AK HB388

Establishes the Cook Inlet reserve-based lending fund within the Alaska Industrial Development and Export Authority to make loans for oil and gas development projects in the Cook Inlet sedimentary basin.

Authorizes the authority to set interest rates on reserve-based loans that may be below the authority's cost of funds.

Adds the Cook Inlet reserve-based lending fund to the authority's dividend payment policy, requiring 25-50 percent of net income be distributed annually while not exceeding total unrestricted net income.

Requires the authority to prepare an annual report by the first day of each legislative session evaluating Cook Inlet oil and gas development projects and including cost estimates, recoverable gas potential, and funding requirements.

Permits the authority to create subsidiaries for acquiring, owning, operating, or financing projects, with subsidiaries able to borrow money and issue bonds independently from the authority's liabilities.