HCS SB 239 Summary

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

• Requires the Regulatory Commission of Alaska to determine if gas sales prices from projects funded by Cook Inlet loans constitute just and reasonable immediate delivery prices, and requires the authority to assess whether oil and gas sales prices are reasonable and in residents' best interests.

• Authorizes the authority to accept ownership shares in funded projects in the form of carried interests (not obligating the authority to pay development costs) and overriding royalty interests subject to Department of Natural Resources approval.

• Requires the authority to prepare annual reports to the legislature on Cook Inlet oil and gas development projects and reserve-based loans, including borrower identification, loan amounts, project status, and payment information.

• Expands the authority's powers to provide financing for construction of new workforce housing facilities (residential housing with five or more dwelling units) and grants the Department of Revenue and Department of Natural Resources authority to provide reasonable assistance to the authority.