AIDEA refuses to explain origins of its $300 million blank check bond plan

The Alaska Industrial Development and Export Authority has refused to explain how it came up with the $300 million bond plan under review by the Legislature.

It has also refused to explain how it came up with another amendment—one that has yet to be officially added to a bill—that would also allow the corporation to borrow $100 million without bothering with legislative approval, up from the current $25 million.

Randy Ruaro, the former Dunleavy chief of staff, told the House Finance Committee this week that AIDEA is a model of transparency because it has more than 120 pages of regulations and statutes.

There is nothing on the record showing that the AIDEA board approved the bond proposals.

On March 22, I sent this to AIDEA:

“This is a public records request for all emails and documents from AIDEA that deal with the amendments to HB 122 created and presented by AIDEA, both the amendment adopted by the committee and the amendment that was published on the legislative website and not adopted. In addition, please send me records that show who in AIDEA signed off on these amendments and when.”

HB 122 is a bond bill dealing with the railroad. AIDEA arranged to have Anchorage Rep. Tom McKay introduce the $300 million amendment. But the committee ran out of time before the second amendment, to allow borrowing $100 million without legislative approval, could be added to the bill.

On April 26, AIDEA responded that it needed until May 23 to respond to the request. The agency said this request came during a “peak workload period” and that the lawyers had to be consulted to make sure no one’s rights are infringed by disclosure.

The information I requested doesn’t appear to be available to legislators either. It will be made public after the Legislature adjourns. So much for the model of transparency and the 120 pages of regulations and statutes.

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