1998-05-07                     House Journal                      Page 3596
familiarize us with the mysteries of life, so that the secrets of              
Thy kingdom may become revealed to us in this world of                         
existence and we may confess Thy oneness.  Every bestowal                      
emanates from Thee; every benediction is Thine.                                
                                                                               
Thou art mighty.  Thou art powerful.  Thou art the Giver, and                 
Thou art the Ever-Bounteous."                                                  
                                                                               
                                                                               
The Pledge of Allegiance was led by Representative Hanley.                     
                                                                               
                         CERTIFICATION OF THE JOURNAL                        
                                                                               
Representative Porter moved and asked unanimous consent that the               
journal for the 115th legislative day be approved as certified by the          
Chief Clerk.  There being no objection, it was so ordered.                     
                                                                               
                          MESSAGES FROM THE GOVERNOR                         
                                                                               
HB 380                                                                       
The following letter, dated May 6, 1998, was received:                         
                                                                               
"Dear Speaker Phillips:                                                        
                                                                               
Under authority of art. II, sec. 15 of the Alaska Constitution, I have         
vetoed the following bill:                                                     
                                                                               
SENATE CS FOR CS FOR HOUSE BILL NO. 380(FIN) am S                             
"An Act relating to a temporary reduction of royalty on oil and               
gas produced for sale from certain fields described as being                   
located within the Cook Inlet sedimentary basin, as having been                
discovered before January 1, 1988, and as having been                          
undeveloped or shut in from at least January 1, 1988, through                  
December 31, 1997."                                                            
                                                                               
I have vetoed this bill because it violates the two fundamental                
principles necessary to protect the state's interest as contained in           
current state law.  It grants arbitrary relief from lease terms without a      
thorough evaluation of the economic need for the relief, and it does not       
allow the state to adjust these royalties upward should oil prices rise        
during the life of the reduction.