Legislature(2003 - 2004)
03/09/2004 11:01 AM House EDU
| Audio | Topic |
|---|
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
HB 333-PUBLIC SCHOOL ENDOWMENT Number 1117 CHAIR GATTO announced that the final order of business would be HOUSE BILL NO. 333, "An Act relating to an endowment for public education; and providing for an effective date." REPRESENTATIVE OGG moved to adopt CS for HB 333, Version 23- LS01991\X, Bullock, 3/8/04, as the working document. CHAIR GATTO objected. He asked if there is a fiscal note on the bill. CHAIR GATTO removed his objection. REPRESENTATIVE OGG moved Conceptual Amendment 1, which read: Page 7, line 30: Insert new applicability section to read: "* Sec. 7. Receipts as declared in AS 14.40.505 should be considered new receipts that begin with or after the effective date of this act." Renumber accordingly. REPRESENTATIVE OGG explained that this amendment is consistent with the sponsor statement in that this [legislation] should only affect new receipts and not the existing streams of revenue that presently go to the general fund. He told the members that the Department of Revenue asked that explicit clarifying language be inserted in the bill. Number 1494 REPRESENTATIVE SEATON asked for clarification of AS 14.40.505. REPRESENTATIVE OGG explained that AS 14.40.505 [page 5, lines 24 through 31] is a provision that provides for the revenues to be transferred to the principal of the education trust fund and to the University of Alaska endowment fund. Conceptual Amendment 1 provides that these revenues will only be based upon new receipts after the effective date of this act. He emphasized that this amendment ensures that this legislation would not impact any existing streams of revenues. He reiterated that currently state lands bring in revenues and the amendment clarifies that there is no intent to affect that existing revenue stream. REPRESENTATIVE SEATON asked if he understands correctly that the amendment means only revenues from new receipts will be included. REPRESENTATIVE OGG commented that this is a conceptual amendment. REPRESENTATIVE SEATON clarified that current revenue receipts do not fall under this category. REPRESENTATIVE OGG replied that is correct. Number 1615 REPRESENTATIVE GARA asked about the wording of the amendment. REPRESENTATIVE OGG emphasized that the amendment is conceptual. He explained that the receipts defined in AS 14.40.505 are new receipts, and [the legislation] does not affect existing leases. REPRESENTATIVE GARA asked if "new receipts" has a meaning in law. REPRESENTATIVE OGG replied that is why he made this amendment conceptual. He told the members that when the drafters put the next CS together that is something that can be clarified. REPRESENTATIVE GARA commented that he understands that this will only affect new sources of revenue after the effective date of this bill. Number 1681 CHAIR GATTO announced that the HB 333 will be held in committee. REPRESENTATIVE GARA asked if Representative Ogg could compare the two versions of HB 333 and asked if he would point out the differences during the next hearing.
| Document Name | Date/Time | Subjects |
|---|