HB 298: "An Act relating to the distribution of appropriations from the Alaska permanent fund under art. IX, sec. 15(b), Constitution of the State of Alaska, and making conforming amendments; and providing for an effective date."
00 HOUSE BILL NO. 298 01 "An Act relating to the distribution of appropriations from the Alaska permanent fund 02 under art. IX, sec. 15(b), Constitution of the State of Alaska, and making conforming 03 amendments; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 09.20.050(b) is amended to read: 06 (b) The jury list shall be based on a list prepared by the Department of 07 Revenue of all persons who filed an application for a [DISTRIBUTION OF 08 ALASKA] permanent fund dividend [INCOME] under AS 43.23 during the current 09 calendar year that shows an Alaska [ALASKAN] address, and of all persons who 10 volunteer for jury duty under (d) of this section. If considered necessary by the 11 administrative director of the Alaska Court System, the jury list shall incorporate a list 12 prepared by the Department of Administration of all persons who hold a valid Alaska 13 driver's license. The departments shall submit their respective lists to the Alaska 14 Court System not later than September 30 of each year. To the extent that it is
01 available, the departments shall include on the lists they submit the following 02 information for each person: first name, middle initial, and last name; mailing address, 03 including the zip code; and birth date. The lists shall be recorded on magnetic tape 04 compatible with Alaska Court System data processing equipment. 05 * Sec. 2. AS 24.20.206 is amended to read: 06 Sec. 24.20.206. Duties. The Legislative Budget and Audit Committee shall 07 (1) report to the legislature its recommendations relating to the 08 confirmation of appointees to the Board of Trustees of the Alaska Permanent Fund 09 Corporation; 10 (2) annually review the long-range operating plans of all agencies of 11 the state that perform lending or investment functions; 12 (3) review periodic reports from all agencies of the state that perform 13 lending or investment functions; 14 (4) prepare a complete report of investment programs, plans, 15 performance, and policies of all agencies of the state that perform lending or 16 investment functions and notify the legislature within 30 days after the convening of 17 each regular session that the report is available; 18 (5) in conjunction with the finance committee of each house, 19 recommend annually to the legislature the investment policy for the general fund 20 surplus and for the appropriations [INCOME] from the permanent fund; 21 (6) provide for an annual post audit and annual operational and 22 performance evaluation of the Alaska Permanent Fund Corporation investments and 23 investment programs; 24 (7) provide for an annual operational and performance evaluation of 25 the Alaska Housing Finance Corporation and the Alaska Industrial Development and 26 Export Authority; the performance evaluation must include, but is not limited to, a 27 comparison of the effect on various sectors of the economy by public and private 28 lending, the effect on resident and nonresident employment, the effect on real wages, 29 and the effect on state and local operating and capital budgets of the programs of the 30 Alaska Housing Finance Corporation and the Alaska Industrial Development and 31 Export Authority;
01 (8) provide assistance to the trustees of the trust established in 02 AS 37.14.400 - 37.14.450 in carrying out their duties under AS 37.14.415. 03 * Sec. 3. AS 37.13 is amended by adding a new section to read: 04 Sec. 37.13.143. Appropriations from the fund. During each fiscal year, the 05 legislature may appropriate 60 percent of the total amount available for appropriation 06 from the fund under art. IX, sec. 15(b), Constitution of the State of Alaska, to the 07 general fund. During each fiscal year the legislature may appropriate 40 percent of the 08 total amount available for appropriation from the fund under art. IX, sec. 15(b), 09 Constitution of the State of Alaska, to the dividend fund established under 10 AS 43.23.045. 11 * Sec. 4. AS 37.13.150 is amended to read: 12 Sec. 37.13.150. Corporation budget. The [REVENUE GENERATED BY 13 THE FUND'S INVESTMENTS MUST BE IDENTIFIED AS THE SOURCE OF 14 THE] operating budget of the corporation shall be included in the state's operating 15 budget under AS 37.07 (Executive Budget Act). [THE UNEXPENDED BALANCE 16 OF THE CORPORATION'S ANNUAL OPERATING BUDGET DOES NOT LAPSE 17 AT THE END OF THE FISCAL YEAR BUT SHALL BE TREATED AS INCOME 18 UNDER AS 37.13.140.] 19 * Sec. 5. AS 37.14.031(c) is amended to read: 20 (c) The net income of the fund shall be determined by the Alaska Permanent 21 Fund Corporation annually as of the last day of the fiscal year in accordance with 22 generally accepted accounting principles [IN THE SAME MANNER THE 23 CORPORATION DETERMINES THE NET INCOME OF THE ALASKA 24 PERMANENT FUND UNDER AS 37.13.140]. 25 * Sec. 6. AS 37.17.020(b) is amended to read: 26 (b) The endowment shall be held and invested by the Alaska Permanent Fund 27 Corporation subject to AS 37.13.120; however, net income from the endowment shall 28 be distributed under AS 37.17.010 - 37.17.110 and 37.17.225. [NET INCOME FROM 29 THE ENDOWMENT MAY NOT BE INCLUDED IN THE COMPUTATION OF 30 NET INCOME AVAILABLE FOR DISTRIBUTION UNDER AS 37.13.140.] 31 * Sec. 7. AS 37.17.440(b) is amended to read:
01 (b) The principal and income of the endowment shall be held and invested by 02 the Alaska Permanent Fund Corporation subject to AS 37.13.120; however, net 03 income from the endowment and subsequent income earned on net income from the 04 endowment shall be held in a separate account until appropriated by the legislature. 05 [NET INCOME FROM THE ENDOWMENT MAY NOT BE INCLUDED IN THE 06 COMPUTATION OF NET INCOME AVAILABLE FOR DISTRIBUTION UNDER 07 AS 37.13.140.] 08 * Sec. 8. AS 43.23.025(a) is amended to read: 09 (a) By October 1 of each year, the commissioner shall determine the value of 10 each permanent fund dividend for that year by 11 (1) determining the total amount available for dividend payments, 12 which equals 13 (A) the amount of money appropriated from [INCOME OF] 14 the Alaska permanent fund [TRANSFERRED] to the dividend fund under 15 AS 37.13.143 [AS 37.13.145(b)] during the current year; 16 (B) plus the unexpended and unobligated balances of prior 17 fiscal year appropriations that lapse into the dividend fund under 18 AS 43.23.045(d); 19 (C) less the amount necessary to pay prior year dividends from 20 the dividend fund in the current year under AS 43.23.005(h) and under 21 AS 43.23.055(3) and (7); 22 (D) less the amount necessary to pay dividends from the 23 dividend fund due to eligible applicants who, as determined by the department, 24 filed for a previous year's dividend by the filing deadline but who were not 25 included in a previous year's dividend computation; 26 (E) less appropriations from the dividend fund during the 27 current year, including amounts to pay costs of administering the dividend 28 program and the hold harmless provisions of AS 43.23.075; 29 (2) determining the number of individuals eligible to receive a 30 dividend payment for the current year and the number of estates and successors 31 eligible to receive a dividend payment for the current year under AS 43.23.005(h); and
01 (3) dividing the amount determined under (1) of this subsection by the 02 amount determined under (2) of this subsection. 03 * Sec. 9. AS 43.23.028(a) is amended to read: 04 (a) By October 1 of each year, the commissioner shall give public notice of 05 the value of each permanent fund dividend for that year and notice of the information 06 required to be disclosed under (3) of this subsection. In addition, the stub attached to 07 each individual dividend check and direct deposit advice must 08 (1) disclose the amount of each dividend attributable to [INCOME 09 EARNED BY THE PERMANENT FUND FROM] deposits to that fund required 10 under art. IX, sec. 15, Constitution of the State of Alaska; 11 (2) disclose the amount of each dividend attributable to [INCOME 12 EARNED BY THE PERMANENT FUND FROM] appropriations to that fund and 13 the amount of each dividend attributable to [FROM] amounts added to that fund 14 before January 1, 2005, to offset the effects of inflation; 15 (3) disclose the amount by which each dividend has been reduced due 16 to each appropriation from the dividend fund, including amounts to pay the costs of 17 administering the dividend program and the hold harmless provisions of 18 AS 43.23.075; 19 (4) include a statement that an individual is not eligible for a dividend 20 when 21 (A) during the qualifying year, the individual was convicted of 22 a felony; 23 (B) during all or part of the qualifying year, the individual was 24 incarcerated as a result of the conviction of a 25 (i) felony; or 26 (ii) misdemeanor if the individual has been convicted of 27 a prior felony or two or more prior misdemeanors; 28 (5) include a statement that the legislative purpose for making 29 individuals listed under (4) of this subsection ineligible is to 30 (A) obtain reimbursement for some of the costs imposed on the 31 state criminal justice system related to incarceration or probation of those
01 individuals; 02 (B) provide funds for services for and payments to crime 03 victims and for grants for the operation of domestic violence and sexual assault 04 programs; 05 (6) disclose the total amount that would have been paid during the 06 previous fiscal year to individuals who were ineligible to receive dividends under 07 AS 43.23.005(d) if they had been eligible; 08 (7) disclose the total amount appropriated for the current fiscal year 09 under (b) of this section for each of the funds and agencies listed in (b) of this section. 10 * Sec. 10. AS 37.13.140, 37.13.145; and AS 37.13.300(c) are repealed. 11 * Sec. 11. The uncodified law of the State of Alaska is amended by adding a new section to 12 read: 13 CONDITIONAL EFFECT. This Act takes effect only if an amendment to art. IX, sec. 14 15, Constitution of the State of Alaska, relating to and limiting appropriations from the Alaska 15 permanent fund based on an averaged percent of the fund market value, is approved by the 16 voters during the 2004 general election and takes effect. 17 * Sec. 12. If this Act takes effect under sec. 11 of this Act, it takes effect on January 1, 18 2005.