Story last updated at 6/19/2014 - 2:31 pm
Gov. Sean Parnell has signed Senate Bill 99, which will allow the Alaska Industrial Development and Export Authority to issue bonds for two mining projects in Southeast Alaska and loan money to the Blue Lake Hydroelectric Project. SB99, sponsored by Sen. Lesil McGuire (R-Anchorage) also makes technical amendments to the Sustainable Energy Transmission and Supply Fund within AIDEA.
SB99 allows AIDEA to issue bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge mine on Prince of Wales Island about 40 miles southwest of Ketchikan. The bill also allows AIDEA to issue bonds to finance the development of the Niblack mine project and the Gravina Island Industrial Complex (near Ketchikan) for an ore processing facility. Niblack is a gold, copper, zinc and silver deposit on Prince of Wales Island.
SB99 includes an amendment that if the Alaska Energy Authority approves a loan to the City and Borough of Sitka for the Blue Lake Hydroelectric project, the Legislature will authorize AEA to loan up to $18.6 million from the power project fund for the dam project.