00                            HOUSE BILL NO. 166                                                                          
01 "An Act relating to the Southeast energy fund."                                                                         
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. AS 42.45.040 is repealed and reenacted to read:                                                       
04            Sec. 42.45.040. Southeast energy fund. (a) The Southeast energy fund is                                    
05       established as a separate fund. The fund consists of money appropriated to the fund by                            
06       the legislature, including                                                                                        
07                 (1)  money transferred to it under former AS 42.45.050;                                                 
08                 (2)  gifts, bequests, contributions from other sources, and federal                                     
09       money; and                                                                                                        
10                 (3)  interest earned on the fund balance.                                                               
11            (b)  The fund is not a dedicated fund.                                                                       
12            (c)  The authority may make grants from the Southeast energy fund for power                                  
13       projects, repayment of loans, and payments on bonds                                                               
14                 (1)  for hydroelectric projects serving Southeast Alaska; or                                            
15                 (2)  for other projects or programs designated by the legislature, to                                   

01       assist in meeting the energy needs of Southeast Alaska.                                                           
02            (d)  An appropriation from the fund for a project described in (c) of this section                           
03       lapses back into the fund if substantial, ongoing work on the project has not begun                               
04       within five years after the effective date of the appropriation.