SB 103: "An Act relating to deposits into the dividend fund and appropriations from the earnings reserve account; and providing for an effective date."
00 SENATE BILL NO. 103 01 "An Act relating to deposits into the dividend fund and appropriations from the 02 earnings reserve account; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 37.13.140(b) is amended to read: 05 (b) The corporation shall determine the amount available for appropriation 06 each year. The amount available for appropriation is 5.25 percent of the average 07 market value of the fund for the first five of the preceding six fiscal years, including 08 the fiscal year just ended, computed annually for each fiscal year in accordance with 09 generally accepted accounting principles. In this subsection, "average market value of 10 the fund" includes the balance of the earnings reserve account established under 11 AS 37.13.145, but does not include that portion of the principal attributed to the 12 settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First 13 Judicial District). The amount available for appropriation may not exceed the 14 balance in the earnings reserve account described in AS 37.13.145.
01 * Sec. 2. AS 37.13.140(b), as amended by sec. 2, ch. 16, SLA 2018, is amended to read: 02 (b) The corporation shall determine the amount available for appropriation 03 each year. The amount available for appropriation is five percent of the average 04 market value of the fund for the first five of the preceding six fiscal years, including 05 the fiscal year just ended, computed annually for each fiscal year in accordance with 06 generally accepted accounting principles. In this subsection, "average market value of 07 the fund" includes the balance of the earnings reserve account established under 08 AS 37.13.145, but does not include that portion of the principal attributed to the 09 settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First 10 Judicial District). The amount available for appropriation may not exceed the 11 balance in the earnings reserve account described in AS 37.13.145. 12 * Sec. 3. AS 37.13.145(b) is amended to read: 13 (b) Each [AT THE END OF EACH] fiscal year, the legislature may 14 appropriate [CORPORATION SHALL TRANSFER] from the earnings reserve 15 account to the 16 (1) dividend fund established under AS 43.23.045, 50 percent of the 17 amount [INCOME] available for appropriation [DISTRIBUTION] under 18 AS 37.13.140(b); and 19 (2) general fund, 50 percent of the amount available for 20 appropriation under AS 37.13.140(b) [AS 37.13.140]. 21 * Sec. 4. AS 37.13.145(d) is amended to read: 22 (d) Notwithstanding (b) of this section, income earned on money awarded in 23 or received as a result of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior 24 Court, First Judicial District), including settlement, summary judgment, or adjustment 25 to a royalty-in-kind contract that is tied to the outcome of this case, or interest earned 26 on the money, or on the earnings of the money shall be treated in the same manner as 27 other income of the Alaska permanent fund, except that it is not available for 28 appropriation [DISTRIBUTION] to the dividend fund under AS 37.13.140(b) [, 29 FOR TRANSFERS TO THE PRINCIPAL UNDER (c) OF THIS SECTION,] or for 30 an appropriation under (e) of this section, and shall be annually deposited into the 31 Alaska capital income fund (AS 37.05.565).
01 * Sec. 5. AS 37.13.300(c) is amended to read: 02 (c) Net income from the mental health trust fund may not be included in the 03 computation of the [NET INCOME OR] market value amount available for 04 [DISTRIBUTION OR] appropriation under AS 37.13.140(b) [AS 37.13.140]. 05 * Sec. 6. AS 37.14.031(c) is amended to read: 06 (c) The net income of the fund shall be determined by the Alaska Permanent 07 Fund Corporation and shall be computed annually as of the last day of the fiscal 08 year in accordance with generally accepted accounting principles, excluding any 09 unrealized gains or losses [IN THE SAME MANNER THE CORPORATION 10 DETERMINES THE NET INCOME OF THE ALASKA PERMANENT FUND 11 UNDER AS 37.13.140]. 12 * Sec. 7. AS 43.23.025(a) is amended to read: 13 (a) By October 1 of each year, the commissioner shall determine the value of 14 each permanent fund dividend for that year by 15 (1) determining the total amount available for dividend payments, 16 which equals 17 (A) the amount appropriated [OF INCOME OF THE 18 ALASKA PERMANENT FUND TRANSFERRED] to the dividend fund 19 under AS 37.13.145(b) during the current year; 20 (B) plus the unexpended and unobligated balances of prior 21 fiscal year appropriations that lapse into the dividend fund under 22 AS 43.23.045(d); 23 (C) less the amount necessary to pay prior year dividends from 24 the dividend fund in the current year under AS 43.23.005(h), 43.23.021, and 25 43.23.055(3) and (7); 26 (D) less the amount necessary to pay dividends from the 27 dividend fund due to eligible applicants who, as determined by the department, 28 filed for a previous year's dividend by the filing deadline but who were not 29 included in a previous year's dividend computation; 30 (E) less appropriations from the dividend fund during the 31 current year, including amounts to pay costs of administering the dividend
01 program and the hold harmless provisions of AS 43.23.240; 02 (2) determining the number of individuals eligible to receive a 03 dividend payment for the current year and the number of estates and successors 04 eligible to receive a dividend payment for the current year under AS 43.23.005(h); and 05 (3) dividing the amount determined under (1) of this subsection by the 06 amount determined under (2) of this subsection. 07 * Sec. 8. AS 37.13.140(a), 37.13.145(c), 37.13.145(e), and 37.13.145(f) are repealed. 08 * Sec. 9. Section 2 of this Act takes effect on the effective date of sec. 2, ch. 16, SLA 2018.