HB 288: "An Act relating to commercial fisheries limited entry permit buy-back programs."
00 HOUSE BILL NO. 288 01 "An Act relating to commercial fisheries limited entry permit buy-back programs." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 16.43.310 is repealed and reenacted to read: 04 Sec. 16.43.310. Establishment of buy-back funds. When the optimum 05 number of entry permits is less than the number of entry permits outstanding in a 06 fishery, the commission may establish a buy-back program and a buy-back fund for 07 that fishery. If the commission establishes a buy-back program for a fishery, the 08 commission shall request the legislature to appropriate money to capitalize the buy- 09 back fund. The commission shall expend money in a buy-back fund for the purpose of 10 reducing the number of entry permits in the fishery to the optimum number, at a rate to 11 be established by the commission. 12 * Sec. 2. AS 16.43.320 is repealed and reenacted to read: 13 Sec. 16.43.320. Administration of the buy-back program. The commission 14 shall adopt regulations providing for the purchase of transferable entry permits with 15 money in the buy-back fund for each fishery. The buy-back program for a fishery
01 shall terminate when the number of entry permits for the fishery is reduced to the 02 optimum. The unexpended balance of appropriations made to the buy-back fund for a 03 fishery shall lapse back into the fund from which the money was appropriated at the 04 end of the fiscal year in which the buy-back program is terminated.