txt

CSHB 203(FIN): "An Act relating to the Alaska Gasline Development Corporation and establishing and relating to the in-state gas pipeline fund; and providing for an effective date."

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09       this subsection is repealed.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                          
08 read:                                                                                                                   
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                      
11 completed.                                                                                                              
12    * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).