00                              HOUSE BILL NO. 69                                                                          
01 "An Act relating to income of the permanent fund; and providing for an effective date."                                 
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1.  AS 37.13.145(a) is amended to read:                                                                  
04            (a)  The earnings reserve account is established as a separate account in the                                
05       fund.  Realized income [INCOME] from the fund shall be deposited by the                                       
06       corporation into the account as soon as it is received, and realized income from the                          
07       earnings reserve account shall be retained in the account.  Unrealized income of                              
08       the account shall be retained in the account, but all other unrealized income of                              
09       the fund shall be retained in and remain part of the principal of the fund.  Money                            
10       in the account shall be invested in investments authorized under AS 37.13.120.                                    
11    * Sec. 2.  This Act takes effect immediately under AS 01.10.070(c).