2003-05-12                     Senate Journal                      Page 1346
Senator French moved and asked unanimous consent that the bill be                                   
returned to second reading for the purpose of a specific amendment,                                 
that being Amendment No. 1. Without objection, the bill was returned                                
to second reading.                                                                                  
                                                                                                    
Senator French  offered Amendment No. 1 :                                                            
                                                                                                    
Page 1, line 3, following "Authority;":                                                           
 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."                                                                                 
                                                                                                    
Renumber the following bill sections accordingly.                                                   
                                                                                                    
Page 2, line 4:                                                                                     
 Delete "secs. 1 and 2"                                                                             
 Insert "secs. 2 and 3"                                                                             
                                                                                                    
Senator French moved for the adoption of Amendment No. 1. Senator                                   
Green objected.