SB 66: "An Act making a special appropriation from the earnings reserve account of the Alaska permanent fund to the constitutional budget reserve fund; and providing for an effective date."
00SENATE BILL NO. 66 01 "An Act making a special appropriation from the earnings reserve account of the 02 Alaska permanent fund to the constitutional budget reserve fund; and providing 03 for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. (a) The sum of $4,000,000,000 is appropriated from the balance of the 06 earnings reserve account of the permanent fund to the constitutional budget reserve fund for 07 the purpose of providing a source of sustainable revenue for a balanced budget. 08 (b) The sum appropriated in (a) of this section may not be transferred unless there is 09 (1) a sufficient balance in the earnings reserve account after transferring or 10 reserving 11 (A) the amount authorized under AS 37.13.145(b) for transfer to the 12 dividend fund (AS 43.23.045(a)) for the payment of 1999 permanent fund dividends; 13 and 14 (B) the amount calculated under AS 37.13.145 to offset the effect of
01 inflation on the principal of the permanent fund during fiscal year 1999; and 02 (2) a finding in writing by the Board of Trustees of the Alaska Permanent 03 Fund Corporation that actions taken to establish a sufficient balance in the earnings reserve 04 account for purposes of this Act will not violate the provisions of art. IX, sec. 15, Constitution 05 of the State of Alaska protecting the principal of the permanent fund. 06 (c) In this section, 07 (1) "constitutional budget reserve fund" means the budget reserve fund 08 established in art. IX, sec. 17, Constitution of the State of Alaska; 09 (2) "earnings reserve account" means the earnings reserve account established 10 in AS 37.13.145; 11 (3) "permanent fund" means the Alaska permanent fund established in art. IX, 12 sec. 15, Constitution of the State of Alaska. 13 * Sec. 2. The appropriation in sec. 1 of this Act is made to capitalize the constitutional 14 budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska) and does not lapse. 15 * Sec. 3. This Act takes effect on the date that the director of elections certifies the results 16 of a 1999 special statewide election at which a majority of the votes cast on the proposition 17 favor an appropriation by the legislature of $4,000,000,000 from the earnings reserve account 18 of the Alaska permanent fund to the constitutional budget reserve fund (art. IX, sec. 17, 19 Constitution of the State of Alaska). 20 * Sec. 4. This Act is repealed June 30, 2000.