subsidized economy".                                                                                               
3:52:11 PM                                                                                                                    
REPRESENTATIVE  NEUMAN inquired  as to  the amount  of delinquent                                                               
MR. LEONARD responded that none  of AIDEA's bonds are delinquent.                                                               
He opined  that of about  $370 million that the  loan delinquency                                                               
rate is one-tenth of a percent.                                                                                                 
3:52:53 PM                                                                                                                    
CHRIS ANDERSON,  Deputy Director,  Credit, AIDEA,  estimated that                                                               
right now  the delinquency ratio  is close,  at .13 of  a percent                                                               
which is  for loans  that are  delinquent 90 days  or more.   She                                                               
related  that is  the lowest  rate  in the  past two  and a  half                                                               
years.    She  said,  "Our  delinquencies  on  the  participation                                                               
program, at least currently are in very good shape."                                                                            
3:53:44 PM                                                                                                                    
REPRESENTATIVE  COGHILL  made  a  motion to  adopt  Amendment  1,                                                               
labeled, 26-GH1043\A.1, Bannister, 12/9/10, which read:                                                                         
     Page 2, line 30, through page 3, line 3:                                                                                   
          Delete all material.                                                                                                  
     Renumber the following bill sections accordingly.                                                                          
There being no objection, Amendment 1 was adopted.                                                                              
3:54:05 PM                                                                                                                    
MR. LEONARD explained that the language  in Section 4 of HB 90 is                                                               
existing statute for AS 44.88.215 (b).                                                                                          
3:54:33 PM                                                                                                                    
BRIAN  BJORQUIST, Senior  Assistant Attorney  General, Labor  and                                                               
State  Affairs  Section,  Department  of Law,  explained  that  a                                                               
mistake  was made  in the  process  of developing  the bill,  but                                                               
since no changes were made to  the AS 44.88.215 (b), the entirety                                                               
of Section 4 of the bill can be deleted.                                                                                        
3:55:07 PM                                                                                                                    
MR. LEONARD  explained that  Section 2 of  HB 90  would reinstate                                                               
the  authority's ability  to issue  bonds that  existed prior  to                                                               
July  1, 2007,  which essentially  removes the  sunset provision.                                                               
This also  would clarify in  statute that AIDEA may  use proceeds                                                               
from refunding bonds  to fund reserves and  finance certain costs                                                               
and expenses  associated with  issuing the  refunding bonds.   He                                                               
stated that due to the  statutory sunset AIDEA currently requires                                                               
legislative  approval to  issue  any bonds  except the  refunding                                                               
bonds and  conduit revenue bonds.   He reiterated that  Section 2                                                               
would  eliminate the  sunset and  enable the  authority to  issue                                                               
most  types of  bonds less  than $10  million, but  would require                                                               
AIDEA  to seek  legislative approval  on bonds  over $10  million                                                               
that  would  assist  the  financing  of  AIDEA-owned  development                                                               
projects.   He mentioned  that provision  refers primarily  to GO                                                               
bonds and refunding bonds on its own projects.                                                                                  
3:56:31 PM                                                                                                                    
REPRESENTATIVE  HOLMES  related   her  understanding  that  under                                                               
existing law  and this proposed  bill that AIDEA can  issue bonds                                                               
under $10 million,  but must come to legislature  for approval on                                                               
bonds over $10 million.                                                                                                         
MR.  LEONARD  responded  that  this  section  would  restore  the                                                               
language  prior to  the sunset.   He  confirmed that  AIDEA would                                                               
need to have legislative approval for bonding over $10 million.                                                                 
3:57:21 PM                                                                                                                    
MR.  LEONARD explained  that  Section  3-6 of  HB  90 would  help                                                               
clarify that  certain records and  information provided  to AIDEA                                                               
are  confidential,   and  would   establish  processes   for  the                                                               
authority to determine confidentiality.   He reiterated borrowers                                                               
held concerns  about the  type of records  that AIDEA  would keep                                                               
confidential  and  the  type  of   process  AIDEA  would  use  to                                                               
determine  confidentiality.   He  stated that  Section 6  further                                                               
clarifies  by adding  a  definition for  trade  secrets based  on                                                               
existing AS 45.50.940.  He  detailed that Section 5 establishes a                                                               
process  for  AIDEA  to  determine which  records  will  be  kept                                                               
confidential.   The applicant  must request  confidentiality, and                                                               
make  an adequate  showing  to the  executive  director that  the                                                               
records should be kept confidential,  who will then decide if the                                                               
records   or  information   meet  the   statutory  criteria   for                                                               
confidentiality.  He related that  these sections give applicants                                                               
greater  assurance  from  the  beginning  of  the  process  which                                                               
records  are  confidential.    He   noted  that  during  the  due                                                               
diligence  process, that  in order  to determine  the applicant's                                                               
financial ability,  "we delve  very deeply  into the  records and                                                               
their  business."   He stated  that applicants  expressed concern                                                               
that a  competitor might request public  records and confidential                                                               
information would be released.                                                                                                  
4:00:01 PM                                                                                                                    
REPRESENTATIVE COGHILL  related his understanding that  more of a                                                               
burden would  be placed on  the executive director.   He inquired                                                               
as  to whether  "adequate  showing"  is a  term  of  art that  is                                                               
understood or if it would result in a lawsuit.                                                                                  
4:01:14 PM                                                                                                                    
MR.  BJORQUIST  stated  that  the  requirement  for  an  adequate                                                               
showing  would  require  that the  applicant  provide  sufficient                                                               
information  to the  executive director  to demonstrate  that the                                                               
information  fits within  the  list of  types  of documents  that                                                               
under the statute are confidential.   He related that rather than                                                               
listing  confidential  documents, a  process  is  set up  so  the                                                               
person  demonstrates   the  documents   meet  the   criteria  for                                                               
confidentiality.   He  said that  the  executive director,  under                                                               
Section 5  would make a determination  that it fits in  the list.                                                               
Currently,  anyone who  provides  information and  fits into  the                                                               
list  of confidential  documents  is automatically  confidential.                                                               
However, the  difficulty is that a  mechanism is not in  place to                                                               
make  a  determination  at  the  outset,  whether  the  statutory                                                               
criteria have  been met or not.   Thus, the adequate  showing and                                                               
the  subsequent determination  by the  executive director  merely                                                               
puts into place  a process that would allow  the determination to                                                               
occur  earlier in  the process,  rather than  leaving a  question                                                               
about when  the determination will  be made and  ultimately which                                                               
documents will be considered confidential.                                                                                      
4:03:28 PM                                                                                                                    
REPRESENTATIVE  COGHILL  related   his  understanding  that  this                                                               
narrows the  process to  make a  clearer process  for determining                                                               
confidentiality  of proprietary  documents.   He  inquired as  to                                                               
whether  the  additional language  in  Section  5 will  make  the                                                               
process   more  entangled.     In   response   to  Mr.   Leonard,                                                               
Representative  Coghill  stated  he reviewed  the  definition  of                                                               
"trade  secrets" in  AS  45.50.940.   He  expressed concern  that                                                               
Section 5 of the bill may cause litigation as written.                                                                          
4:05:24 PM                                                                                                                    
CHAIR  OLSON offered  that it  not his  intention to  move HB  90                                                               
4:05:32 PM                                                                                                                    
MR. LEONARD stated that Section 8  would add an effective date of                                                               
July 1, 2009.                                                                                                                   
4:06:05 PM                                                                                                                    
MR. BJORQUIST explained that this  bill would take effect July 1,                                                               
2009.  However, the 12-month  period overlap before and after the                                                               
dates in  Section 1 apply  so the  terms of this  provision would                                                               
apply to  any bonds  issued after  July 1,  2009, but  would also                                                               
include any bonds issued 12-months prior to that date.                                                                          
4:06:44 PM                                                                                                                    
CHAIR OLSON,  after first determining  no one wished  to testify,                                                               
closed public testimony on HB 90.   He clarified that Amendment 1                                                               
was previously adopted, and the bill would be held over.                                                                        

Document Name Date/Time Subjects
01 HB90 ver A.pdf HL&C 2/18/2009 3:15:00 PM
HB 90
01 HB101ver R.PDF HL&C 2/18/2009 3:15:00 PM
HB 101
Feb 18 Packet Information.doc HL&C 2/18/2009 3:15:00 PM
02 HB90 Sectional Analysis.pdf HL&C 2/18/2009 3:15:00 PM
HB 90
03 HB90 0043-CED-AIDEA-12-12-08.pdf HL&C 2/18/2009 3:15:00 PM
HB 90
04 HB90 Proposed Amendment.pdf HL&C 2/18/2009 3:15:00 PM
HB 90
05 HB90 Ltr. to Rep. Olson February 3, 2009.pdf HL&C 2/18/2009 3:15:00 PM
HB 90
06 HB90 HJournal-Gov Transmittal Letter.pdf HL&C 2/18/2009 3:15:00 PM
HB 90
02 HB101 Sponsor Statement.PDF HL&C 2/18/2009 3:15:00 PM
HB 101
03 HB101 Sectional Analysis.PDF HL&C 2/18/2009 3:15:00 PM
HB 101