00                            SENATE BILL NO. 191                                                                         
01 "An Act relating to the authority to transfer money from the general fund to general                                    
02 obligation bond construction funds or accounts; and providing for an effective date."                                   
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 37.10.087(a) is amended to read:                                                                   
05            (a)  When a construction fund or account established to receive the proceeds of                              
06       state general obligation bonds is temporarily exhausted, the commissioner of                                  
07       administration on recommendation of the state bond committee [, AND WITH THE                                      
08       APPROVAL OF THE LEGISLATIVE BUDGET AND AUDIT COMMITTEE,] may                                                      
09       temporarily transfer money from the general fund to the bond construction fund or                                 
10       account. If the amount of the transfer exceeds 25 percent of the amount                                       
11       authorized for the general obligation bonds, the commissioner shall obtain                                    
12       approval of the transfer from the Legislative Budget and Audit Committee                                      
13       before the transfer.                                                                                          
14    * Sec. 2. AS 37.10.087(d) is amended to read:                                                                      

01            (d)  Money transferred from the general fund under (a) of this section shall be                              
02       [IMMEDIATELY] returned to the general fund within 15 months after the transfer                                
03       [AS SOON AS SUFFICIENT MONEY HAS BEEN RECEIVED IN THE BOND                                                        
04       CONSTRUCTION FUND OR ACCOUNT TO WHICH THE TRANSFER WAS                                                            
05       MADE].                                                                                                            
06    * Sec. 3. AS 37.10.087 is amended by adding a new subsection to read:                                              
07            (e)  The commissioner shall notify the Legislative Budget and Audit                                          
08       Committee in writing of a transfer of money from the general fund under (a) of this                               
09       section.                                                                                                          
10    * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).