HB 422: "An Act repealing the special subaccount established in the constitutional budget reserve fund; relating to the powers of the Department of Revenue for the investment of amounts in the constitutional budget reserve fund; and providing for an effective date."
00 HOUSE BILL NO. 422 01 "An Act repealing the special subaccount established in the constitutional budget 02 reserve fund; relating to the powers of the Department of Revenue for the investment of 03 amounts in the constitutional budget reserve fund; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 37.10.430(a) is amended to read: 06 (a) The Department of Revenue may transfer management responsibility over 07 all or a portion of the budget reserve fund (art. IX, sec. 17, Constitution of the State of 08 Alaska) to the Alaska Permanent Fund Corporation. Except to the extent 09 management responsibility is transferred under this subsection, the 10 commissioner of revenue shall invest money in the budget reserve fund. 11 * Sec. 2. AS 37.10.430(c) is repealed. 12 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 13 read: 14 TRANSITION. On July 1, 2004, the special subaccount investments established
01 under AS 37.10.430(c), repealed by sec. 2 of this Act, merge with other assets of the budget 02 reserve fund (art. IX, sec. 17, Constitution of the State of Alaska) into a single account. 03 * Sec. 4. This Act takes effect July 1, 2004.