00                            HOUSE BILL NO. 221                                                                          
01 "An Act establishing a high energy cost offset fund and describing its use."                                            
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. AS 42.45 is amended by adding a new section to read:                                                  
04                  Article 8A. High Energy Cost Offset Fund.                                                            
05            Sec. 42.45.450. High energy cost offset fund. (a) The high energy cost offset                              
06       fund is established as a separate fund in the general fund. At the end of the calendar                            
07       year, the Department of Revenue shall calculate an amount equal to 10 cents for each                              
08       barrel of crude oil produced in the state during that calendar year while the average                             
09       West Coast prevailing value for crude oil was $35 a barrel or higher and notify the                               
10       governor and the legislature of that amount. The legislature may appropriate the                                  
11       amount calculated by the Department of Revenue to the high energy cost offset fund                                
12       together with any income earned on the money in the fund.                                                         
13            (b)  The high energy cost offset fund shall be invested by the Department of                                 
14       Revenue to yield competitive market rates as provided in AS 37.10.071.                                            
15            (c)  The legislature may appropriate money in the fund to provide cost offsets                               

01       for higher energy costs to consumers.                                                                             
02            (d)  Nothing in this section creates a dedication of funds.