00                             SENATE BILL NO. 2                                                                          
01 "An Act relating to the natural gas revenue fund; and providing for an effective date."                                 
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1.  AS 37.05 is amended by adding a new section to read:                                                 
04            Sec. 37.05.515.  Natural gas revenue fund.  (a)  The natural gas revenue fund                              
05       is established in the general fund.  The Department of Revenue shall deposit into the                             
06       fund 25 percent of all money received by the state from lease rentals, royalties, and                             
07       royalty sale proceeds for natural gas and from federal mineral revenue sharing                                    
08       payments and bonuses for natural gas.                                                                             
09            (b)  The  legislature may appropriate money in the natural gas revenue fund to                               
10       the public education fund (AS 14.17.300) for the purpose of maintaining a balance in                              
11       the public education fund that is equal to twice the weighted average amount                                      
12       appropriated for state aid to public schools under AS 14.17 in the three preceding                                
13       fiscal years.                                                                                                     
14            (c)  The  legislature may appropriate money in the natural gas revenue fund,                                 
15       after making the appropriation described in (b) of this section, to the Alaska debt                               

01       retirement fund (AS 37.15.011) for the purpose of maintaining a balance in the Alaska                             
02       debt retirement fund that is equal to twice the weighted average amount appropriated                              
03       from the Alaska debt retirement fund for the purposes set out under AS 37.15.011(b)                               
04       in the three preceding fiscal years.                                                                              
05            (d)  The unappropriated balance of the natural gas revenue fund on June 30 of                                
06       each year shall be transferred to the general fund.                                                               
07            (e)  This section does not create a dedicated fund or a dedication of a state tax                            
08       or license.                                                                                                       
09    * Sec. 2.  This Act takes effect immediately under AS 01.10.070(c).