05/06/2003 07:10 AM House W&M

HB 298-DISTRIBUTIONS OF APPROPS FROM PERM FUND                                                                                
                                                                                                                                
CO-CHAIR WHITAKER  announced that  before the committee  is HOUSE                                                               
BILL  NO.   298,  "An  Act   relating  to  the   distribution  of                                                               
appropriations  from the  Alaska  permanent fund  under art.  IX,                                                               
sec.  15(b), Constitution  of  the State  of  Alaska, and  making                                                               
conforming amendments; and providing for an effective date."                                                                    
                                                                                                                                
CO-CHAIR  WHITAKER   informed  the  committee  that   HB  298  is                                                               
statutory language relative to HJR  26, which is a constitutional                                                               
amendment that  will institute a  percent of market  value (POMV)                                                               
methodology for  the permanent fund.   This resolution  would, if                                                               
passed by the  legislature, be placed before the voters.   If the                                                               
resolution is approved  by the voters, HB 298  will prescribe the                                                               
distribution allocation of funds available.                                                                                     
                                                                                                                                
CO-CHAIR HAWKER  moved to adopt  HB 298, Version  23-LS1075\A, as                                                               
the  working document.   There  being  no objection,  HB 298  was                                                               
before the committee.                                                                                                           
                                                                                                                                
CO-CHAIR WHITAKER  announced that  HB 298 would  be heard  in the                                                               
relatively near future.                                                                                                         
                                                                                                                                
[HB 298 was held over.]