Opinion: AIDEA’s ‘pot of gold’ is a mirage

Rick Halford wants Alaskans to believe the Alaska Industrial Development and Export Authority is sitting on $1.7 billion in spare cash, just waiting for the Legislature to sweep it into the general fund for dividends, schools and roads. He calls it a slush fund. He says the appropriator should appropriate. That line may sound simple, but it falls apart when you look at what AIDEA actually is and how it works. AIDEA is not a checking account. It is a public corporation with a balance sheet. The funds Halford points to are working capital. That capital backs loans, secures bonds…