SB 370: "An Act relating to the income of and 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 SENATE BILL NO. 370 01 "An Act relating to the income of and 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 The Legislative Budget and Audit Committee shall 07 (1) [REPEALED 08 (2)] annually review the long-range operating plans of all agencies of 09 the state that perform lending or investment functions; 10 (2) [(3)] review periodic reports from all agencies of the state that 11 perform lending or investment functions; 12 (3) [(4)] prepare a complete report of investment programs, plans, 13 performance, and policies of all agencies of the state that perform lending or 14 investment functions and notify the legislature within 30 days after the convening of 15 each regular session that the report is available; 16 (4) [(5)] in conjunction with the finance committee of each house, 17 recommend annually to the legislature the investment policy for the general fund 18 surplus and for the [INCOME FROM THE] permanent fund; 19 (5) [(6)] provide for an annual post audit and annual operational and 20 performance evaluation of the Alaska Permanent Fund Corporation investments and 21 investment programs; 22 (6) [(7)] provide for an annual operational and performance evaluation 23 of the Alaska Housing Finance Corporation and the Alaska Industrial Development 24 and Export Authority; the performance evaluation must include, but is not limited to, a 25 comparison of the effect on various sectors of the economy by public and private 26 lending, the effect on resident and nonresident employment, the effect on real wages, 27 and the effect on state and local operating and capital budgets of the programs of the 28 Alaska Housing Finance Corporation and the Alaska Industrial Development and 29 Export Authority; 30 (7) [(8)] provide assistance to the trustees of the trust established in 31 AS 37.14.400 - 37.14.450 in carrying out their duties under AS 37.14.415.
01 * Sec. 3. AS 37.13 is amended by adding a new section to read: 02 Sec. 37.13.143. Appropriations from the fund. (a) The total amount 03 available for appropriation from the fund for a current fiscal year is first determined 04 under art. IX, sec. 15(b), Constitution of the State of Alaska. However, that amount 05 shall be further reduced as necessary so that after the appropriations are made for that 06 current fiscal year, the minimum balance of the fund shall equal the sum of the 07 following: 08 (1) the total of all amounts deposited into the fund under 09 AS 37.13.010; 10 (2) the total of all amounts appropriated or otherwise transferred to the 11 fund under former AS 37.13.145(c); 12 (3) the total of all amounts appropriated to the fund, other than 13 amounts appropriated under former AS 37.13.145(c); 14 (4) the total of all amounts to offset the effect of inflation on the fund, 15 as calculated under (b) of this section, for each of the fiscal years beginning with fiscal 16 year 2005 through the fiscal year that immediately preceded the current fiscal year. 17 (b) On the last day of each fiscal year, the corporation shall calculate the 18 amount to offset the effect of inflation on the fund for that fiscal year by 19 (1) computing the average of the monthly Consumer Price Index for all 20 urban consumers for the Anchorage metropolitan area compiled by the United States 21 Department of Labor, Bureau of Labor Statistics, for the first five full calendar years 22 immediately preceding the last day of that fiscal year; 23 (2) computing the average percentage change between each of the 24 calendar year averages determined under (1) of this subsection; and 25 (3) applying the rate determined under (2) of this subsection to the 26 minimum balance of the fund calculated under (a) of this section. 27 (c) Appropriations by the legislature under this section for a current fiscal year 28 may include an appropriation to the dividend fund established under AS 43.23.045. 29 * Sec. 4. AS 37.13 is amended by adding a new section to read: 30 Sec. 37.13.148. Market value of the fund. For the purposes of art. IX, sec. 31 15(b), Constitution of the State of Alaska, the corporation shall determine the market
01 value of the fund annually as of the close of business on June 30 in accordance with 02 generally accepted accounting principles for the determination of fair value. 03 * Sec. 5. AS 37.13.150 is amended to read: 04 Sec. 37.13.150. Corporation budget. The revenue generated by the fund's 05 investments must be identified as the source of the operating budget of the corporation 06 in the state's operating budget under AS 37.07 (Executive Budget Act). [THE 07 UNEXPENDED BALANCE OF THE CORPORATION'S ANNUAL OPERATING 08 BUDGET DOES NOT LAPSE AT THE END OF THE FISCAL YEAR BUT SHALL 09 BE TREATED AS INCOME UNDER AS 37.13.140.] 10 * Sec. 6. AS 37.14.031(c) is amended to read: 11 (c) The net income of the fund shall be determined by the Alaska Permanent 12 Fund Corporation annually as of the last day of the fiscal year in accordance with 13 generally accepted accounting principles [IN THE SAME MANNER THE 14 CORPORATION DETERMINES THE NET INCOME OF THE ALASKA 15 PERMANENT FUND UNDER AS 37.13.140]. 16 * Sec. 7. AS 43.23.025(a) is amended to read: 17 (a) By October 1 of each year, the commissioner shall determine the value of 18 each permanent fund dividend for that year by 19 (1) determining the total amount available for dividend payments, 20 which equals 21 (A) the amount of money appropriated from [INCOME OF] 22 the Alaska permanent fund [TRANSFERRED] to the dividend fund under 23 AS 37.13.143 [AS 37.13.145(b)] during the current year; 24 (B) plus the unexpended and unobligated balances of prior 25 fiscal year appropriations that lapse into the dividend fund under 26 AS 43.23.045(d); 27 (C) less the amount necessary to pay prior year dividends from 28 the dividend fund in the current year under AS 43.23.005(h) and under 29 AS 43.23.055(3) and (7); 30 (D) less the amount necessary to pay dividends from the 31 dividend fund due to eligible applicants who, as determined by the department,
01 filed for a previous year's dividend by the filing deadline but who were not 02 included in a previous year's dividend computation; 03 (E) less appropriations from the dividend fund during the 04 current year, including amounts to pay costs of administering the dividend 05 program and the hold harmless provisions of AS 43.23.075; 06 (2) determining the number of individuals eligible to receive a 07 dividend payment for the current year and the number of estates and successors 08 eligible to receive a dividend payment for the current year under AS 43.23.005(h); and 09 (3) dividing the amount determined under (1) of this subsection by the 10 amount determined under (2) of this subsection. 11 * Sec. 8. AS 43.23.028(a) is amended to read: 12 (a) By October 1 of each year, the commissioner shall give public notice of 13 the value of each permanent fund dividend for that year and notice of the information 14 required to be disclosed under (3) of this subsection. In addition, the stub attached to 15 each individual dividend check and direct deposit advice must 16 (1) disclose the amount of each dividend attributable to [INCOME 17 EARNED BY THE PERMANENT FUND FROM] deposits to that fund required 18 under art. IX, sec. 15, Constitution of the State of Alaska; 19 (2) disclose the amount of each dividend attributable to [INCOME 20 EARNED BY THE PERMANENT FUND FROM] appropriations to that fund and 21 the amount of each dividend attributable to [FROM] amounts added to that fund 22 before January 1, 2005, to offset the effects of inflation; 23 (3) disclose the amount by which each dividend has been reduced due 24 to each appropriation from the dividend fund, including amounts to pay the costs of 25 administering the dividend program and the hold harmless provisions of 26 AS 43.23.075; 27 (4) include a statement that an individual is not eligible for a dividend 28 when 29 (A) during the qualifying year, the individual was convicted of 30 a felony; 31 (B) during all or part of the qualifying year, the individual was
01 incarcerated as a result of the conviction of a 02 (i) felony; or 03 (ii) misdemeanor if the individual has been convicted of 04 a prior felony or two or more prior misdemeanors; 05 (5) include a statement that the legislative purpose for making 06 individuals listed under (4) of this subsection ineligible is to 07 (A) obtain reimbursement for some of the costs imposed on the 08 state criminal justice system related to incarceration or probation of those 09 individuals; 10 (B) provide funds for services for and payments to crime 11 victims and for grants for the operation of domestic violence and sexual assault 12 programs; 13 (6) disclose the total amount that would have been paid during the 14 previous fiscal year to individuals who were ineligible to receive dividends under 15 AS 43.23.005(d) if they had been eligible; 16 (7) disclose the total amount appropriated for the current fiscal year 17 under (b) of this section for each of the funds and agencies listed in (b) of this section. 18 * Sec. 9. AS 37.13.140, 37.13.145; and AS 37.13.300(c) are repealed. 19 * Sec. 10. The uncodified law of the State of Alaska is amended by adding a new section to 20 read: 21 CONDITIONAL EFFECT. This Act takes effect only if an amendment to art. IX, sec. 22 15, Constitution of the State of Alaska, relating to and limiting appropriations from the Alaska 23 permanent fund based on an averaged percent of the fund market value, is approved by the 24 voters during the 2004 general election and takes effect. 25 * Sec. 11. If this Act takes effect under sec. 10 of this Act, it takes effect on January 1, 26 2005.