SB 196: "An Act relating to the use of certain unexpended earnings from the power cost equalization endowment fund."
00 SENATE BILL NO. 196 01 "An Act relating to the use of certain unexpended earnings from the power cost 02 equalization endowment fund." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 42.45.080(c) is amended to read: 05 (c) On July 1 of each year, the commissioner shall determine the monthly 06 average market value of the fund for the previous three fiscal years. On June 30 of 07 each year, the commissioner shall determine the earnings of the fund for the 08 current fiscal year. 09 * Sec. 2. AS 42.45.085 is amended by adding a new subsection to read: 10 (c) If the earnings of the fund for the current fiscal year, as calculated under 11 AS 42.45.080(c), exceed the appropriation under (a) of this section for the current 12 fiscal year, the legislature may appropriate the difference between the estimated 13 earnings of the fund calculated under AS 42.45.080(c) and the appropriation made 14 under (a) of this section as follows:
01 (1) a dividend of 60 percent to the general fund; 02 (2) 30 percent to the renewable energy grant fund established under 03 AS 42.45.045; and 04 (3) 10 percent to the power cost equalization endowment fund 05 established under AS 42.45.070(a).