03/09/2017 09:00 AM Senate FINANCE

SENATE BILL NO. 26                                                                                                            
                                                                                                                                
     "An  Act   relating  to   the  Alaska   Permanent  Fund                                                                    
     Corporation,  the  earnings  of  the  Alaska  permanent                                                                    
     fund,  and the  earnings reserve  account; relating  to                                                                    
     the  mental health  trust  fund;  relating to  deposits                                                                    
     into the dividend fund; relating  to the calculation of                                                                    
     permanent  fund  dividends;  relating  to  unrestricted                                                                    
     state   revenue   available  for   appropriation;   and                                                                    
     providing for an effective date."                                                                                          
                                                                                                                                
9:14:17 AM                                                                                                                    
                                                                                                                                
Co-Chair   Hoffman  MOVED   to   ADOPT  proposed   committee                                                                    
substitute  for  SB  26,  Work  Draft  30-GS1690\D  (Martin,                                                                    
3/8/17).                                                                                                                        
                                                                                                                                
Co-Chair MacKinnon OBJECTED for discussion.                                                                                     
                                                                                                                                
LAURA CRAMER,  STAFF, SENATOR ANNA MACKINNON,  discussed the                                                                    
CS, explaining  that language from  SB 70 had  been inserted                                                                    
in to SB  26. She noted that there had  been one change, due                                                                    
to an  error in drafting  found on  page 8, Section  21. The                                                                    
change was to  an effective date, which had  been changed to                                                                    
July  1, 2020.  She explained  that the  date signified  the                                                                    
change  in the  Percent  of Market  Value  (POMV) from  5.25                                                                    
percent to 5 percent, and would be effective in FY 21.                                                                          
                                                                                                                                
9:15:42 AM                                                                                                                    
                                                                                                                                
Co-Chair MacKinnon WITHDREW her objection. There being NO                                                                       
further OBJECTION, the CS was ADOPTED.                                                                                          
                                                                                                                                
SB 26 was HEARD and HELD in committee for further                                                                               
consideration.                                                                                                                  
                                                                                                                                
Co-Chair MacKinnon informed that the committee would                                                                            
discuss amendments to the bill the following day at 9:00                                                                        
a.m.