00                            HOUSE BILL NO. 247                                                                          
01 "An Act relating to the power cost equalization endowment fund."                                                        
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. AS 42.45.085(d) is amended to read:                                                                     
04 (d)  If the earnings of the fund for the previous closed fiscal year, as calculated                                     
05 under AS 42.45.080(c)(2), exceed the appropriations made [APPROPRIATION]                                              
06 under (a) and (e) of this section for the current fiscal year, the legislature may                                    
07 appropriate 70 percent of the difference between the earnings of the fund for the                                       
08 previous closed fiscal year, as calculated under AS 42.45.080(c)(2), and the                                            
09 appropriations [APPROPRIATION] made under (a) and (e) of this section for the                                       
10       current fiscal year as follows:                                                                                   
11                 (1)  if the amount calculated under this subsection is less than                                        
12       $30,000,000, that amount to a community revenue sharing or community assistance                                   
13       fund; or                                                                                                          
14                 (2)  if the amount calculated under this subsection is $30,000,000 or                                   
15       more,                                                                                                             

01                      (A)  $30,000,000 to a community revenue sharing or                                                 
02            community assistance fund; and                                                                               
03 (B)  the remaining amount, not to exceed $25,000,000, to the                                                            
04 renewable energy grant fund established under AS 42.45.045, to the bulk fuel                                            
05 revolving loan fund established under AS 42.45.250, [OR] for rural power                                                
06 system upgrades, for bulk fuel upgrades, or to a combination of the funds or                                          
07            purposes listed in this subparagraph.                                                                        
08    * Sec. 2. AS 42.45.085 is amended by adding new subsections to read:                                                 
09            (e)  If the earnings of the fund for the previous closed fiscal year, as calculated                          
10 under AS 42.45.080(c)(2), exceed the appropriations made under (a) of this section for                                  
11 the current fiscal year, the legislature may appropriate the difference between the                                     
12 earnings of the fund for the previous closed fiscal year, as calculated under                                           
13 AS 42.45.080(c)(2), and the appropriation made under (a) of this section for the                                        
14 current fiscal year for renewable energy projects that serve an area with an eligible                                   
15       electric utility as defined in AS 42.45.150.                                                                      
16 (f)  The authority shall develop a methodology for prioritizing grant                                                   
17 applications for projects eligible for assistance under (e) of this section. Not later than                             
18 10 days after the first day of each regular legislative session, the authority shall submit                             
19 to the legislature a report summarizing and reviewing each grant application submitted                                  
20 under (e) of this section and recommendations for awarding grants. The authority shall                                  
21 submit the report to the senate secretary and chief clerk of the house of representatives                               
22       and notify the legislature that the report is available.