00                             HOUSE BILL NO. 203                                                                          
01 "An Act establishing and relating to the in-state gas pipeline fund; and providing for an                               
02 effective date."                                                                                                        
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 37.05 is amended by adding a new section to read:                                                  
05            Sec. 37.05.545. In-state gas pipeline fund. (a) The in-state gas pipeline fund                             
06       is established in the general fund and consists of money appropriated to it. Unless                               
07       otherwise provided in an appropriation act, money appropriated to the fund lapses on                              
08       the day this section is repealed.                                                                                 
09            (b)  The Alaska Housing Finance Corporation shall manage and invest the in-                                  
10       state gas pipeline fund to yield competitive market rates as provided in AS 37.10.071.                            
11       Interest and other income received on money in the fund shall be accounted for                                    
12       separately and may be appropriated to the fund.                                                                   
13            (c)  Appropriations may be made from the in-state gas pipeline fund for the                                  
14       planning, development, and construction of an in-state pipeline to transport North                                
01       Slope natural gas. Nothing in this subsection creates a dedicated fund.                                           
02    * Sec. 2. AS 37.05.545 is repealed 90 days after the completion of construction of an in-                          
03 state pipeline that transports North Slope natural gas.                                                                 
04    * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to                          
05 read:                                                                                                                   
06       NOTICE. The executive director of the Alaska Housing Finance Corporation shall                                    
07 notify the revisor of statutes of the day that the construction described in sec. 2 of this Act is                      
08 completed.                                                                                                              
09    * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).