HCS CSSB 196(FIN): "An Act relating to the amount appropriated for power cost equalization; relating to the use of certain unexpended earnings from the power cost equalization endowment fund; and providing for an effective date."
00 HOUSE CS FOR CS FOR SENATE BILL NO. 196(FIN) 01 "An Act relating to the amount appropriated for power cost equalization; relating to the 02 use of certain unexpended earnings from the power cost equalization endowment fund; 03 and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 42.45.080(c) is amended to read: 06 (c) On July 1 of each year, the commissioner shall determine 07 (1) the monthly average market value of the fund for the previous three 08 closed fiscal years; and 09 (2) the earnings of the fund for the previous closed fiscal year. 10 * Sec. 2. AS 42.45.085(a) is amended to read: 11 (a) Five [SEVEN] percent of the amount determined by the commissioner of 12 revenue on July 1 of each year under AS 42.45.080(c)(1) [AS 42.45.080(c)] may be 13 appropriated [FOR THE FISCAL YEAR BEGINNING THE FOLLOWING JULY 1] 14 for the following purposes: 15 (1) funding the power cost equalization and rural electric capitalization
01 fund (AS 42.45.100); 02 (2) reimbursement to the Department of Revenue for the costs of 03 establishing and managing the fund; and 04 (3) reimbursement of other costs of administration of the fund. 05 * Sec. 3. AS 42.45.085 is amended by adding new subsections to read: 06 (c) If the amount appropriated under (a) of this section is insufficient to 07 achieve the purposes of (a)(1) - (3) of this section, the amount shall be prorated among 08 the purposes listed in (a)(1) and (2) of this section. 09 (d) If the earnings of the fund for the previous closed fiscal year, as calculated 10 under AS 42.45.080(c)(2), exceed the appropriation under (a) of this section for the 11 current fiscal year, the legislature may appropriate the difference between the earnings 12 of the fund for the previous closed fiscal year, as calculated under AS 42.45.080(c)(2) 13 and the appropriation made under (a) of this section for the current fiscal year as 14 follows: 15 (1) if the amount calculated under this subsection is less than 16 $30,000,000, that amount to a community revenue sharing or community assistance 17 fund; 18 (2) if the amount calculated under this subsection is at least 19 $30,000,000 but less than $80,000,000, 20 (A) $30,000,000, to a community revenue sharing or 21 community assistance fund; and 22 (B) 50 percent of the remaining amount to the renewable 23 energy grant fund established under AS 42.45.045, to the bulk fuel revolving 24 loan fund established under AS 42.45.250, or for rural power system upgrades 25 or to a combination of the funds or purposes listed in this subparagraph; and 26 (C) 50 percent of the remaining amount to the power cost 27 equalization endowment fund established under AS 42.45.070; or 28 (3) if the amount calculated under this subsection is at least 29 $80,000,000, 30 (A) $30,000,000, to a community revenue sharing or 31 community assistance fund;
01 (B) $25,000,000, to the renewable energy grant fund 02 established under AS 42.45.045, to the bulk fuel revolving loan fund 03 established under AS 42.45.250, or for rural power system upgrades or to a 04 combination of the funds or purposes listed in this subparagraph; and 05 (C) the remaining amount to the power cost equalization 06 endowment fund established under AS 42.45.070. 07 * Sec. 4. This Act takes effect June 30, 2016.