00HOUSE BILL NO. 56                                                                                                       
01 "An Act relating to a commercial fisheries limited entry buy-back program."                                             
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1.  AS 16.43.310(a) is amended to read:                                                                    
04  (a)  When the optimum number of entry permits is less than the number of                                              
05 entry permits outstanding in a fishery, the commission shall establish and administer                                   
06 a buy-back fund for that fishery for the purpose of reducing the number of entry                                        
07 permits to the optimum number within no more than 10 years, at a rate to be                                             
08 established by the commission.  Each buy-back fund shall consist of money                                              
09 appropriated by the legislature and private and public donations or grants to the                                       
10 fund.                                                                                                                  
11    * Sec. 2.  AS 16.43.320(a) is amended to read:                                                                       
12  (a)  The commission shall adopt regulations providing for the purchase of entry                                       
13 permits, vessels, and gear at fair market value with money accumulated in the buy-                                      
14 back fund for each fishery.  The buy-back program for a fishery shall terminate when the                                

01 number of entry permits is reduced to the optimum number.  Upon termination of a buy-back program for a                
02 fishery, the unexpended and unobligated balance of the buy-back                                                         
03 fund for the fishery shall lapse to the source from which the money was appropriated                                    
04 or otherwise acquired [AND THE BUY-BACK FUND HAS BEEN REIMBURSED].                                                     
05    * Sec. 3.  AS 16.43.310(b) and 16.43.310(c) are repealed.