00                             SENATE BILL NO. 97                                                                          
01 "An Act relating to the power cost equalization endowment fund."                                                        
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. AS 42.45.080(a) is amended to read:                                                                   
04            (a)  The commissioner of revenue is the fiduciary of the fund. In managing the                               
05       fund, the commissioner shall                                                                                      
06                 [(1)]  have the same powers and duties as are provided in AS 37.10.071                                  
07       [; AND                                                                                                            
08                 (2)  INVEST THE FUND IN A MANNER LIKELY TO ACHIEVE                                                      
09       AT LEAST A SEVEN PERCENT NOMINAL RETURN OVER TIME].                                                               
10    * Sec. 2. AS 42.45.085(a) is amended to read:                                                                      
11            (a)  Five [SEVEN] percent of the amount determined by the commissioner of                                
12       revenue on July 1 of each year under AS 42.45.080(c) may be appropriated for the                                  
13       fiscal year beginning the following July 1 for the following purposes:                                            
14                 (1)  funding the power cost equalization and rural electric capitalization                              
15       fund (AS 42.45.100);                                                                                              
01                 (2)  reimbursement to the Department of Revenue for the costs of                                        
02       establishing and managing the fund; and                                                                           
03                 (3)  reimbursement of other costs of administration of the fund.