Enrolled SB 315: Relating to the administration of commercial fishing entry permit buy-back programs.
00Enrolled SB 315 01 Relating to the administration of commercial fishing entry permit buy-back programs. 02 _______________ 03 * Section 1. AS 16.43.320 is amended to read: 04 Sec. 16.43.320. Administration of the buy-back program. The commission 05 shall adopt regulations providing for the purchase of transferable entry permits with 06 money in the buy-back fund for each fishery. The commission shall cease purchases 07 of entry permits in a fishery when the number of entry permits in the fishery has 08 been reduced to the optimum number. The commission shall terminate a buy- 09 back assessment established for a fishery under AS 16.43.310(b) when the 10 commission determines that the amount of revenue collected through the 11 assessment is sufficient to purchase the number of entry permits necessary to 12 achieve the optimum number of entry permits in the fishery and to offset the 13 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.