00                 SPONSOR SUBSTITUTE FOR SENATE BILL NO. 84                                                              
01 "An Act relating to the earnings of the permanent fund; and providing for an effective                                  
02 date."                                                                                                                  
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 37.13.020 is amended by adding a new subsection to read:                                           
05 (b)  It is the intent of the legislature that the earnings of the Alaska permanent                                      
06 fund be appropriated consistent with an equal draw principle. Under the equal draw                                      
07 principle, the amount appropriated from the earnings of the Alaska permanent fund in                                    
08 a given year for purposes other than for payment of dividends may not exceed the                                        
09 amount appropriated from the earnings of the Alaska permanent fund for the payment                                      
10       of dividends.                                                                                                     
11    * Sec. 2. AS 37.13.140 is amended by adding a new subsection to read:                                              
12 (b)  Following the appropriation to the dividend fund under                                                             
13 AS 37.13.145(b)(1), the remainder of the amount available for distribution under (a) of                                 
14 this section shall be reduced by the difference between the amount calculated under                                     

01       (1) of this subsection and the amount under (2) of this subsection if the amount                                  
02       calculated under (1) of this subsection exceeds the amount under (2) of this                                      
03       subsection:                                                                                                       
04 (1)  the total amount of oil and gas production taxes under                                                             
05 AS 43.55.011 - 43.55.180, mineral lease rentals, royalties, royalty sale proceeds, net                                  
06 profit shares under AS 38.05.180(f) and (g), and federal mineral revenue sharing                                        
07 payments and bonuses received by the state from mineral leases that are deposited into                                  
08       the general fund in the current fiscal year;                                                                      
09                 (2)  the sum of $1,000,000,000.                                                                         
10    * Sec. 3. AS 37.13.145(b) is amended to read:                                                                      
11            (b)  At the end of each fiscal year, the corporation shall transfer from the                                 
12       earnings reserve account to the                                                                                   
13                 (1)  dividend fund established under AS 43.23.045, 50 percent of the                                
14       income available for distribution under AS 37.13.140;                                                         
15                 (2)  general fund, the remainder of the income available for                                        
16       distribution under AS 37.13.140.                                                                              
17    * Sec. 4. AS 37.13.140(b) and 37.13.145(b)(2) are repealed.                                                        
18    * Sec. 5. Section 4 of this Act takes effect July 1, 2021.                                                         
19    * Sec. 6. Except as provided in sec. 5 of this Act, this Act takes effect July 1, 2017.