00CS FOR SENATE BILL NO. 303(FIN)                                                                                         
01 "An Act relating to management of the budget reserve fund; and providing for                                            
02 an effective date."                                                                                                     
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 37.10 is amended by adding a new section to read:                                                   
05  Sec. 37.10.430.  MANAGEMENT OF THE BUDGET RESERVE FUND.  (a)                                                          
06 The Department of Revenue may transfer management responsibility over all or a                                          
07 portion of the budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska)                              
08 to the Alaska Permanent Fund Corporation.                                                                               
09  (b)  By March 15 of each year, the Department of Revenue shall, after                                                 
10 consulting with the Alaska Permanent Fund Corporation, prepare a report setting out                                     
11 the balance in the budget reserve fund (art. IX, sec. 17, Constitution of the State of                                  
12 Alaska) on January 1 and on December 31 of the previous calendar year.  The report                                      
13 shall state the nominal, real, and realized return on the budget reserve fund compared                                  
14 to the nominal, real, and realized return on the permanent fund and the general fund                                    

01 during the previous calendar year.                                                                                      
02    * Sec. 2.  AS 44.25.020 is amended to read:                                                                          
03  Sec. 44.25.020.  DUTIES OF DEPARTMENT.  The Department of Revenue                                                     
04 shall                                                                                                                   
05   (1)  enforce the tax laws of the state;                                                                              
06   (2)  collect, account for, have custody of, invest, and manage all state                                             
07 funds and all revenues of the state except revenues incidental to a program of licensing                                
08 and regulation carried on by another state department, [AND] funds managed and                                        
09 invested by the Alaska State Pension Investment Board, and as otherwise provided                                       
10 by law;                                                                                                                
11   (3)  register cattle brands;                                                                                         
12   (4)  supply necessary clerical and administrative services for the                                                   
13 Alcoholic Beverage Control Board;                                                                                       
14   (5)  invest and manage the balance of the power development fund in                                                  
15 accordance with AS 44.83.386;                                                                                           
16   (6)  in accordance with the policies established by the board of trustees                                            
17 of the Alaska State Pension Investment Board, collect, account for, have custody of,                                    
18 invest, and manage the state funds for which the board is responsible;                                                  
19   (7)  administer the surety bond program for licensure as a fish processor                                            
20 or primary fish buyer.                                                                                                  
21    * Sec. 3.  This Act takes effect July 1, 1996.