00                             HOUSE BILL NO. 57                                                                          
01 "An Act repealing provisions relating to treatment of permanent fund income from                                        
02 money received as a result of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior                                  
03 Court, First Judicial District); and providing for an effective date."                                                  
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. AS 37.05.565(a) is amended to read:                                                                   
06            (a)  There is established in the general fund the Alaska capital income fund                                 
07       consisting of [MONEY DEPOSITED TO THE FUND UNDER AS 37.13.145(d)                                                  
08       AND OF] appropriations to the fund. The fund shall be invested by the Department of                               
09       Revenue to yield competitive market rates as provided in AS 37.10.071. Income                                     
10       earned on money in the fund may be appropriated to the fund.                                                      
11    * Sec. 2. AS 37.13.145(d) and sec. 28, ch. 134, SLA 1992, are repealed.                                            
12    * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).