2003-04-28                     House Journal                      Page 1157
    HOUSE BILL NO. 203                                                                              
    "An Act relating to the definitions of 'net income' and 'unrestricted                           
    net income' for purposes of calculating the dividends to be paid to                             
    the state by the Alaska Industrial Development and Export                                       
    Authority; and providing for an effective date."                                                
                                                                                                    
with the:                                                   Journal Page                            
                                                                                                    
 L&C RPT 4DP 2NR                                                      765                           
 FN1: INDETERMINATE(CED)                                              765                           
 FIN RPT 8DP 1NR                                                     1090                           
 FN1: INDETERMINATE(CED)                                             1090                           
                                                                                                    
Amendment No. 1 was offered  by Representative Berkowitz:                                            
                                                                                                    
Page 1, line 3, following "Authority;" (title amendment):                                         
    Insert "relating to appropriations of the dividends to the                                    
    Alaska Science and Technology Foundation;"                                                    
                                                                                                    
Page 1, following line 4:                                                                           
    Insert a new bill section to read:                                                              
   "* Section 1.  AS 44.88.088(a) is amended to read:                                             
     (a)  The authority shall adopt a policy for payment of a                                       
    dividend to the state each fiscal year.  The amount of the dividend                             
    for a fiscal year may not be less than 25 percent nor more than 50                              
    percent of the net income of the authority for the base fiscal year.                            
    In no event, however, shall the dividend for a fiscal year exceed                               
    the total unrestricted net income of the authority for the base fiscal                          
    year.  The dividend for a fiscal year shall be made available by the                            
    authority before the end of that fiscal year.  The authority shall                              
    notify the commissioner of revenue when the dividend for a fiscal                               
    year is available for appropriation.  Each fiscal year, an amount                           
    equal to $5,000,000 or 25 percent of the dividend, whichever is                             
    greater, may be appropriated to the Alaska Science and                                      
    Technology Foundation for payment as grants under                                           
    AS 37.17.010 - 37.17.110 and AS 37.17.225."                                                 
                                                                                                    
Page 1, line 5:                                                                                     
 Delete "Section 1."                                                                              
 Insert "Sec. 2."