00                  CONFERENCE CS FOR SENATE BILL NO. 196                                                                 
01 "An Act relating to the amount appropriated for power cost equalization; relating to the                                
02 use of certain unexpended earnings from the power cost equalization endowment fund;                                     
03 and providing for an effective date."                                                                                   
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. AS 42.45.080(c) is amended to read:                                                                   
06            (c)  On July 1 of each year, the commissioner shall determine                                                
07                 (1)  the monthly average market value of the fund for the previous three                            
08       closed fiscal years; and                                                                                  
09                 (2)  the earnings of the fund for the previous closed fiscal year.                                
10    * Sec. 2. AS 42.45.085(a) is amended to read:                                                                      
11            (a)  Five [SEVEN] percent of the amount determined by the commissioner of                                
12       revenue on July 1 of each year under AS 42.45.080(c)(1) [AS 42.45.080(c)] may be                              
13       appropriated [FOR THE FISCAL YEAR BEGINNING THE FOLLOWING JULY 1]                                                 
14       for the following purposes:                                                                                       
15                 (1)  funding the power cost equalization and rural electric capitalization                              
16       fund (AS 42.45.100);                                                                                              

01                 (2)  reimbursement to the Department of Revenue for the costs of                                        
02       establishing and managing the fund; and                                                                           
03                 (3)  reimbursement of other costs of administration of the fund.                                      
04    * Sec. 3. AS 42.45.085 is amended by adding new subsections to read:                                               
05            (c)  If the amount appropriated under (a) of this section is insufficient to                                 
06       achieve the purposes of (a)(1) - (3) of this section, the amount shall be prorated among                          
07       the purposes listed in (a)(1) and (2) of this section.                                                            
08            (d)  If the earnings of the fund for the previous closed fiscal year, as calculated                          
09       under AS 42.45.080(c)(2), exceed the appropriation under (a) of this section for the                              
10       current fiscal year, the legislature may appropriate 70 percent of the difference                                 
11       between the earnings of the fund for the previous closed fiscal year, as calculated                               
12       under AS 42.45.080(c)(2), and the appropriation made under (a) of this section for the                            
13       current fiscal year as follows:                                                                                   
14                 (1)  if the amount calculated under this subsection is less than                                        
15       $30,000,000, that amount to a community revenue sharing or community assistance                                   
16       fund; or                                                                                                          
17                 (2)  if the amount calculated under this subsection is $30,000,000 or                                   
18       more,                                                                                                             
19                      (A)  $30,000,000 to a community revenue sharing or                                                 
20            community assistance fund; and                                                                               
21                      (B)  the remaining amount, not to exceed $25,000,000, to the                                       
22            renewable energy grant fund established under AS 42.45.045, to the bulk fuel                                 
23            revolving loan fund established under AS 42.45.250, or for rural power system                                
24            upgrades or to a combination of the funds or purposes listed in this paragraph.                              
25    * Sec. 4. This Act takes effect June 30, 2016.