HB 410: "An Act relating to the administration of commercial fishing entry permit buy-back programs."
00 HOUSE BILL NO. 410 01 "An Act relating to the administration of commercial fishing entry permit buy-back 02 programs." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 16.43.320 is amended to read: 05 Sec. 16.43.320. Administration of the buy-back program. The commission 06 shall adopt regulations providing for the purchase of transferable entry permits with 07 money in the buy-back fund for each fishery. The commission shall cease purchases 08 of entry permits in a fishery when the number of entry permits in the fishery has 09 been reduced to the optimum number. The commission shall terminate a buy- 10 back assessment established for a fishery under AS 16.43.310(b) when the 11 commission determines that the amount of revenue collected through the 12 assessment is sufficient to purchase the number of entry permits necessary to 13 achieve the optimum number of entry permits in the fishery and to offset the 14 reasonable costs of the buy-back program for the fishery, including repayment of
01 any debt the commission was authorized to incur to capitalize the buy-back fund 02 for the fishery [THE BUY-BACK PROGRAM FOR A FISHERY SHALL 03 TERMINATE WHEN THE NUMBER OF ENTRY PERMITS FOR THE FISHERY 04 IS REDUCED TO THE OPTIMUM]. The unexpended balance of appropriations 05 made to a buy-back fund for a fishery shall lapse back into the fund from which the 06 money was appropriated at the end of the fiscal year in which the buy-back program is 07 terminated.