00                             HOUSE BILL NO. 410                                                                          
01 "An Act relating to the administration of commercial fishing entry permit buy-back                                      
02 programs."                                                                                                              
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 16.43.320 is amended to read:                                                                     
05            Sec. 16.43.320.  Administration of the buy-back program.  The commission                                   
06       shall adopt regulations providing for the purchase of transferable entry permits with                             
07       money in the buy-back fund for each fishery.  The commission shall cease purchases                            
08       of entry permits in a fishery when the number of entry permits in the fishery has                             
09       been reduced to the optimum number.  The commission shall terminate a buy-                                    
10       back assessment established for a fishery under AS 16.43.310(b) when the                                      
11       commission determines that the amount of revenue collected through the                                        
12       assessment is sufficient to purchase the number of entry permits necessary to                                 
13       achieve the optimum number of entry permits in the fishery and to offset the                                  
14       reasonable costs of the buy-back program for the fishery, including repayment of                              
01       any debt the commission was authorized to incur to capitalize the buy-back fund                               
02       for the fishery [THE BUY-BACK PROGRAM FOR A FISHERY SHALL                                                     
03       TERMINATE WHEN THE NUMBER OF ENTRY PERMITS FOR THE FISHERY                                                        
04       IS REDUCED TO THE OPTIMUM].  The unexpended balance of appropriations                                             
05       made to a buy-back fund for a fishery shall lapse back into the fund from which the                               
06       money was appropriated at the end of the fiscal year in which the buy-back program is                             
07       terminated.