00 SENATE BILL NO. 97
01 "An Act authorizing additional appropriations for public education and for community
02 revenue sharing based on the price of Alaska North Slope crude oil, and adjusting the
03 formula for payments to communities."
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
05 * Section 1. AS 14.17 is amended by adding a new section to read:
06 Sec. 14.17.305. Additional education funding based on oil prices. The
07 legislature may appropriate to the Department of Education an amount equal to
08 $2,000,000 multiplied by the amount, rounded to the nearest dollar, that the price of
09 Alaska North Slope crude oil exceeds $89 a barrel on July 1 of the fiscal year for
10 which the appropriation is made. Amounts appropriated under this section shall be
11 distributed to public school districts based on their adjusted daily membership as
12 calculated under AS 14.17.410(b)(1)(A) - (D).
13 * Sec. 2. AS 29.60.850(b) is amended to read:
14 (b) Each fiscal year, the legislature may appropriate to the community revenue
01 sharing fund an amount equal to 20 percent of the money received by the state during
02 the previous calendar year under AS 43.55.011(g). The amount may not exceed
03 [(1) $60,000,000; OR
04 (2)] the amount that, when added to two-thirds of the fund balance on
05 June 30 of the previous fiscal year, equals $180,000,000.
06 * Sec. 3. AS 29.60.855(a) is amended to read:
07 (a) The department shall calculate the basic amount used for determining the
08 basic community revenue sharing payment for a fiscal year by applying the following
09 formula: the amount available for payments for that fiscal year under AS 29.60.850(c)
10 and (d) of this section, minus 60,000,000, divided by 60,000,000, plus one,
11 multiplied by 384,000. However, if the amount calculated is less than $220,000, the
12 basic amount for that fiscal year is $220,000.
13 * Sec. 4. AS 29.60.855 is amended by adding a new subsection to read:
14 (d) The legislature may appropriate an additional amount for community
15 revenue sharing payments in an amount equal to $2,000,000 multiplied by the amount,
16 rounded to the nearest dollar, that the price of Alaska North Slope crude oil exceeds
17 $89 a barrel on July 1 of the fiscal year for which the appropriation is made.