00 SENATE BILL NO. 303                                                                                                     
01 "An Act relating to management of the budget reserve fund; and providing for                                            
02 an effective date."                                                                                                     
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 37.10 is amended by adding a new section to read:                                                   
05  Sec. 37.10.430.  MANAGEMENT OF THE BUDGET RESERVE FUND.  The                                                          
06 budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska) shall be held                               
07 and managed by the Alaska Permanent Fund Corporation.  Money in the fund shall be                                       
08 invested by the corporation so as to yield competitive market rates to the fund.                                        
09    * Sec. 2.  AS 44.25.020 is amended to read:                                                                          
10  Sec. 44.25.020.  DUTIES OF DEPARTMENT.  The Department of Revenue                                                     
11 shall                                                                                                                   
12   (1)  enforce the tax laws of the state;                                                                              
13   (2)  collect, account for, have custody of, invest, and manage all state                                             
14 funds and all revenues of the state except revenues incidental to a program of licensing                                
01 and regulation carried on by another state department, [AND] funds managed and                                        
02 invested by the Alaska State Pension Investment Board, and as otherwise provided                                       
03 by law;                                                                                                                
04   (3)  register cattle brands;                                                                                         
05   (4)  supply necessary clerical and administrative services for the                                                   
06 Alcoholic Beverage Control Board;                                                                                       
07   (5)  invest and manage the balance of the power development fund in                                                  
08 accordance with AS 44.83.386;                                                                                           
09   (6)  in accordance with the policies established by the board of trustees                                            
10 of the Alaska State Pension Investment Board, collect, account for, have custody of,                                    
11 invest, and manage the state funds for which the board is responsible;                                                  
12   (7)  administer the surety bond program for licensure as a fish processor                                            
13 or primary fish buyer.                                                                                                  
14    * Sec. 3.  This Act takes effect July 1, 1996.