2005-02-28                     House Journal                      Page 0451
permanent fund and be used to pay the permanent fund dividends that                                 
all judges and jurors receive.  AS 37.13.145(d) was enacted, which                                  
deposited into the principal of the permanent fund the earnings of all                              
amounts received from settlement of this case.  Thus, the concern                                   
about impartiality was resolved by disallowing the earnings from the                                
settlement from being used in calculating the annual dividend amount.                               
                                                                                                    
The Amerada Hess litigation is now completed, though the possibility                                
of a re-opener subject to an arbitration remains.  Approximately $425                               
million from this case, including earnings on settlement receipts and                               
inflation-proofing, was deposited into the permanent fund.                                          
                                                                                                    
This bill proposes to end inflation proofing of the part of the                                     
permanent fund principal attributable to the Amerada Hess settlement                                
and to authorize the deposit of the earnings from the settlement                                    
proceeds into a separate account of the Alaska permanent fund called                                
the Alaska capital income account.  The money in this separate                                      
account could then be appropriated by the legislature for any valid                                 
public purpose, including covering debt service on bonds to finance                                 
capital improvements in the state issued by the State of Alaska Capital                             
Corporation under a companion bill I also am transmitting.                                          
                                                                                                    
I urge your prompt and favorable action on this measure.                                            
                                                                                                    
                                Sincerely yours,                                                    
                                /s/                                                                 
                                Frank H. Murkowski                                                  
                                 Governor"                                                         
                                                                                                    
                    CONSIDERATION OF THE DAILY CALENDAR                                          
                                                                                                    
                       SECOND READING OF HOUSE BILLS                                             
                                                                                                    
HB 76                                                                                             
The following was read the second time:                                                             
                                                                                                    
     HOUSE BILL NO. 76                                                                              
     "An Act relating to the Big Game Commercial Services Board and                                 
     to the regulation of big game hunting services and transportation                              
     services; and providing for an effective date."