[{"_1":2,"_100":-5,"_101":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6304182,"mediaKeyId","2468461-eb320aa6f6fec2a2c4c93c91175ef78e","parentId",2468461,"title","AIDEA describes conditional $50 million backstop for AGDC feed work; lawmakers raise legal concerns","audioSeconds",1314,"startMs",3336000,"endMs",4650000,"viewUrl","/Search/View?dp=1&key=2468461-eb320aa6f6fec2a2c4c93c91175ef78e&start=3336&end=4650","thumbnailUrl","https://assets.pipeline.soar.com/2468461-eb320aa6f6fec2a2c4c93c91175ef78e/thumbnail_3336000.jpg","articleUrl","/articles/6304182/Alaska/AIDEA-describes-conditional-50-million-backstop-for-AGDC-feed-work-lawmakers-raise-legal-concerns","mediaUrl","https://secure.pipeline.soar.com/6304182-82ad5c426f553f512827d6d62237e50c/orig.mp4?Expires=1771161665&Signature=I8MKzdg5qTuqAPMK4~OgQA8O6yB63q8mxOwetd37bALkJ-aehWbTbuRCm0NkUlulOz7SpsCzyFrGiI2GwegXryKeVqVTWs--w1aVibGynw3BNvMcf3c~Y1K2kJfh0IawI539n95CJL4pzyag6sjosZnImy9yhWG2OKaYW5ezzvc-bsLHKsP4u1VRkAWGMtP5Mdmme7Ky4PNMhhXPv1iqMxnBHeW2ldLebfcv5SwjgXkbNNEjLSI2C7d8VY96vgjmZICKslXh10-kDh28VKCrRfBiYAw4AIxF8iimoZmwDDOdXX~frceeX1-oqTdCQG1v8W13Klf~bt6kbnap6x4Y0g__&Key-Pair-Id=KUT5TJCACFTXG","author","Alaska Legislature","date","2025-02-28T00:00:00Z","article","The Alaska Industrial Development and Export Authority told the House Finance Committee on Feb. 28 that it has negotiated a conditional corporate guarantee — described by witnesses as a backstop — related to the Alaska Gasline Development Corporation’s (AGDC) pipeline work. AIDEA said the backstop would be limited to actual feed-work costs and would be invoked only if the project’s final investment decision (FID) is not taken.

“It's a contract,” Executive Director Randy Ruraro said of the guarantee. “The guarantee in this case is somewhat unique in that it's both limited in amount and conditional on the occurrence of whether FID is taken or not. So it is limited in an amount up to… up to 50,000,000, but really up to the actual amount and cost for feed work actually performed.” He added that AIDEA would not pay more than actual costs and that if FID is taken, “not even a penny that would leave AIDEA’s accounts and reserve funds.”

Committee members asked how feed work would be handled if a private sponsor chose not to proceed. Ruraro said feed work is paid by 8star/Glenfarn/AGDC while work proceeds and that contractual terms would allow AIDEA to retain the feed-product if the sponsor walked away. “As feed work is being performed, it's paid for through the funds of 8 star and Glenfarn and AGDC. So no dollars leave 8's accounts, until and unless, FID is not taken,” Ruraro said. “If Bridal is not taken, there are… contract terms that we put in place to where we would retain the feed work product.”

The backstop and AIDEA’s broader authority prompted legal questions from committee leadership. Co-chair Josephson said he had received a legal opinion arguing that certain cases (he cited De Armond and Laverty) support the legislature’s continued appropriation power and that unobligated AIDEA receipts remained subject to legislative control. “I have a legal opinion that suggests that De Armond is… there are other decisions, for example, Laverty… that says public corporations ‘must meet constitutional mandates,’” Josephson said, adding that he believed unobligated dollars remain within legislative prerogative.

Ruraro responded that AIDEA believes the statutes and case law support segregating AIDEA receipts from the state treasury in many respects, but he acknowledged there is room for difference of opinion. “We don't disagree that the legislature… is a creature of the legislature, and subject to some legislative control. But we feel like, in this case, prior legislatures have set up a system to segregate from state funds,” he said.

The committee also heard that AIDEA seeks to retain feed work product and would structure guarantees so exposure is limited to actual costs and conditional on FID. Lawmakers asked for follow-up on contract terms and the precise limits of the guarantee; AIDEA staff said those negotiations are ongoing and that final numbers are not yet set.

Ending: The committee recorded the discussion for legislative oversight; lawmakers asked AIDEA to provide contract-level clarifications and documentation about the backstop and any potential exposures.","mediaType","Video","parentTitle","02/28/2025 01:30 PM House FINANCE","oneSentenceSummary","The Alaska Industrial Development and Export Authority told the House Finance Committee on Feb. 28 it has negotiated a conditional corporate guarantee related to AGDC pipeline feed work, limited to actual feed costs and invoked only if a final investment decision is not taken.","taxTitle","2025 Legislature Alaska, Alaska","taxId",78559,"location","Alaska","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6304185,"AIDEA reports $1.49 billion net position, board declares $20 million dividend for 2026",1473,763000,2236000,"/Search/View?dp=1&key=2468461-eb320aa6f6fec2a2c4c93c91175ef78e&start=763&end=2236","https://assets.pipeline.soar.com/2468461-eb320aa6f6fec2a2c4c93c91175ef78e/thumbnail_763000.jpg","/articles/6304185/Alaska/AIDEA-reports-149-billion-net-position-board-declares-20-million-dividend-for-2026","https://secure.pipeline.soar.com/6304185-84cde5c7d24f32bdddf05103276310e1/orig.mp4?Expires=1771161665&Signature=Xrl8vvh2X4XGYJvEfgiS137UNfFkny8MPOlhVkIlZPlt6U7~nacpjc-XutImabVQjOnZbsjvLIXUROc~dlajQXKviyfszLWBVvHYGkfWuTFRLLzffysmh8Sf8A-FyCBTrm2NYGCfP13bIPeO2esHwsSTDxweZX9goKG2dXew9oYi8nJt3Njj2E3lqfi4xT3Aq1-QTGjAa5uxjI3D1FXoZ98amPXNe3JZs8zyJv1V1yAOycq5yrlfwrP4-LB6y414JXMek24zVYtybuWUzafMpv52uyFBJgcc-4ODtG7gfYRydPUuyxw3vx~BdK5TELpP7370nQAh-Zc2kriDd8PLfw__&Key-Pair-Id=KUT5TJCACFTXG","The Alaska Industrial Development and Export Authority told the House Finance Committee on Feb. 28 that it has a $1.49 billion net position and that its board approved a $20 million dividend for 2026, a level the authority said amounts to roughly 32 percent of statutory net income.

Executive Director Randy Ruraro summarized AIDEA’s balance sheet and recent activity for the committee. “ADA has a roughly 1,490,000,000.00 net position,” Ruraro said, adding that “almost half of that net position is accounts receivables or loan receivables. It’s not cash.” He told lawmakers that the authority’s cash balances are lower than in recent years because the board committed roughly $200 million to several projects in 2024 and that some assets are invested on a six-year time horizon.

The nut of the presentation for legislators was the dividend and the agency’s near-term cash commitments. Ruraro said the board declared a $20,000,000 dividend for the next fiscal year. “This year’s dividend, mister chair, is, approved at 20,000,000,” he said. Committee members pressed for context on how the board decided the level: the executive director said the board is statutorily limited to declaring between 25 and 50 percent of statutory net income and that this year’s payout equated to “roughly 32%.”

Lawmakers sought more detail on AIDEA’s available cash and pipeline. Ruraro presented a pie-chart breakdown showing many assets are capital assets or loan participations rather than cash-on-hand. “The left hand side of the pie chart… roughly half our assets are definitely not cash,” he said. He described an investment portfolio of about $357 million and an enterprise fund of roughly $345 million, but said pending commitments reduce readily available cash.

Committee members also pressed AIDEA on which projects drove recent spending. Ruraro named several large commitments: the Alieschem (methanol) North Slope project, a $50 million revolving facility for Hex Energy/Hex Cook Inlet activity, and a number of resource-development projects. He said the board committed funds to projects including Red Dog and other energy and hospitality projects and that activity this past year was “about a roughly 8 times average output of funds from AIDEA onto the street to get things moving.”

Representative Galvin asked whether the board factored the state’s fiscal gap into dividend decisions. Ruraro said board members consider near-term demand for AIDEA funds — including large road and energy projects that could require “hundreds of millions of dollars” — when setting dividend levels. Representative Hannon asked whether the observed pattern of dividend fluctuation by odd and even years was structural; Ruraro said an out-year charge (the Mustang project write-off) was responsible for a lower number in one year rather than an intentional alternating pattern.

The presentation also covered AIDEA’s loan participation program, revolving lines of credit and conduit revenue bonds used to finance hospitals and other facilities. Ruraro told the committee that loan participation makes up a substantial portion of the authority’s assets and that the agency runs programs administered by the Department of Commerce that target small businesses and rural loan recipients.

Ending: AIDEA staff told legislators they can provide further project-level revenue and job estimates by request. Ruraro said staff are assembling expected revenue and job counts for larger projects and that the authority intends to provide more detail to the committee on anticipated returns and timelines.","Alaska Industrial Development and Export Authority told the House Finance Committee it has $1.49 billion in net assets, but much of that is loan receivables and committed to projects; the board approved a $20 million dividend for fiscal 2026 (about 32% of statutory net income).",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6304177,"Lawmakers press AIDEA on rural outreach and suicide framing; agency highlights small‑business and tech efforts",584,919000,1503000,"/Search/View?dp=1&key=2468461-eb320aa6f6fec2a2c4c93c91175ef78e&start=919&end=1503","https://assets.pipeline.soar.com/2468461-eb320aa6f6fec2a2c4c93c91175ef78e/thumbnail_919000.jpg","/articles/6304177/Alaska/Lawmakers-press-AIDEA-on-rural-outreach-and-suicide-framing-agency-highlights-smallbusiness-and-tech-efforts","https://secure.pipeline.soar.com/6304177-8e7419c2e3552dc480715ddb5c2d7fa0/orig.mp4?Expires=1771161665&Signature=gljCaO27tfZMB7YbI9gHT7~pgPqrTf-w~Yr9PRTGn-gRktfIuICrO~ItvXy~jxTaYh-~9k5PWe9ele72tLaE~m-OAzgKo01M6~U5dhIrJoe08uzJsYl5thFP~Cp7SYJkNqKGX06rTZJqAHchjXRPUysNcyvoXbs~7Q5DYGuZ9qjrjFc59fu-VnATPQZ2Ou5ON61e-0zlEvlJ4vFuw2tUVt3TSgnujWs9YwG56xzsJ8hUn4zXfSKHl9-w9o5t26yqwofjDVlNrAD~PEjRoSzd62sH7sZ51PUebptdIwTCJ~esVoWfnyi397kloFT15MpHVkrV-aCCzCEGcx~rY4Dm6Q__&Key-Pair-Id=KUT5TJCACFTXG","Committee members at a Feb. 28 House Finance Committee hearing pushed the Alaska Industrial Development and Export Authority on how its rural work reaches small communities and objected to a presentation slide that linked jobs to suicide mitigation.

Representative Jimmy told the authority the slide was objectionable. “Because I don't see the good in this presentation where you're saying you provide jobs, it'll keep people from killing themselves,” he said. Representative Jimmy, who identified himself as from a rural community, asked why speakers quoted in the study were not named and said that he did not recognize the study’s characterization of rural life.

Executive Director Randy Ruraro said the slide summarized direct quotes from residents interviewed in the cited study and that health impact assessments for other projects have reached similar conclusions. “What I'm trying to convey is that there's a positive health benefit from jobs and resource development jobs particularly,” Ruraro said, adding that he was not asserting that a job alone prevents suicide.

Lawmakers asked AIDEA for tangible evidence of rural outreach and results. Ruraro described a special rural loan program administered by the Department of Commerce and said AIDEA is reviewing those programs to increase capitalization and outreach. On small-business lending, he described the loan participation program — the authority’s “foundational” program that partners with Alaska banks to get capital to borrowers — and said AIDEA is working to increase participation in all regions.

The committee also asked about new areas of agency focus. Ruraro said AIDEA is exploring technology investments and small-scale data-center opportunities that could use surplus renewable hydro power in places such as Angoon (citing Thayer Lake) or Cordova. He also highlighted interest in critical minerals — for example antimony and graphite — and said global supply constraints are increasing demand for some Alaska minerals.

Representative Foster urged AIDEA to report loan counts by region so lawmakers can see whether projects in a given area represent one large single loan or many smaller projects. Representative Jimmy asked for names of pending borrowers in Bethel; the director said he could not publicly name borrowers while loans were in process but could provide information privately with permission.

Ending: The committee requested more detailed, project-level information on rural loans, job counts and the underlying research supporting statements about mental-health impacts.","During a Feb. 28 House Finance Committee hearing, lawmakers challenged AIDEA’s presentation linking jobs to suicide mitigation in rural Alaska; AIDEA defended citing health-impact assessments and said its rural loan programs and new tech/minerals work aim to bring jobs and energy opportunities to communities.","actionData","errors"]

Article not found

AIDEA describes conditional $50 million backstop for AGDC feed work; lawmakers raise legal concerns

AIDEA reports $1.49 billion net position, board declares $20 million dividend for 2026

Lawmakers press AIDEA on rural outreach and suicide framing; agency highlights small‑business and tech efforts