AK HB338

Increases the Alaska Municipal Bond Bank Authority's total outstanding bonds and notes limit from $750 million to $1 billion.

Authorizes the Alaska Municipal Bond Bank Authority to reallocate unused recovery zone economic development bond volume caps that are waived by boroughs or deemed waived as of June 30, 2010.

Authorizes the Alaska Industrial Development and Export Authority to reallocate unused recovery zone facility bond volume caps that are waived by boroughs or deemed waived as of June 30, 2010.

Requires all issuers of recovery zone bonds to notify the respective authorities in writing of the principal amount and issuance date of bonds issued under federal recovery zone bond programs.

Removes a prior exclusion that prohibited revenue bonds for electrical generation purposes other than diesel-powered generation from qualifying as municipal bonds under the bond bank authority's definition.