05/08/2003 09:00 AM Senate FIN

                                                                                                                                
     HOUSE BILL NO. 11                                                                                                          
     "An Act relating to  deposits to the Alaska permanent fund from                                                            
     mineral  lease rentals, royalties,  royalty sale proceeds,  net                                                            
     profit  shares under AS 38.05.180(f)  and (g), federal  mineral                                                            
     revenue  sharing payments  received by  the state from  mineral                                                            
     leases, and bonuses  received by the state from mineral leases,                                                            
     and  limiting deposits  from those  sources  to the 25  percent                                                            
     required  under art. IX, sec. 15, Constitution  of the State of                                                            
     Alaska; and providing for an effective date."                                                                              
                                                                                                                                
                                                                                                                                
This was  the second  hearing for  this bill in  the Senate  Finance                                                            
Committee.                                                                                                                      
                                                                                                                                
Senator Bunde  offered a  motion to report  the bill from  Committee                                                            
with individual recommendations and accompanying fiscal note.                                                                   
                                                                                                                                
There  was  no  objection  and  HB  11  MOVED  from  Committee  with                                                            
accompanying  Department   of  Revenue  fiscal  notes:  #1  for  the                                                            
Permanent  Fund  Dividend  component,  #2  for  the  Permanent  Fund                                                            
Corporation component, and #3 for the Tax Division component.