Legislature(2001 - 2002)
2002-05-02 House JournalFull Journal pdf
2002-05-02 House Journal Page 3277 HB 304 The Rules Committee has considered: HOUSE BILL NO. 304 "An Act relating to disposition of income of the permanent fund; and providing for an effective date." and recommends it be replaced with: CS FOR HOUSE BILL NO. 304(2d RLS) "An Act relating to the education fund and the infrastructure and economic development fund, to the market value of the permanent fund, to distribution of the income of the permanent fund, and to the determination of net income of the mental health trust fund." The report was signed by Representative Kott, Chair, with the following individual recommendations: Do pass (1): Porter Do not pass (1): Kohring No recommendation (5): Joule, Morgan, McGuire, Kott, Berkowitz A Rules Committee letter of intent, signed by Representatives Kott (Chair) and Berkowitz, follows: It is the intent of the Legislature to limit total expenditures for all purposes from the earnings reserve account of the Alaska Permanent Fund. The amount appropriated each fiscal year will not exceed the amount available for distribution during that fiscal year as calculated under AS 37.13.140, which limits income available for distribution to five percent of the average year-end market value of the fund for the last five fiscal years, including the fiscal year just ended. It is the intent of the Legislature to fully fund the dividend distribution under AS 37.13.145(b) each fiscal year, and to have the administrative costs of the Alaska Permanent Fund Corporation paid from the funds under AS 37.13.145(e) and 37.13.145(f). The Legislature intends that 2002-05-02 House Journal Page 3278 any other expenditure of funds should not reduce the amount appropriated under AS 37.13.145(b). The following fiscal note(s) apply to CSHB 304(2d RLS): 2. Zero, Dept. of Revenue HB 304 is on today's calendar.