00CS FOR SPONSOR SUBSTITUTE FOR HOUSE BILL NO. 96(FIN)                                                                  
01 "An Act relating to deposits to the Alaska permanent fund from mineral lease                                            
02 rentals, royalties, royalty sale proceeds, net profit shares under AS 38.05.180(f)                                      
03 and (g), federal mineral revenue sharing payments received by the state from                                            
04 mineral leases, and bonuses received by the state from mineral leases, and                                              
05 limiting deposits from those sources to the 25 percent required under art. IX,                                          
06 sec. 15, Constitution of the State of Alaska; and providing for an effective date."                                     
07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
08    * Section 1.  AS 37.13.010(a) is amended to read:                                                                  
09  (a)  Under art. IX, sec. 15 ,  of the state constitution, there is established as a                                 
10 separate fund the Alaska permanent fund.  The Alaska permanent fund consists of                                         
11   (1)  25 percent of all mineral lease rentals, royalties, royalty sale                                                
12 proceeds, net profit shares under AS 38.05.180(f) and (g),  25 percent of  [AND]                                      
13 federal mineral revenue sharing payments received by the state from mineral leases                                      
14 [ISSUED ON OR BEFORE DECEMBER 1, 1979], and 25 percent of all bonuses                                                   

01 received by the state from mineral leases [ISSUED ON OR BEFORE FEBRUARY 15,                                             
02 1980];  and                                                                                                           
03   (2)  [50 PERCENT OF ALL MINERAL LEASE RENTALS,                                                                       
04 ROYALTIES, ROYALTY SALE PROCEEDS, NET PROFIT SHARES UNDER                                                               
05 AS 38.05.180(f) AND (g), AND FEDERAL MINERAL REVENUE SHARING                                                            
06 PAYMENTS RECEIVED BY THE STATE FROM MINERAL LEASES ISSUED                                                               
07 AFTER DECEMBER 1, 1979, AND 50 PERCENT OF ALL BONUSES RECEIVED                                                          
08 BY THE STATE FROM MINERAL LEASES ISSUED AFTER FEBRUARY 15,                                                              
09 1980;                                                                                                                   
10    (3)]  any other money appropriated to or otherwise allocated by law  or                                            
11 former law  to the Alaska permanent fund.                                                                              
12    * Sec. 2.  This Act takes effect immediately under AS 01.10.070(c).