00HOUSE BILL NO. 492                                                                                                      
01 "An Act relating to the four dam pool transfer fund and the power                                                       
02 development fund."                                                                                                      
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 42.45.050(b) is amended to read:                                                                    
05  (b)  Subject to appropriation, the department shall transfer the balance of the                                       
06 four dam pool transfer fund annually as follows: [EACH MONTH IN                                                       
07 ACCORDANCE WITH THIS SUBSECTION.  SUBJECT TO APPROPRIATION]                                                             
08   (1)  first, to the power development fund (AS 44.83.382) in the                                                     
09 amount, if any, necessary to pay debt service on loans or on bonds issued by the                                        
10 Alaska Energy Authority, only if the proceeds of those loans or bonds were used                                         
11 for the purpose of repairing, improving, or maintaining the initial project as                                          
12 defined in AS 44.83.398;                                                                                                
13   (2)  next, the remaining balance, if any, as follows:                                                               
14   (A)  40 percent of the balance in the four dam pool transfer fund                                                 

01 shall be transferred to the power cost equalization and rural electric                                                  
02 capitalization fund to be used for power cost equalization and rural electric                                           
03 projects;                                                                                                               
04   (B) [(2)]  40 percent of the balance in the four dam pool transfer                                                
05 fund shall be transferred to the Southeast energy fund to be used for power                                             
06 projects for utilities participating in the power transmission intertie between the                                     
07 Swan Lake and Tyee Lake hydroelectric projects; and                                                                     
08   (C)[(3)]  20 percent of the balance in the four dam pool transfer                                                 
09 fund shall be transferred to the power project fund to be used for statewide                                            
10 utility projects.                                                                                                       
11    * Sec. 2.  AS 44.83.384(a) is amended to read:                                                                       
12  (a)  The fund may be used by the authority to provide money for                                                       
13   (1)  the defeasance of bonds, or the payment of debt service on loans                                                
14 for or on an issue of bonds sold in connection with a power project constructed or                                      
15 acquired before August 11, 1993;                                                                                        
16   (2)  the cost of operating, repairing, improving, and maintaining power                                            
17 projects constructed or acquired before August 11, 1993; and                                                            
18   (3)  debt service on power projects constructed or acquired before                                                   
19 August 11, 1993.