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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.