HB 304: "An Act relating to disposition of income of the permanent fund; and providing for an effective date."
00 HOUSE BILL NO. 304 01 "An Act relating to disposition of income of the permanent fund; and providing for an 02 effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 37.13.145 is amended by adding new subsections to read: 05 (e) At the end of each fiscal year, the corporation shall calculate the amount of 06 money that is equal to the realized income of the earnings reserve account during that 07 fiscal year. 08 (f) After the transfers under (b) and (c) of this section, the corporation shall 09 transfer from the earnings reserve account to the general fund the lesser of the 10 following amounts: 11 (1) the amount calculated under (e) of this section; or 12 (2) $200,000,000 13 (A) plus an amount sufficient to offset the effect of inflation 14 calculated by
01 (i) computing the average of the monthly United States 02 Consumer Price Index for all urban consumers for each of the two 03 previous calendar years; 04 (ii) computing the percentage change between the first 05 and second calendar year average; and 06 (iii) applying that rate to the amount calculated under 07 this subparagraph on the last day of the previous fiscal years; and 08 (B) plus or minus an amount sufficient to adjust for the change 09 in state population calculated by comparing the estimated population on the 10 last day of the previous fiscal year and the estimated current population. 11 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 12 read: 13 TRANSFERS AT THE ENDS OF FISCAL YEARS 2002 AND 2003. (a) 14 Notwithstanding AS 37.13.145(e) and (f), added by sec. 1 of this Act, the amount transferred 15 to the general fund at the end of fiscal year 2002 is the lesser of the following amounts: the 16 amount calculated under AS 37.13.145(e) or $200,000,000. 17 (b) At the end of fiscal year 2003, for purposes of AS 37.13.145(f)(2)(A)(iii), the 18 "amount calculated under this subparagraph on the last day of the previous fiscal year" is 19 $200,000,000. 20 * Sec. 3. This Act takes effect June 30, 2002.