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HB 11: "An Act relating to deposits to the Alaska permanent fund from mineral lease rentals, royalties, royalty sale proceeds, net profit shares under AS 38.05.180(f) and (g), federal mineral revenue sharing payments received by the state from mineral leases, and bonuses received by the state from mineral leases, and limiting deposits from those sources to the 25 percent required under art. IX, sec. 15, Constitution of the State of Alaska; and providing for an effective date."

00                              HOUSE BILL NO. 11                                                                          
01 "An Act relating to deposits to the Alaska permanent fund from mineral lease rentals,                                   
02 royalties, royalty sale proceeds, net profit shares under AS 38.05.180(f) and (g), federal                              
03 mineral revenue sharing payments received by the state from mineral leases, and                                         
04 bonuses received by the state from mineral leases, and limiting deposits from those                                     
05 sources to the 25 percent required under art. IX, sec. 15, Constitution of the State of                                 
06 Alaska; and providing for an effective date."                                                                           
07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
08    * Section 1.  AS 37.05.550(b) is amended to read:                                                                  
09            (b)  The legislature may appropriate to the fund money received by the state as                              
10       Alaska marine highway system program receipts or from a settlement or final judicial                              
11       determination of the Dinkum Sands case (United States v. Alaska) and the North                                    
12       Slope royalty case (State v. Amerada Hess, et al.) and not deposited into the Alaska                              
13       permanent fund under AS 37.13.010(a)(1) [OR (2)] or into the public school trust fund                             
01       under AS 37.14.150.                                                                                               
02    * Sec. 2.  AS 37.13.010(a) is amended to read:                                                                     
03            (a)  Under art. IX, sec. 15, of the state constitution, there is established as a                        
04       separate fund the Alaska permanent fund.  The Alaska permanent fund consists of                                   
05                 (1)  25 percent of all mineral lease rentals, royalties, royalty sale                                   
06       proceeds, net profit shares under AS 38.05.180(f) and (g), 25 percent of [AND]                                
07       federal mineral revenue sharing payments received by the state from mineral leases                                
08       [ISSUED ON OR BEFORE DECEMBER 1, 1979], and 25 percent of all bonuses                                             
09       received by the state from mineral leases [ISSUED ON OR BEFORE FEBRUARY                                           
10       15, 1980]; and                                                                                                
11                 (2)  [50 PERCENT OF ALL MINERAL LEASE RENTALS,                                                          
12       ROYALTIES, ROYALTY SALE PROCEEDS, NET PROFIT SHARES UNDER                                                         
13       AS 38.05.180(f) AND (g), AND FEDERAL MINERAL REVENUE SHARING                                                      
14       PAYMENTS RECEIVED BY THE STATE FROM MINERAL LEASES ISSUED                                                         
15       AFTER DECEMBER 1, 1979, AND 50 PERCENT OF ALL BONUSES RECEIVED                                                    
16       BY THE STATE FROM MINERAL LEASES ISSUED AFTER FEBRUARY 15,                                                        
17       1980;                                                                                                             
18                 (3)]  any other money appropriated to or otherwise allocated by law or                              
19       former law to the Alaska permanent fund.                                                                      
20    * Sec. 3.  This Act takes effect immediately under AS 01.10.070(c).