Bill > SB125

This bill establishes the Alaska Gasline Finance Corporation (AGFC), a public corporation within the Department of Revenue, with the primary purpose of financing a natural gas pipeline in Alaska. The corporation will be governed by a board of five directors, consisting of four public members appointed by the governor who have expertise in project financing, and the commissioner of revenue. The board members will serve staggered five-year terms, with initial members having varied term lengths. The corporation is empowered to develop financing strategies for the pipeline, contract with various financial service providers, and create a dedicated fund that can receive legislative appropriations, proceeds from pipeline ownership share sales, and other revenues. A unique feature of the bill allows Alaskans to voluntarily invest their entire annual Permanent Fund Dividend into shares of the natural gas pipeline, with an option to commit to purchasing shares for at least three consecutive years. The share purchases can be made by individuals or their authorized representatives, though public agencies cannot make such investments on behalf of individuals. The bill provides flexibility in share investment amounts, particularly during the initial offering, and allows the corporation to adopt necessary regulations to implement these provisions.

Agriculture and Natural Resources

https://www.akleg.gov/basis/Bill/Detail/34?Root=SB125