00                             SENATE BILL NO. 274                                                                         
01 "An Act relating to the computation of the amount available for appropriation from the                                  
02 Alaska permanent fund; and providing for an effective date."                                                            
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 37.13.140(b) is repealed and reenacted to read:                                                    
05 (b)  The corporation shall determine the amount available for appropriation                                             
06 each year. The amount available for appropriation each fiscal year is the following                                     
07 percentage of the average market value of the fund for the first five of the preceding                                  
08 six fiscal years, including the fiscal year just ended, computed annually for each listed                               
09       fiscal year in accordance with generally accepted accounting principles:                                          
10            FOR THE FISCAL YEAR ENDING    PERCENTAGE                                                                     
11   June 30, 2029     4.9                                                                                                 
12   June 30, 2030     4.8                                                                                                 
13   June 30, 2031     4.7                                                                                                 
14   June 30, 2032     4.6                                                                                                 
01            June 30, 2033, and thereafter   4.5.                                                                         
02    * Sec. 2. AS 37.13.140(b), as repealed and reenacted by sec. 1 of this Act, is amended to                          
03 read:                                                                                                                   
04 (b)  The corporation shall determine the amount available for appropriation                                             
05 each year. The amount available for appropriation [EACH FISCAL YEAR] is 4.5                                         
06 percent [THE FOLLOWING PERCENTAGE] of the average market value of the                                               
07 fund for the first five of the preceding six fiscal years, including the fiscal year just                               
08 ended, computed annually for each [LISTED] fiscal year in accordance with generally                                     
09       accepted accounting principles [:                                                                                 
10            FOR THE FISCAL YEAR ENDING    PERCENTAGE                                                                     
11   JUNE 30, 2029     4.9                                                                                                 
12   JUNE 30, 2030     4.8                                                                                                 
13   JUNE 30, 2031     4.7                                                                                                 
14   JUNE 30, 2032     4.6                                                                                                 
15            JUNE 30, 2033, AND THEREAFTER      4.5].                                                                     
16    * Sec. 3. AS 37.13.140 is amended by adding a new subsection to read:                                              
17 (c)  In this section, "average market value of the fund" includes the balance of                                        
18 the earnings reserve account established under AS 37.13.145, but does not include that                                  
19 portion of the principal attributed to the settlement of State v. Amerada Hess, et al.,                                 
20       1JU-77-847 Civ. (Superior Court, First Judicial District).                                                        
21    * Sec. 4. Section 2 of this Act takes effect July 1, 2032.                                                         
22    * Sec. 5. Except as provided in sec. 4 of this Act, this Act takes effect July 1, 2028.