00                            SENATE BILL NO. 198                                                                         
01 "An Act relating to the natural gas revenue fund; and providing for an effective date."                                 
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1.  AS 37.05 is amended by adding a new section to read:                                                 
04            Sec. 37.05.515.  Natural gas revenue fund.  (a)  The natural gas revenue fund                              
05       is established in the general fund.  The Department of Revenue shall deposit into the                             
06       fund 25 percent of all money received by the state from lease rentals, royalties, and                             
07       royalty sale proceeds for natural gas and from federal mineral revenue sharing                                    
08       payments and bonuses for natural gas.                                                                             
09            (b)  The  legislature may appropriate money in the natural gas revenue fund to                               
10       the public education fund for the purpose of maintaining a balance in the public                                  
11       education fund that is equal to twice the weighted average amount appropriated for                                
12       state aid to public schools under AS 14.17 in the three preceding fiscal years.                                   
13            (c)  The  legislature may appropriate money in the natural gas revenue fund,                                 
14       after making the appropriation described in (b) of this section, to the Alaska debt                               
15       retirement fund for the purpose of maintaining a balance in the Alaska debt retirement                            

01       fund that is equal to twice the weighted average amount appropriated from the Alaska                              
02       debt retirement fund for the purposes set out under AS 37.15.011(b) in the three                                  
03       preceding fiscal years.                                                                                           
04            (d)  The unappropriated balance of the natural gas revenue fund on June 30 of                                
05       each year shall be transferred to the general fund.                                                               
06            (e)  This section does not create a dedicated fund or a dedication of a state tax                            
07       or license.                                                                                                       
08    * Sec. 2.  This Act takes effect immediately under AS 01.10.070(c).