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HB388 • 2026

BULK FUEL LOAN CAP

An Act relating to loans made from the bulk fuel loan account; and providing for an effective date.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
HOUSE FINANCE
Last action
2026-07-03
Official status
CHAPTER 47 SLA 26
Effective date
Not listed

Plain English Breakdown

The official metadata lists the effective date as July 3, 2026, but Section 5 states the Act takes effect immediately. The specific calendar date for 'immediate' effectiveness is determined by external signing/enrollment dates not fully detailed in the text excerpt.

Bulk Fuel Loan Cap

This law raises the maximum loan amount from Alaska's bulk fuel accounts to $1,500,000 and sets rules for repaying these loans within one year.

What This Bill Does

  • Increases the single borrower loan limit in the bulk fuel loan account to $1,500,000.
  • Allows cooperative corporations serving multiple communities to borrow up to $1,500,000 for each community they serve.
  • Raises the annual loan limit in the bulk fuel bridge loan account to $1,500,000 per borrower.
  • Requires all loans from these accounts to be repaid within one year of receiving the money.
  • Allows the legislature to add funds to the revolving loan fund if there is not enough money available for eligible borrowers in 2026 and 2027.

Who It Names or Affects

  • Borrowers who receive loans from the bulk fuel loan account.
  • Cooperative corporations organized under state law that buy fuel for multiple communities.
  • The Alaska legislature regarding funding decisions for the revolving loan fund.

Terms To Know

Bulk Fuel Loan Account
A state account used to make loans for purchasing bulk fuel, with limits set by law.
Cooperative Corporation
An organization organized under AS 10.15 or an electric cooperative under AS 10.25 that buys fuel on behalf of multiple communities.

Limits and Unknowns

  • The law applies only to loans existing on or entered into on or after the effective date.
  • Loans may include additional terms and conditions required by the division managing the accounts.
  • Legislative funding for the revolving loan fund is optional and depends on whether current funds are insufficient.

Bill History

  1. 2026-07-03 3162

    (H) EFFECTIVE DATE(S) OF LAW 7/3/26

  2. 2026-07-03 3162

    (H) LAW W/O GOV SIGNATURE 6/30 CH 47 SLA 26

  3. 2026-06-17 3096

    (H) 3:10 P.M. 6/15/26 TRANSMITTED TO GOVERNOR

  4. 2026-05-20 2842

    (S) VERSION: CSHB 388(FIN)

  5. 2026-05-20 2842

    (S) RETURN TO (H), TRANSMIT TO GOV NEXT

  6. 2026-05-20 2842

    (S) EFFECTIVE DATE(S) SAME AS PASSAGE

  7. 2026-05-20 2842

    (S) PASSED Y20 N-

  8. 2026-05-20 2842

    (S) READ THE THIRD TIME CSHB 388(FIN)

  9. 2026-05-20 2842

    (S) ADVANCED TO THIRD READING UC

  10. 2026-05-20 2842

    (S) READ THE SECOND TIME

  11. 2026-05-20 2842

    (S) RULES TO CALENDAR 5/20/2026

  12. 2026-05-17 2711

    (S) FN2: INDETERMINATE(H.FIN/FUND TRANSFERS)

  13. 2026-05-17 2711

    (S) FN1: ZERO(CED)

  14. 2026-05-17 2711

    (S) NR: KAUFMAN, MERRICK

  15. 2026-05-17 2711

    (S) DP: OLSON, STEDMAN, HOFFMAN, CRONK, KIEHL

  16. 2026-05-17 2711

    (S) FIN RPT 5DP 2NR

  17. 2026-05-16 Text

    (S) Moved CSHB 388(FIN) Out of Committee -- Please Note Time Change --

  18. 2026-05-16 Text

    (S) FINANCE at 09:00 AM SENATE FINANCE 532

  19. 2026-05-14 Min

    (S) Minutes (SFIN)

  20. 2026-05-14 Text

    (S) Heard & Held -- Please Note Time Change --

  21. 2026-05-14 Text

    (S) FINANCE at 01:30 PM SENATE FINANCE 532

  22. 2026-05-14 2637

    (S) FIN

  23. 2026-05-14 2637

    (S) READ THE FIRST TIME - REFERRALS

  24. 2026-05-13 2561

    (H) VERSION: CSHB 388(FIN)

  25. 2026-05-13 2561

    (H) TRANSMITTED TO (S)

  26. 2026-05-13 2530

    (H) EFFECTIVE DATE(S) SAME AS PASSAGE

  27. 2026-05-13 2530

    (H) PASSED Y39 E1

  28. 2026-05-13 2529

    (H) READ THE THIRD TIME CSHB 388(FIN)

  29. 2026-05-13 2529

    (H) ADVANCED TO THIRD READING UC

  30. 2026-05-13 2529

    (H) FIN CS ADOPTED UC

  31. 2026-05-13 2529

    (H) READ THE SECOND TIME

  32. 2026-05-13 2529

    (H) RULES TO CALENDAR 5/13/2026

  33. 2026-05-12 2506

    (H) FN2: INDETERMINATE(H.FIN/FUND TRANSFERS)

  34. 2026-05-12 2506

    (H) FN1: ZERO(CED)

  35. 2026-05-12 2506

    (H) NR: STAPP, ALLARD, TOMASZEWSKI, MOORE

  36. 2026-05-12 2506

    (H) DP: JIMMIE, HANNAN, GALVIN, BYNUM, JOSEPHSON, SCHRAGE, FOSTER

  37. 2026-05-12 2506

    (H) FIN RPT CS(FIN) 7DP 4NR

  38. 2026-05-11 Text

    (H) Moved CSHB 388(FIN) Out of Committee -- Recessed to a Call of the Chair --

  39. 2026-05-11 Text

    (H) FINANCE at 01:30 PM ADAMS 519

  40. 2026-05-08 Text

    (H) Heard & Held

  41. 2026-05-08 Text

    (H) FINANCE at 01:30 PM ADAMS 519

  42. 2026-05-07 Text

    (H) Heard & Held

  43. 2026-05-07 Text

    (H) FINANCE at 01:30 PM ADAMS 519

  44. 2026-05-05 Text

    (H) Heard & Held

  45. 2026-05-05 Text

    (H) FINANCE at 01:30 PM ADAMS 519

  46. 2026-05-05 Text

    (H) Heard & Held -- Please Note Time Change --

  47. 2026-05-05 Text

    (H) FINANCE at 09:00 AM ADAMS 519

  48. 2026-05-01 2375

    (H) FIN

  49. 2026-05-01 2375

    (H) READ THE FIRST TIME - REFERRALS

Official Summary Text

BULK FUEL LOAN CAP
An Act relating to loans made from the bulk fuel loan account; and providing for an effective date.

Current Bill Text

Read the full stored bill text 
Enrolled HB 388
LAWS OF ALASKA

2026

Source Chapter No.
CSHB 388(FIN) _______

AN ACT

Relating to loans made from the bulk fuel loan account; and providing for an effective date.

_______________

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:

THE ACT FOLLOWS ON PAGE 1

-1- Enrolled HB 388

AN ACT

Relating to loans made from the bulk fuel loan account; and providing for an effective date. 1
_______________ 2
* Section 1. AS 42.45.260(d) is amended to read: 3
(d) Loans made from the bulk fuel loan account to one borrower 4
(1) may not exceed $1,500,000 [$750,000] or, if the borrower is a 5
cooperative corporation organized under AS 10.15 or an electric cooperative organized 6
under AS 10.25 and uses the loan to purchase bulk fuel on behalf of more than one 7
community, may not exceed $1,500,000 [$750,000] multiplied by the number of 8
communities on whose behalf the bulk fuel is to be purchased [OR $1,800,000, 9
WHICHEVER IS LESS]; 10
(2) shall be repaid within one year after the date of the loan 11
disbursement; and 12
(3) may include additional terms and conditions required by the division. 13

Enrolled HB 388 -2-
* Sec. 2. AS 42.45.270(c) is amended to read: 1
(c) Loans made from the bulk fuel bridge loan account to one borrower in a 2
fiscal year 3
(1) may not exceed $1,500,000 [$750,000]; 4
(2) shall be repaid within one year after the date of the loan 5
disbursement; and 6
(3) may include additional terms and conditions required by the division. 7
* Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 8
read: 9
APPROPRIATIONS TO THE BULK FUEL REVOLVING LOAN FUND. (a) For the 10
fiscal years ending June 30, 2026, and June 30, 2027, 11
(1) if the unexpended and unobligated balance of the bulk fuel revolving loan 12
fund (AS 42.45.250) is insufficient to make a loan to an eligible borrower as provided in 13
AS 42.45.260(d), as amended by sec. 1 of this Act, and AS 42.25.270(c), as amended by sec. 2 14
of this Act, the legislature may appropriate to the bulk fuel revolving loan fund the amount 15
necessary to make a loan to the eligible borrower; 16
(2) the legislature may appropriate an amount equal to an appropriation made 17
in (1) of this subsection, along with applicable interest, from the bulk fuel revolving loan fund 18
to the funding source from which the appropriation made in (1) of this subsection was made. 19
(b) It is the intent of the legislature that appropriations made under (a)(2) of this section 20
be made as soon as practicable after a borrower repays a loan made from the bulk fuel revolving 21
loan fund. 22
* Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 23
read: 24
APPLICABILITY. AS 42.45.260(d), as amended by sec. 1 of this Act, and 25
AS 42.45.270(c), as amended by sec. 2 of this Act, apply to loans existing on or entered into on 26
or after the effective date of this Act. 27
* Sec. 5. This Act takes effect immediately under AS 01.10.070(c). 28