00                       CS FOR SENATE BILL NO. 196(FIN)                                                                   
01 "An Act relating to the amount appropriated for power cost equalization; relating to the                                
02 use of certain unexpended earnings from the power cost equalization endowment fund;                                     
03 and providing for an effective date."                                                                                   
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. AS 42.45.080(c) is amended to read:                                                                   
06            (c)  On July 1 of each year, the commissioner shall determine                                                
07                 (1)  the monthly average market value of the fund for the previous three                            
08       closed fiscal years; and                                                                                  
09                 (2)  the earnings of the fund for the previous closed fiscal year.                                
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)(1) may be appropriated [FOR                                  
13       THE FISCAL YEAR BEGINNING THE FOLLOWING JULY 1] for the following                                                 
14       purposes:                                                                                                         
01                 (1)  funding the power cost equalization and rural electric capitalization                              
02       fund (AS 42.45.100);                                                                                              
03                 (2)  reimbursement to the Department of Revenue for the costs of                                        
04       establishing and managing the fund; and                                                                           
05                 (3)  reimbursement of other costs of administration of the fund.                                      
06    * Sec. 3. AS 42.45.085 is amended by adding new subsections to read:                                               
07            (c)  If the amount appropriated under (a) of this section is insufficient to                                 
08       achieve the purposes of (a)(1) - (3) of this section, the amount shall be prorated among                          
09       the purposes listed in (a)(1) and (2) of this section.                                                            
10            (d)  If the earnings of the fund for the previous closed fiscal year, as calculated                          
11       under AS 42.45.080(c)(2), exceed the appropriation under (a) of this section for the                              
12       current fiscal year, the legislature may appropriate the difference between the earnings                          
13       of the fund for the previous closed fiscal year, as calculated under AS 42.45.080(c)(2)                           
14       and the appropriation made under (a) of this section for the current fiscal year as                               
15       follows:                                                                                                          
16                 (1)  to a community revenue sharing or community assistance fund, 50                                    
17       percent or $30,000,000, whichever is less;                                                                        
18                 (2)  to the renewable energy grant fund established under                                               
19       AS 42.45.045, to the bulk fuel revolving loan fund established under AS 42.45.250, or                             
20       for rural power system upgrades, 20 percent or $25,000,000, whichever is less;                                    
21                 (3)  to the power cost equalization endowment fund established under                                    
22       AS 42.45.070, the amount not otherwise allocated under this subsection.                                           
23    * Sec. 4. This Act takes effect June 30, 2016.