CSHB 92(FIN) Summary

• Authorizes the state commissioner to borrow money in anticipation of revenue collection and explicitly includes authority to enter into revenue anticipation notes and other forms of short-term borrowing.

• Replaces specific language about "notes" with broader language about "agreements to borrow money," allowing flexible borrowing arrangements determined at the commissioner's discretion based on best financial interests of the state.

• Removes previous restrictions on note sales, including the requirement that notes cannot be sold at less than par and accrued interest, giving the commissioner greater flexibility in loan terms.

• Requires the commissioner to notify the Legislative Budget and Audit Committee within 30 days of executing any borrowing agreement, including the financial terms and explanation for why the agreement serves the state's best interests.

• Repeals AS 43.08.060 and takes effect July 1, 2021.