00SENATE BILL NO. 312 am                                                                                                
01 "An Act relating to the special subaccount in the budget reserve fund; and                                              
02 providing for an effective date."                                                                                       
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1.  AS 37.10.430 is amended by adding a new subsection to read:                                          
05  (c)  The special subaccount is established in the budget reserve fund (art. IX,                                       
06 sec. 17, Constitution of the State of Alaska).  Income earned on money in the                                           
07 subaccount shall be retained in the subaccount by the department.  Money may be                                         
08 appropriated from the subaccount to make all required payments of redemption                                            
09 premiums for, principal of, and interest on general obligation bonds of the state that                                  
10 are approved by the voters in 2000, or for other purposes.                                                              
11    * Sec. 2.  AS 37.10.430(c) is repealed on July 1, 2021.                                                          
12    * Sec. 3.  The uncodified law of the State of Alaska is amended by adding a new section                            
13 to read:                                                                                                                
14  TRANSITION.  (a)  On December 1, 2000, the Department of Revenue shall transfer                                        

01 $400,000,000 from the budget reserve fund (art. IX, sec. 17, Constitution of the State of                               
02 Alaska) to the special subaccount established in AS 37.10.430(c), as enacted in sec. 1 of this                          
03 Act.                                                                                                                    
04  (b)  On July 1, 2021, the Department of Revenue shall transfer the unobligated balance                                 
05 in the special subaccount established in AS 37.10.430(c) to the principal of the budget reserve                         
06 fund (art. IX, sec. 17, Constitution of the State of Alaska).                                                           
07    * Sec. 4.  The uncodified law of the State of Alaska is amended by adding a new section                            
08 to read:                                                                                                                
09  CONDITIONAL EFFECT.  This Act takes effect only if, during 2000, the voters                                            
10 approve a proposal to issue state general obligation bonds.                                                             
11    * Sec. 5.  If this Act takes effect, it takes effect on December 1, 2000.