00                           HOUSE BILL NO. 263                                                                           
01 "An Act relating to the cash management subaccount in the earnings reserve account."                                    
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1.  AS 37.13.145 is amended by adding a new subsection to read:                                          
04            (e)  The board may establish a cash management subaccount in the earnings                                    
05       reserve account consisting of realized gains from the sale of permanent fund                                      
06       investments.  The cash management subaccount may be invested only in short term                                   
07       investments authorized under AS 37.13.120 so that money in the subaccount remains                                 
08       reasonably available for transfer to the dividend fund under (b) of this section or for                           
09       other expenditures.