Legislature(2017 - 2018)
2018-03-15 House Journal
Full Journal pdf2018-03-15 House Journal Page 2717 HB 213 The following, which was held from the March 14 calendar (page 2704), was read the third time: CS FOR HOUSE BILL NO. 213(FIN) "An Act relating to the investment, appropriation, and administration of the public school trust fund; and providing for an effective date." Representative Parish moved and asked unanimous consent that CSHB 213(FIN) be returned to second reading for the specific purpose of considering Amendment No. 2. There being no objection, it was so ordered. Amendment No. 2 was offered by Representative Parish: Page 2, following line 6: Insert a new bill section to read: "* Sec. 2. AS 37.14.110(c) is amended to read: (c) [THE COMMISSIONER OF REVENUE SHALL DETERMINE THE NET INCOME OF THE FUND IN ACCORDANCE WITH INVESTMENT ACCOUNTING PRINCIPLES AND IN A MANNER THAT PRESERVES THE DISTINCTION BETWEEN PRINCIPAL AND INCOME AND THAT EXCLUDES CAPITAL GAINS OR LOSSES REALIZED ON PRINCIPAL]. The principal of the fund [AND THE CAPITAL GAINS OR LOSSES REALIZED ON PRINCIPAL] shall be perpetually retained in the fund for investment purposes." 2018-03-15 House Journal Page 2718 Renumber the following bill sections accordingly. Page 2, line 22: Delete "Each" Insert "Subject to AS 37.14.110(c), each" Page 3, line 9: Delete all material and insert: "* Sec. 6. AS 37.14.140 is repealed." Representative Parish moved and asked unanimous consent that Amendment No. 2 be adopted. Representative Wilson objected. Representative Parish moved and asked unanimous consent to withdraw Amendment No. 2. There being no objection, it was so ordered. CSHB 213(FIN) was automatically in third reading. The question being: "Shall CSHB 213(FIN) pass the House?" The roll was taken with the following result: CSHB 213(FIN) Third Reading Final Passage YEAS: 21 NAYS: 16 EXCUSED: 3 ABSENT: 0 Yeas: Claman, Drummond, Edgmon, Foster, Gara, Grenn, Guttenberg, Josephson, Kawasaki, Kreiss-Tomkins, LeDoux, Lincoln, Ortiz, Parish, Seaton, Spohnholz, Stutes, Tarr, Tuck, Wool, Zulkosky Nays: Birch, Eastman, Johnson, Johnston, Kito, Knopp, Kopp, Neuman, Pruitt, Rauscher, Reinbold, Saddler, Sullivan-Leonard, Thompson, Tilton, Wilson Excused: Chenault, Millett, Talerico And so, CSHB 213(FIN) passed the House. Representative Tuck moved the effective date clause. 2018-03-15 House Journal Page 2719 The question being: "Shall the effective date clause be adopted?" The roll was taken with the following result: CSHB 213(FIN) Third Reading Effective Date YEAS: 28 NAYS: 9 EXCUSED: 3 ABSENT: 0 Yeas: Birch, Claman, Drummond, Edgmon, Foster, Gara, Grenn, Guttenberg, Johnston, Josephson, Kawasaki, Kito, Knopp, Kopp, Kreiss-Tomkins, LeDoux, Lincoln, Ortiz, Parish, Pruitt, Seaton, Spohnholz, Stutes, Tarr, Thompson, Tuck, Wool, Zulkosky Nays: Eastman, Johnson, Neuman, Rauscher, Reinbold, Saddler, Sullivan-Leonard, Tilton, Wilson Excused: Chenault, Millett, Talerico And so, the effective date clause was adopted. Representative Wilson gave notice of reconsideration of the vote on CSHB 213(FIN).