00HOUSE CS FOR SENATE BILL NO. 312(FIN) am H                                                                            
01 "An Act relating to the special subaccount in the budget reserve fund; and                                              
02 providing for an effective date."                                                                                       
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1.  AS 37.10.430 is amended by adding a new subsection to read:                                          
05  (c)  A special subaccount is established in the budget reserve fund (art. IX,                                         
06 sec. 17, Constitution of the State of Alaska).  Money in the subaccount shall be                                        
07 invested to yield higher returns than might be feasible to obtain with other money in                                   
08 the budget reserve fund.  In establishing or modifying the investment policy for the                                    
09 subaccount in the constitutional budget reserve fund, the commissioner of revenue shall                                 
10 assume that those funds will not be needed for at least five years.  Income earned on                                   
11 money in the subaccount shall be retained in the subaccount by the department.                                          
12    * Sec. 2.  The uncodified law of the State of Alaska is amended by adding a new section                            
13 to read:                                                                                                                
14  TRANSITION.  On July 1, 2000, the Department of Revenue shall transfer                                                 

01 $400,000,000 from the budget reserve fund (art. IX, sec. 17, Constitution of the State of                               
02 Alaska) to the special subaccount established in AS 37.10.430(c), as enacted in sec. 1 of this                          
03 Act.                                                                                                                    
04    * Sec. 3.  This Act takes effect July 1, 2000.