Legislation introduced for AIDEA.

• Position: Alaska Industrial Development and Export Authority

JUNEAU - Gov. Tony Knowles has introduced legislation extending the bonding authority of Alaska Industrial Development and Export Authority (AIDEA) and integrating its loan-guarantee programs for Alaskan exporters.

"In the 30 years since our predecessors had the forethought to create AIDEA, the authority has helped create thousands of jobs for Alaskans by forging public/private partnerships that strengthen the state's economic base," Knowles said.

He said the bill allows AIDEA to continue its mission while enhancing its ability to help exporters establish new markets overseas. AIDEA's bonding authority sunsets July 1.

AIDEA's ability to respond timely to business requests and changing market conditions would be severely curtailed without this authority, stated Knowles. AIDEA issues bonds to assist developmental projects, such as road and port development at the Red Dog Mine, and conduit-revenue bond financing. The bonds also provide lower-rate financing for Alaskan projects without involving the credit of AIDEA or the state.

In 1997, AIDEA issued $71 million in tax-exempt, conduit-revenue bonds to help finance a portion of the Fort Knox Gold Mine near Fairbanks, and $23 million in bonds for the Goat Lake Hydroelectric project near Skagway.

In March, AIDEA engineered the largest bond sale in its history, selling $150 million of insured, general-obligation bonds, largely to finance a port expansion at the AIDEA-owned...