00 CS FOR HOUSE BILL NO. 203(FIN)
01 "An Act relating to the Alaska Gasline Development Corporation and establishing and
02 relating to the in-state gas pipeline fund; and providing for an effective date."
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
04 * Section 1. AS 18.56.086 is amended by adding a new subsection to read:
05 (b) The in-state gas pipeline fund is established in the Alaska Gasline
06 Development Corporation, a subsidiary created by the corporation in 2010 under (a) of
07 this section, and consists of money appropriated to it. Unless otherwise provided in an
08 appropriation act, money appropriated to the fund lapses to the general fund on the day
09 this subsection is repealed. The Alaska Gasline Development Corporation shall
10 manage and invest the fund to yield competitive market rates. The Alaska Gasline
11 Development Corporation shall invest money in the fund in the same manner and on
12 the same conditions as permitted for investment by the commissioner of revenue of
13 funds belonging to the state or held in the treasury under AS 37.10.070 and as
14 provided for fiduciaries of state funds under AS 37.10.071. Interest and other income
01 received on money in the fund shall be accounted for separately and shall remain in
02 the fund. The Alaska Gasline Development Corporation may use money from the fund
03 for the planning, development, and construction of an in-state pipeline to transport
04 North Slope natural gas.
05 * Sec. 2. AS 18.56.086(c) is repealed 90 days after the completion of construction of an in-
06 state pipeline that transports North Slope natural gas.
07 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to
09 NOTICE. The executive director of the Alaska Housing Finance Corporation shall
10 notify the revisor of statutes of the day that the construction described in sec. 2 of this Act is
12 * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).