00SPONSOR SUBSTITUTE FOR SENATE BILL NO. 94                                                                               
01 "An Act making appropriations to the commercial fisheries development                                                   
02 endowment and to the Alaska Fisheries Development Foundation; and providing                                             
03 for an effective date."                                                                                                 
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  FINDINGS AND INTENT.  (a)  The Alaska State Legislature finds that the                                 
06 seafood industry in the state requires a stable source of funding for continuing research into                          
07 improved seafood harvesting techniques, new product forms, and new processing techniques                                
08 for Alaskan seafood products in order to remain competitive in national and international                               
09 markets.  The Alaska Fisheries Development Foundation has compiled an impressive record                                 
10 of success in finding and developing innovative and profitable methods for the harvest and                              
11 processing of Alaskan fisheries resources.  The foundation has an established structure and                             
12 system to ensure that commercial fisheries development funds are directed toward projects                               
13 with the greatest potential for success and the broadest application for the Alaska seafood                             
14 industry.  As the amount of federal support for the foundation declines, the Alaska State                               

01 Legislature recognizes the need for the state to provide financial support for the foundation's                         
02 vital mission by establishing an endowment.                                                                             
03  (b)  The Alaska State Legislature further finds that the Alaska Commercial Fishing and                                 
04 Agriculture Bank is making monthly, incremental repurchases of the stock purchased by the                               
05 state to capitalize the bank.  The state's investment in stock of the bank created an institution                       
06 that provides long-term benefits to the Alaska seafood industry.  Through February 1, 1993,                             
07 the Alaska Commercial Fishing and Agriculture Bank has paid more than $8,500,000 to the                                 
08 state to repurchase state-owned stock in the bank.                                                                      
09  (c)  It is the intent of the Alaska State Legislature that the state use funds from the                                
10 repurchase of stock in the Alaska Commercial Fishing and Agriculture Bank to once again                                 
11 provide long-term benefits to the Alaska seafood industry by offsetting the appropriation from                          
12 the general fund to establish the commercial fisheries development endowment.                                           
13    * Sec. 2.  The sum of $5,000,000 is appropriated from the general fund to the principal of                           
14 the commercial fisheries development endowment.                                                                         
15    * Sec. 3.  The income earned on the commercial fisheries development endowment during                                
16 fiscal year 1994 is appropriated to the Alaska Fisheries Development Foundation under                                   
17 AS 37.14.350 - 37.14.390 on July 1, 1994.                                                                               
18    * Sec. 4.  The appropriations made by secs. 2 and 3 of this Act are contingent upon the                              
19 enactment into law of a bill passed by the Eighteenth Alaska State Legislature during its First                         
20 Session establishing a commercial fisheries development endowment in the Department of                                  
21 Revenue.                                                                                                                
22    * Sec. 5.  This Act takes effect immediately under AS 01.10.070(c).