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HB 11 am S(efd fld S): "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."

00                        HOUSE BILL NO. 11 am S(efd fld S)                                                                
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."                                                                                                                
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 37.05.550(b) is amended to read:                                                                     
03            (b)  The legislature may appropriate to the fund money received by the state as                              
04       Alaska marine highway system program receipts or from a settlement or final judicial                              
05       determination of the Dinkum Sands case (United States v. Alaska) and the North                                    
06       Slope royalty case (State v. Amerada Hess, et al.) and not deposited into the Alaska                              
07       permanent fund under AS 37.13.010(a)(1) or (2) or into the public school trust fund                           
08       under AS 37.14.150.                                                                                               
09    * Sec. 3.  AS 37.13.010(a) is amended to read:                                                                     
10            (a)  Under art. IX, sec. 15, of the state constitution, there is established as a                        
11       separate fund the Alaska permanent fund.  The Alaska permanent fund consists of                                   
12                 (1)  25 percent of all mineral lease rentals, royalties, royalty sale                                   
13       proceeds, net profit shares under AS 38.05.180(f) and (g), 25 percent of [AND]                                
14       federal mineral revenue sharing payments received by the state from mineral leases                                
15       [ISSUED ON OR BEFORE DECEMBER 1, 1979], and 25 percent of all bonuses                                             
16       received by the state from mineral leases [ISSUED ON OR BEFORE FEBRUARY                                           
17       15, 1980]; and                                                                                                
18                 (2)  [50 PERCENT OF ALL MINERAL LEASE RENTALS,                                                          
19       ROYALTIES, ROYALTY SALE PROCEEDS, NET PROFIT SHARES UNDER                                                         
20       AS 38.05.180(f) AND (g), AND FEDERAL MINERAL REVENUE SHARING                                                      
21       PAYMENTS RECEIVED BY THE STATE FROM MINERAL LEASES ISSUED                                                         
22       AFTER DECEMBER 1, 1979, AND 50 PERCENT OF ALL BONUSES RECEIVED                                                    
23       BY THE STATE FROM MINERAL LEASES ISSUED AFTER FEBRUARY 15,                                                        
24       1980;                                                                                                             
25                 (3)]  any other money appropriated to or otherwise allocated by law or                              
26       former law to the Alaska permanent fund.                                                                      
27    * Sec. 4.  AS 37.13.010(a) is amended to read:                                                                     
28            (a)  Under art. IX, sec. 15 of the state constitution, there is established as a                             
29       separate fund the Alaska permanent fund.  The Alaska permanent fund consists of                                   
30                 (1)  25 percent of all mineral lease rentals, royalties, royalty sale                                   
31       proceeds, net profit shares under AS 38.05.180(f) and (g), and [25 PERCENT OF]                                
01       federal mineral revenue sharing payments received by the state from mineral leases                                
02       issued on or before December 1, 1979, and 25 percent of all bonuses received by the                           
03       state from mineral leases issued on or before February 15, 1980; [AND]                                        
04                 (2)  50 percent of all mineral lease rentals, royalties, royalty sale                               
05       proceeds, net profit shares under AS 38.05.180(f) and (g), and federal mineral                                
06       revenue sharing payments received by the state from mineral leases issued after                               
07       December 1, 1979, and 50 percent of all bonuses received by the state from                                    
08       mineral leases issued after February 15, 1980; and                                                            
09                 (3)  any other money appropriated to or otherwise allocated by law or                               
10       former law to the Alaska permanent fund.                                                                          
11    * Sec. 5.  The uncodified law of the State of Alaska is amended by adding a new section to                         
12 read:                                                                                                                 
13       CONDITIONAL EFFECT OF SECTIONS 2 AND 4.  (a)  Before October 1 of each                                            
14 year, the commissioner of revenue shall calculate the amount by which each permanent fund                               
15 dividend is reduced as a result of the amendment to AS 37.13.010(a) in sec. 3 of this Act                               
16 when compared to what the amount of each dividend would have been for that year had the                                 
17 amendment to AS 37.13.010(a) in sec. 3 of this Act not taken effect.  If the amount of that                             
18 reduction is equal to or greater than $20, secs. 2 and 4 of this Act take effect.                                       
19       (b)  The calculation under this section shall take into account the change in deposits to                         
20 the Alaska permanent fund that resulted from the amendment to AS 37.13.010(a) in sec. 3 of                              
21 this Act for the period beginning on the effective date of that amendment through June 30 of                            
22 the year the calculation is being made.