HB 177: "An Act relating to disposition of income from the permanent fund; and providing for an effective date."
00HOUSE BILL NO. 177 01 "An Act relating to disposition of income from the permanent fund; and 02 providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 37.13.145(b) is amended to read: 05 (b) At the end of each fiscal year after the transfer under (c) of this section, 06 the corporation shall transfer from the earnings reserve account to the dividend fund 07 established under AS 43.23.045 50 percent of the income available for distribution 08 under AS 37.13.140, or, if less than that amount is in the earnings reserve account, 09 the corporation shall transfer the balance in the account to the dividend fund. 10 * Sec. 2. AS 37.13.145(c) is amended to read: 11 (c) At the end of each fiscal year before [AFTER] the transfer under (b) of 12 this section, the corporation shall transfer from the earnings reserve account to the 13 principal of the fund an amount sufficient to offset the effect of inflation on principal 14 of the fund during that fiscal year. The corporation shall calculate the amount to
01 transfer to the principal under this subsection by 02 (1) computing the average of the monthly United States Consumer 03 Price Index for all urban consumers for each of the two previous calendar years; 04 (2) computing the percentage change between the first and second 05 calendar year average; and 06 (3) applying that rate to the value of the principal of the fund on the 07 last day of the fiscal year just ended. 08 * Sec. 3. This Act takes effect July 1, 1993.