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

01    * Sec. 2. AS 37.10.087(d) is amended to read:                                                                      
02            (d)  Money transferred from the general fund under (a) of this section shall be                              
03       [IMMEDIATELY] returned to the general fund within 15 months after the transfer                                
04       [AS SOON AS SUFFICIENT MONEY HAS BEEN RECEIVED IN THE BOND                                                        
05       CONSTRUCTION FUND OR ACCOUNT TO WHICH THE TRANSFER WAS                                                            
06       MADE].                                                                                                            
07    * Sec. 3. AS 37.10.087 is amended by adding a new subsection to read:                                              
08            (e)  The commissioner of administration shall notify the Legislative Budget                                  
09       and Audit Committee in writing of a transfer of money from the general fund under (a)                             
10       of this section.                                                                                                  
11    * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).