HB 11 am S(efd fld S): "An Act relating to deposits to the Alaska permanent fund from mineral lease rentals, royalties, royalty sale proceeds, net profit shares under AS 38.05.180(f) and (g), federal mineral revenue sharing payments received by the state from mineral leases, and bonuses received by the state from mineral leases, and limiting deposits from those sources to the 25 percent required under art. IX, sec. 15, Constitution of the State of Alaska."
00 HOUSE BILL NO. 11 am S(efd fld S) 01 "An Act relating to deposits to the Alaska permanent fund from mineral lease rentals, 02 royalties, royalty sale proceeds, net profit shares under AS 38.05.180(f) and (g), federal 03 mineral revenue sharing payments received by the state from mineral leases, and 04 bonuses received by the state from mineral leases, and limiting deposits from those 05 sources to the 25 percent required under art. IX, sec. 15, Constitution of the State of 06 Alaska." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. AS 37.05.550(b) is amended to read: 09 (b) The legislature may appropriate to the fund money received by the state as 10 Alaska marine highway system program receipts or from a settlement or final judicial 11 determination of the Dinkum Sands case (United States v. Alaska) and the North 12 Slope royalty case (State v. Amerada Hess, et al.) and not deposited into the Alaska 13 permanent fund under AS 37.13.010(a)(1) [OR (2)] or into the public school trust fund
01 under AS 37.14.150. 02 * Sec. 2. AS 37.05.550(b) is amended to read: 03 (b) The legislature may appropriate to the fund money received by the state as 04 Alaska marine highway system program receipts or from a settlement or final judicial 05 determination of the Dinkum Sands case (United States v. Alaska) and the North 06 Slope royalty case (State v. Amerada Hess, et al.) and not deposited into the Alaska 07 permanent fund under AS 37.13.010(a)(1) or (2) or into the public school trust fund 08 under AS 37.14.150. 09 * Sec. 3. AS 37.13.010(a) is amended to read: 10 (a) Under art. IX, sec. 15, of the state constitution, there is established as a 11 separate fund the Alaska permanent fund. The Alaska permanent fund consists of 12 (1) 25 percent of all mineral lease rentals, royalties, royalty sale 13 proceeds, net profit shares under AS 38.05.180(f) and (g), 25 percent of [AND] 14 federal mineral revenue sharing payments received by the state from mineral leases 15 [ISSUED ON OR BEFORE DECEMBER 1, 1979], and 25 percent of all bonuses 16 received by the state from mineral leases [ISSUED ON OR BEFORE FEBRUARY 17 15, 1980]; and 18 (2) [50 PERCENT OF ALL MINERAL LEASE RENTALS, 19 ROYALTIES, ROYALTY SALE PROCEEDS, NET PROFIT SHARES UNDER 20 AS 38.05.180(f) AND (g), AND FEDERAL MINERAL REVENUE SHARING 21 PAYMENTS RECEIVED BY THE STATE FROM MINERAL LEASES ISSUED 22 AFTER DECEMBER 1, 1979, AND 50 PERCENT OF ALL BONUSES RECEIVED 23 BY THE STATE FROM MINERAL LEASES ISSUED AFTER FEBRUARY 15, 24 1980; 25 (3)] any other money appropriated to or otherwise allocated by law or 26 former law to the Alaska permanent fund. 27 * Sec. 4. AS 37.13.010(a) is amended to read: 28 (a) Under art. IX, sec. 15 of the state constitution, there is established as a 29 separate fund the Alaska permanent fund. The Alaska permanent fund consists of 30 (1) 25 percent of all mineral lease rentals, royalties, royalty sale 31 proceeds, net profit shares under AS 38.05.180(f) and (g), and [25 PERCENT OF]
01 federal mineral revenue sharing payments received by the state from mineral leases 02 issued on or before December 1, 1979, and 25 percent of all bonuses received by the 03 state from mineral leases issued on or before February 15, 1980; [AND] 04 (2) 50 percent of all mineral lease rentals, royalties, royalty sale 05 proceeds, net profit shares under AS 38.05.180(f) and (g), and federal mineral 06 revenue sharing payments received by the state from mineral leases issued after 07 December 1, 1979, and 50 percent of all bonuses received by the state from 08 mineral leases issued after February 15, 1980; and 09 (3) any other money appropriated to or otherwise allocated by law or 10 former law to the Alaska permanent fund. 11 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 12 read: 13 CONDITIONAL EFFECT OF SECTIONS 2 AND 4. (a) Before October 1 of each 14 year, the commissioner of revenue shall calculate the amount by which each permanent fund 15 dividend is reduced as a result of the amendment to AS 37.13.010(a) in sec. 3 of this Act 16 when compared to what the amount of each dividend would have been for that year had the 17 amendment to AS 37.13.010(a) in sec. 3 of this Act not taken effect. If the amount of that 18 reduction is equal to or greater than $20, secs. 2 and 4 of this Act take effect. 19 (b) The calculation under this section shall take into account the change in deposits to 20 the Alaska permanent fund that resulted from the amendment to AS 37.13.010(a) in sec. 3 of 21 this Act for the period beginning on the effective date of that amendment through June 30 of 22 the year the calculation is being made.