SB 224: "An Act relating to the Alaska marine highway system fund; relating to the budget reserve fund established under art. IX, sec. 17(d), Constitution of the State of Alaska; relating to the Alaska higher education investment fund; and providing for an effective date."
00 SENATE BILL NO. 224 01 "An Act relating to the Alaska marine highway system fund; relating to the budget 02 reserve fund established under art. IX, sec. 17(d), Constitution of the State of Alaska; 03 relating to the Alaska higher education investment fund; and providing for an effective 04 date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. AS 19.65.060(a) is amended to read: 07 (a) There is created, as a separate fund [SPECIAL ACCOUNT] in the state 08 treasury [GENERAL FUND], the Alaska marine highway system fund, into which 09 shall be deposited 10 (1) the gross revenue of the Alaska marine highway system; 11 (2) money that is appropriated to the Alaska marine highway system 12 fund by the legislature in an amount that is consistent from year to year and is the 13 amount necessary, after consideration of gross revenue, to provide stable services to 14 the public consistent with the provisions of AS 19.65.050(b)(4), which appropriations
01 are not one-year appropriations and the balances of which do not lapse under 02 AS 37.25.010; and 03 (3) any other money that is appropriated to the Alaska marine highway 04 system fund by the legislature, which appropriations are not one-year appropriations 05 and the balances of which do not lapse under AS 37.25.010. 06 * Sec. 2. AS 37.10 is amended by adding a new section to read: 07 Sec. 37.10.440. Repayment under art. IX, sec. 17(d), Constitution of the 08 State of Alaska. For purposes of applying art. IX, secs. 17(d), Constitution of the 09 State of Alaska, if the amount appropriated from the budget reserve fund has not been 10 repaid under art. IX, sec. 17(d), Constitution of the State of Alaska, the Department of 11 Administration shall transfer to the budget reserve fund the amount of money 12 comprising the unreserved, undesignated general fund balance to be carried forward as 13 of June 30 of the fiscal year, or as much of it as is necessary to complete the 14 repayment. The transfer shall be made on or before December 16 of the following 15 fiscal year. In this section, 16 (1) "general fund" means the primary operating fund of the state, 17 consisting of subaccounts in the general fund and all other money paid into the state 18 treasury that is not specifically authorized by law to be placed in a separate fund; 19 (2) "unreserved, undesignated general fund balance to be carried 20 forward" is money not restricted by law to a specific use that accrues to the general 21 fund according to accepted principles of governmental or fund accounting adopted for 22 the state accounting system established under AS 37.05.150 in effect on July 1, 1990. 23 * Sec. 3. AS 37.14.750(a) is amended to read: 24 (a) The Alaska higher education investment fund is established as a separate 25 fund in the state treasury [GENERAL FUND] for the purpose of making grants 26 awarded under AS 14.43.400 - 14.43.420 by appropriation to the account established 27 under AS 14.43.915(a) and of making scholarship payments to qualified 28 postsecondary institutions for students under AS 14.43.810 - 14.43.849 by 29 appropriation to the account established under AS 14.43.915(b). Money in the fund 30 does not lapse. The fund consists of 31 (1) money appropriated to the fund;
01 (2) income earned on investment of fund assets; 02 (3) donations to the fund; and 03 (4) money redeposited under AS 14.43.915(c). 04 * Sec. 4. AS 37.10.420 is repealed. 05 * Sec. 5. This Act takes effect June 30, 2022.