Legislature(2023 - 2024)
2023-05-15 House Journal
Full Journal pdf2023-05-15 House Journal Page 1108 SB 98 The following, which was carried over to today's calendar due to canceled session (page 1101), was read the second time: CS FOR SENATE BILL NO. 98(FIN) "An Act requiring the Alaska Permanent Fund Corporation to manage the power cost equalization endowment fund; requiring the Alaska Permanent Fund Corporation to publish certain reports relating to the power cost equalization endowment fund; relating to the Alaska Permanent Fund Corporation's management and 2023-05-15 House Journal Page 1109 investment of the power cost equalization endowment fund; and providing for an effective date." with the: Journal Page FIN RPT 9DP 1AM 965 FN1: (REV) 965 FN2: (REV) 965 FN3: (REV) 965 Amendment No. 1 was offered by Representative Eastman: Page 1, line 3, following "fund;"(title amendment): Insert "relating to inflation-proofing of the power cost equalization endowment fund;" Page 2, following line 13: Insert a new subsection to read: "(e) The legislature may appropriate to the principal of the power cost equalization endowment fund an amount sufficient to offset the effect of inflation on the principal of the power cost equalization endowment fund during that fiscal year. The corporation shall calculate the amount to appropriate to the principal under this subsection in the same manner as prescribed in AS 37.13.145(c) for calculation of the amount to transfer to the principal of the Alaska permanent fund to offset the effect of inflation on the principal of the Alaska permanent fund." Representative Eastman moved and asked unanimous consent that Amendment No. 1 be adopted. Representative Edgmon objected. The question being: "Shall Amendment No. 1 be adopted?" The roll was taken with the following result: CSSB 98(FIN) Second Reading Amendment No. 1 YEAS: 1 NAYS: 38 EXCUSED: 1 ABSENT: 0 2023-05-15 House Journal Page 1110 Yeas: Eastman Nays: Armstrong, Carpenter, Carrick, Coulombe, Cronk, Dibert, Edgmon, Fields, Foster, Galvin, Gray, Groh, Hannan, Himschoot, C.Johnson, D.Johnson, Josephson, McCabe, McCormick, McKay, Mears, Mina, Ortiz, Patkotak, Prax, Rauscher, Ruffridge, Saddler, Schrage, Shaw, Stapp, Story, Stutes, Sumner, Tilton, Tomaszewski, Vance, Wright Excused: Allard And so, Amendment No. 1 was not adopted. Amendment No. 2 was offered by Representative Eastman: Page 1, line 3, following "fund;"(title amendment): Insert "relating to inflation-proofing of the power cost equalization endowment fund;" Page 2, line 2: Delete "and" Page 2, line 5, following "accountant": Insert "; and (3) annually (A) calculate the amount that is equal to five percent of the amount determined by the corporation each year under AS 42.45.080(c); (B) calculate the greatest amount that may be appropriated from the power cost equalization endowment fund, after the power cost equalization endowment fund has been adjusted for inflation under (e) of this section, without resulting in a decrease to the balance of the principal of the power cost equalization endowment fund as it existed on July 1, 2023; if, at the time of the corporation's calculation under this subparagraph, the balance of the principal of the power cost equalization endowment fund is less than the balance of the principal of the power cost equalization endowment fund as it existed on July 1, 2023, the corporation shall calculate the amount necessary to make the balance of the principal of the power cost equalization endowment fund 2023-05-15 House Journal Page 1111 equal to the amount of the balance of the principal of the power cost equalization endowment fund as it existed on July 1, 2023; and (C) prepare a report that includes the calculations made under this paragraph;" Page 2, line 6, following "report": Insert "under (b)(1) or (2) of this section" Page 2, line 10, following "available.": Insert "After preparing a report under (b)(3) of this section, the corporation shall deliver the report to the legislative finance division." Page 2, following line 13: Insert a new subsection to read: "(e) The legislature may appropriate to the principal of the power cost equalization endowment fund an amount sufficient to offset the effect of inflation on the principal of the power cost equalization endowment fund during that fiscal year. The legislature shall calculate the amount to appropriate to the principal under this subsection in the same manner as prescribed in AS 37.13.145(c) for calculation of the amount to transfer to the principal of the Alaska permanent fund to offset the effect of inflation on the principal of the Alaska permanent fund." Representative Eastman moved and asked unanimous consent that Amendment No. 2 be adopted. Representative Edgmon objected. The question being: "Shall Amendment No. 2 be adopted?" The roll was taken with the following result: CSSB 98(FIN) Second Reading Amendment No. 2 YEAS: 1 NAYS: 38 EXCUSED: 1 ABSENT: 0 Yeas: Eastman 2023-05-15 House Journal Page 1112 Nays: Armstrong, Carpenter, Carrick, Coulombe, Cronk, Dibert, Edgmon, Fields, Foster, Galvin, Gray, Groh, Hannan, Himschoot, C.Johnson, D.Johnson, Josephson, McCabe, McCormick, McKay, Mears, Mina, Ortiz, Patkotak, Prax, Rauscher, Ruffridge, Saddler, Schrage, Shaw, Stapp, Story, Stutes, Sumner, Tilton, Tomaszewski, Vance, Wright Excused: Allard And so, Amendment No. 2 was not adopted. Representative Saddler moved and asked unanimous consent that CSSB 98(FIN) be considered engrossed, advanced to third reading, and placed on final passage. There was objection. CSSB 98(FIN) will advance to third reading on tomorrow's calendar.