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SB 97: "An Act authorizing additional appropriations for public education and for community revenue sharing based on the price of Alaska North Slope crude oil, and adjusting the formula for payments to communities."

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.