HB 401: "An Act relating to the revenue sharing endowment fund; and providing for an effective date."
00 HOUSE BILL NO. 401 01 "An Act relating to the revenue sharing endowment fund; and providing for an effective 02 date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 37.14 is amended by adding new sections to read: 05 Article 10. Revenue Sharing Endowment Fund. 06 Sec. 37.14.850. Revenue sharing endowment fund established. (a) The 07 revenue sharing endowment fund is established as a separate endowment trust fund of 08 the state. The Department of Revenue shall transfer to the fund 25 percent of all 09 mineral lease rentals, royalties, royalty sale proceeds, net profit shares under 10 AS 38.05.180(f) and (g), and federal mineral revenue sharing payments received by 11 the state from mineral leases issued after December 1, 1979, and 25 percent of all 12 bonuses received by the state from mineral leases issued after February 15, 1980. 13 Transfers shall be made to the fund at least once each month. 14 (b) In addition to transfers under (a) of this section, appropriations may be
01 made to the revenue sharing endowment fund. 02 (c) Money in the fund does not lapse under AS 37.25.010. Nothing in this 03 section exempts money transferred to the fund from the requirements of AS 37.07 04 (Executive Budget Act). 05 Sec. 37.14.860. Fund management. The revenue sharing endowment fund 06 shall be managed and invested by the Alaska Permanent Fund Corporation, subject to 07 AS 37.13.120. The corporation shall retain income in the fund. The corporation shall, 08 at least annually, prepare, publish, and distribute a financial report showing fund 09 investment revenue and expenditures. 10 Sec. 37.14.870. Use of the fund. (a) As soon as practicable after June 30 of 11 each fiscal year, the Alaska Permanent Fund Corporation shall determine the average 12 month-end market value of the revenue sharing endowment fund for the immediately 13 preceding five fiscal years. The corporation shall identify five percent of that amount 14 as available for appropriation by the legislature for uses described in (b) of this 15 section. 16 (b) Each fiscal year, the legislature may appropriate the amount identified 17 under (a) of this section, or any other amount, from the revenue sharing endowment 18 fund for aid to municipalities and communities under AS 29.60.010 - 29.60.375, or for 19 any other purposes. 20 Sec. 37.14.880. No dedicated fund. Nothing in AS 37.14.850 - 37.14.870 21 creates a dedicated fund or dedicates state revenue. 22 * Sec. 2. This Act takes effect July 1, 2006.