AGDC finance VP quits; Walker vetoes bill to put legislators on board
The Alaska Gasline Development Corp. is moving ahead with its alternative financing concept for the Alaska LNG Project with a couple leadership positions vacant.
AGDC Vice President of Finance and Administration Bruce Tangeman resigned July 29, effective immediately. Tangeman joined AGDC in that role in 2014 as the Alaska LNG Project began to take shape shortly after the passage of Senate Bill 138, the legislation that guides the state’s participation in the project.
Prior to AGDC, he served as Deputy Revenue Commissioner under former Gov. Sean Parnell from 2010 to 2014.
“AGDC will be initiating a search for (Tangeman’s) replacement in the near future. In the interim, all administrative inquiries can be directed to Melissa Boquet, administrative services manager. We wish Bruce the best in his future endeavors and thank him for his two years of service to AGDC,” corporation spokeswoman Josie Wilson wrote in a statement.
The change in the financing structure proposed by AGDC President Keith Meyer would fund the $45 billion-plus megaproject primarily through third party financing as opposed to the equity-share model originally agreed to by the state and its producer partners in the project: BP, ConocoPhillips and ExxonMobil.
The seven-member AGDC board also remains one member short after former Fairbanks North Star Borough Mayor Luke Hopkins resigned his public seat May 25, about a month after narrowly being confirmed to the board by the Legislature.
Gov. Bill Walker has not yet named his replacement.
Hopkins, a Democrat, left AGDC to run for the state Senate seat currently held by North Pole Republican Sen. John Coghill.
On July 20, Walker vetoed Senate Bill 125, which would have added three legislators to the AGDC board in non-voting roles — one senator chosen by the Senate president, a member of the House selected by the Speaker and a member of the minority caucus.
The bill passed the Senate on majority-minority caucus lines and received both bipartisan support and opposition in the House.
A March 20 legal opinion from the Department of Law determined the bill would violate the Alaska Constitution if passed because the AGDC seats would constitute dual office holding by the appointed legislators.
Supporters of the bill contended it would improve legislators’ knowledge of the happenings at the agency leading the state’s role in the $45 billion-plus AK LNG Project.
Some legislators also noted that they are free to attend AGDC board meetings to better follow the corporation’s activities, but rarely do.
Sen. Resources Chair Cathy Giessel, as the lone legislator to regularly attend the public gasline meetings, is the exception.
Elwood Brehmer can be reached at [email protected].