Legislature(1999 - 2000)
2000-04-24 Senate Journal
Full Journal pdf2000-04-24 Senate Journal Page 3457 SB 312 SENATE BILL NO. 312 An Act relating to the bond redemption subaccount in the earnings reserve account of the permanent fund; and providing for an effective date which had been held in third reading (page 3423) was before the Senate. Senator Torgerson moved that the bill be returned to second reading for the purpose of a specific amendment, that being Amendment No.1. Without objection, the bill was returned to second reading. 2000-04-24 Senate Journal Page 3458 SB 312 Senator Torgerson offered Amendment No. 1 : Page 1, lines 1 and 2: Delete "bond redemption subaccount in the earnings reserve account of the permanent fund" Insert "special subaccount in the budget reserve fund" Page 1, line 4, through page 2, line 9: Delete all material and insert: "* Section 1. AS37.10.430 is amended by adding a new subsection to read: (c) The special subaccount is established in the budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska). Income earned on money in the subaccount shall be retained in the subaccount by the department. Money may be appropriated from the subaccount to make all required payments of redemption premiums for, principal of, and interest on general obligation bonds of the state that are approved by the voters in 2000, or for other purposes. * Sec. 2. AS37.10.430(c) is repealed on July 1, 2021. * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to read: TRANSITION. (a) On December 1, 2000, the Department of Revenue shall transfer $400,000,000 from the budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska) to the special subaccount established in AS37.10.430(c), as enacted in sec. 1 of this Act. (b) On July 1, 2021, the Department of Revenue shall transfer the unobligated balance in the special subaccount established in AS37.10.430(c) to the principal of the budget reserve fund (art. IX, sec.17, Constitution of the State of Alaska)." Renumber the following bill sections accordingly. Senator Torgerson moved for the adoption of Amendment No. 1. Objections were heard. 2000-04-24 Senate Journal Page 3459 SB 312 The question being: Shall Amendment No. 1 be adopted? The roll was taken with the following result: SB 312 Second Reading Amendment No. 1 YEAS: 14 NAYS: 6 EXCUSED: 0 ABSENT: 0 Yeas: Donley, Green, Halford, Kelly Pete, Kelly Tim, Leman, Mackie, Miller, Parnell, Pearce, Taylor, Torgerson, Ward, Wilken Nays: Adams, Ellis, Elton, Hoffman, Lincoln, Phillips and so, Amendment No. 1 was adopted. SENATE BILL NO. 312 am was automatically in third reading. The question being: Shall SENATE BILL NO. 312 am An Act relating to the special subaccount in the budget reserve fund; and providing for an effective date pass the Senate? The roll was taken with the following result: SB 312 am Third Reading - Final Passage YEAS: 12 NAYS: 8 EXCUSED: 0 ABSENT: 0 Yeas: Donley, Green, Kelly Pete, Kelly Tim, Mackie, Miller, Parnell, Pearce, Taylor, Torgerson, Ward, Wilken Nays: Adams, Ellis, Elton, Halford, Hoffman, Leman, Lincoln, Phillips and so, SENATE BILL NO. 312 am passed the Senate. Senator Mackie moved for the adoption of the effective date clause. The question being: Shall the effective date clause be adopted? The roll was taken with the following result: 2000-04-24 Senate Journal Page 3460 SB 312 SB 312 am Effective Date Clause YEAS: 20 NAYS: 0 EXCUSED: 0 ABSENT: 0 Yeas: Adams, Donley, Ellis, Elton, Green, Halford, Hoffman, Kelly Pete, Kelly Tim, Leman, Lincoln, Mackie, Miller, Parnell, Pearce, Phillips, Taylor, Torgerson, Ward, Wilken and so, the effective date clause was adopted and the bill was referred to the Secretary for engrossment.