HB 238: "An Act relating to the response account of the oil and hazardous substance release prevention and response fund; and providing for an effective date."
00 HOUSE BILL NO. 238 01 "An Act relating to the response account of the oil and hazardous substance release 02 prevention and response fund; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 43.55.221(a) is amended to read: 05 (a) Not later than 30 days after the end of each calendar quarter, the 06 commissioner of administration shall determine, as of the end of that quarter, the fiscal 07 year's 08 (1) unreserved and unobligated balance in the response account of the 09 oil and hazardous substance release prevention and response fund established in 10 AS 46.08.010; for purposes of this paragraph, the "unreserved and unobligated balance 11 in the response account" means the cash balance of the account, plus any net 12 unrealized loss of the subaccount established in AS 46.08.025(c), minus [LESS] 13 the sum of 14 (A) reserves for outstanding appropriations from the account;
01 (B) encumbrances of money in the account; and 02 (C) other liabilities of the account; 03 (2) balance of the account maintained under AS 37.05.142 that 04 accounts for the proceeds of the surcharge that are deposited in the general fund; 05 (3) the balance of the response mitigation account established by 06 AS 46.08.025(b) that originated from the sources described in AS 46.08.025(a)(3) and 07 that is available for appropriation to the response account of the fund established in 08 AS 46.08.010. 09 * Sec. 2. AS 46.08.020(c) is amended to read: 10 (c) The realized income of the subaccount established in AS 46.08.025(c) 11 and the interest earned on the balances of each of the following accounts shall be 12 deposited into the general fund and credited to the prevention account in the fund: 13 (1) the prevention account; 14 (2) the prevention mitigation account; 15 (3) the response account; and 16 (4) the response mitigation account. 17 * Sec. 3. AS 46.08.025 is amended by adding a new subsection to read: 18 (c) A subaccount is established in the response account in the fund consisting 19 of appropriations from the response account. Money in the subaccount shall be 20 invested to yield higher returns than might be feasible to obtain with other money in 21 the response account. In establishing or modifying the investment policy for the 22 subaccount, the commissioner of revenue shall assume that those funds will not be 23 needed for at least five years. However, expenditures shall be made from the 24 subaccount whenever the amount outside of the subaccount is insufficient to meet 25 obligations of the response account. 26 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 27 read: 28 TRANSITION. On the effective date of this Act, the Department of Revenue shall 29 transfer $40,000,000 from the response account of the oil and hazardous substance release 30 prevention and response fund (AS 46.08.010(a)(2)) to the subaccount established in 31 AS 46.08.025(c), enacted in sec. 3 of this Act.