00                            HOUSE BILL NO. 224                                                                          
01 "An Act relating to the sale or securitization of certain of the state's oil taken as                                   
02 royalty."                                                                                                               
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 38.05.182 is amended by adding a new subsection to read:                                          
05            (c)  If, after consideration under AS 38.06, the Alaska Royalty Oil and Gas                                  
06       Development Advisory Board determines that, using the criteria set out in                                         
07       AS 38.06.070(a) and (b), the sale or securitization of the oil that has been taken by the                         
08       state as royalty under this section from the fields that are in production on the effective                       
09       date of this Act would result in a net benefit to the state, the commissioner may sell or                         
10       securitize the oil.  The provisions of AS 38.05.183 apply to the sale or securitization of                        
11       oil authorized by this subsection.