The Seal of the State of Alaska
  Help    

   
Alaska State Legislature
    Home  |  News  |  Legislators  |  Committees  |  Bills  |  Surveys  |  Archives  |  AchievementsAlaska State Legislature
Alaska State Legislature
Alaska State Legislature
Alaska State Legislature
Alaska State Legislature

Advanced Search
Alaska State Legislature
· Suggest A Link  
Alaska State Legislature
Alaska State Legislature
Alaska State Legislature
· Fiscal Solutions Survey  
· Contact Staff  
· Biography  
· Committee Memberships  
· Finance Committee  
· Press Releases  
· Opinion-Editorial  
· Past Press Releases  
· Personal Legislation  
· Co-Sponsored Legislation  
· Past Legislation  
· District Announcements  
· District Newsletters
& Info
 
· District Web Links  
Alaska State Legislature
Alaska State Legislature
Alaska State Legislature

District 1 Info
House Finance Committee Info

Archives   Privacy
Alaska State Legislature
Alaska State Legislature

Alaska State Legislature
Alaska State Legislature
24th Alaska State Legislature
The Alaska State Legislature
Alaska State House Representative Bill Williams
Information  

Click image for large 5'' x 7'' portrait
Session:
State Capitol, Room 511
Juneau, AK 99801-1182
Phone: (907) 465-3424
Fax: (907) 465-3793
Toll Free: (800) 303-2455


Interim:
50 Front St. Suite 203
Ketchikan, AK 99901
Phone: (907) 247-4672
Fax: (907) 225-8546


4 Dam Pool Joint Action Agency
Sponsor Statement for HB 495
Alaska State Legislature
Alaska State Legislature
Attachments Attachments
 
Last Updated:
March 2, 2004
Peter Ecklund
Finance Committee Aide
465-3424 (Jan-May)
247-4672 (Jun-Dec)




"The main purpose of this legislation is to allow the Four Dam Pool Power Agency to refinance a $73 million loan owed to AIDEA."
- Rep. Williams

 

"An Act relating to the four dam pool joint action agency; and providing for an effective date."

The main purpose of this legislation is to allow the Four Dam Pool Power Agency (FDPPA), the first agency formed under the statute allowing joint action agencies (JAA's), to refinance their approximately $73 million loan owed to the Alaska Industrial Development and Export Authority (AIDEA).

HB 495 clarifies existing JAA statute to state explicitly that joint action agencies are political subdivisions of the state for the purposes of securities law. This is necessary if the FDPPA is to avoid certain expensive and damaging hurdles having to do with registration of securities under some bond sale circumstances.

Further, the legislation allows the agency to mortgage the four dam pool assets. Such a mortgage will likely be necessary in order to sell the bonds as contemplated. The assets are presently mortgaged to AIDEA, just as they would be mortgaged to the new lenders.

The legislation re-states the important principal established by the legislature that the Four Dam Pool assets may not be sold to a party outside the FDPPA without legislative approval. However, it makes it clear that mortgaging the assets- or a foreclosure under the terms of that mortgage- does not constitute a sale under this restriction, providing that certain requirements are met.

When this refinancing occurs and the AIDEA loan is retired, the state and consumers in a large part of Alaska will benefit by:

  • Allowing the FDPPA to return approximately $73 million to AIDEA for other uses
  • Helping consumers of Four Dam Pool power by lowering interest rates and administrative costs associated with the acquisition

I urge your favorable consideration of this important legislation.

# # #

 
Attachments:
 
·
Print Text Version
· Acrobat PDF Version
Requires Adobe Acrobat PDF Reader = 1 page
20 KB
 


Sign Up For E-News!

Unsubscribe  Privacy
Alaska State Legislature
· 25th Legislature Info
House Majority
House Minority
Senate Majority
Senate Minority
BASIS
 
· 24th Leg. Special Session Info  
· Oil & Gas Production Tax Information  
· Keyword Search  
· Legislator Districts  
· Photo Table  
· Passed Legislation  
· Past Legislatures  
· More Web Tools  
· Majority Press Staff  
· Information Offices  
Requires Real Audio Player = Adobe PDF Reader  
Requires Real Audio Player = Real Audio Player  
Requires Real Audio Player = MP3 Audio Player  
Alaska State Legislature
Alaska State Legislature
Alaska State Legislature

1 Viewer(s)

Total at this time.
Alaska State Legislature
Alaska State Legislature
   
Alaska State Legislature
Home  |  News  |  Legislators  |  Committees  |  Bills  |  Surveys  |  Archives  |  E-News  |  HelpAlaska State Legislature
Alaska State Legislature
The Official Web Site of the House and Senate Legislative Majorities
for the Alaska State Legislature

To Report Technical Problems or Contact Webmasterse-mail address list