Legislature(2001 - 2002)

2002-05-02 House Journal

Full 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.