00HOUSE BILL NO. 223                                                                                                      
01 "An Act relating to the amount of money transferred each year for use in the                                            
02 permanent fund dividend program and to the amount of dividends; and providing                                           
03 for an effective date."                                                                                                 
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  AS 37.13.145(b) is amended to read:                                                                    
06  (b)  At the end of each fiscal year, the corporation shall transfer from the                                          
07 earnings reserve account to the dividend fund established under AS 43.23.045 an                                        
08 amount equal to the lesser of the following:                                                                            
09   (1)  50 percent of the income available for distribution under                                                      
10 AS 37.13.140; or                                                                                                       
11   (2)  the amount determined by the commissioner of revenue to be                                                      
12 necessary so that each permanent fund dividend for that year equals $1,000.                                            
13    * Sec. 2.  AS  43.23.025 is amended by adding a new subsection to read:                                              
14  (c)  Notwithstanding (a) of this section, a permanent fund dividend may not                                           

01 exceed $1,000.                                                                                                          
02    * Sec. 3.  This Act takes effect January 1, 1994.