Legislature(1993 - 1994)
02/04/1994 09:09 AM Senate STA
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
CHAIRMAN LEMAN brings up SB 170 (DISPOSITION OF PERMANENT FUND INCOME) as the next order of business before the committee today and calls Senator Rieger and Mr. Stastny to testify. Number 412 SHELBY STASTNY, Director, Office of Management & Budget, Governor's Office, says there is not a formal administration position on SB 170, but that he personally is favorably disposed to the bill. Number 424 CHAIRMAN LEMAN asks Senator Rieger what effect SB 170 will have on future dividends if it passes. Number 431 SENATOR RIEGER says the effect of SB 170 will likely be that dividends will probably hit 900 dollars before they start climbing again. This affect is drawn from run # 10, which Senator Rieger thinks is the most likely run. Senator Rieger continues to describe the differences between run # 10 and run # 11. He states under SB 170. Number 473 CHAIRMAN LEMAN asks Senator Rieger if the formula for payout of dividends will be changed to accommodate inflation proofing the fund. Number 474 SENATOR RIEGER says that a hold-harmless feature could be added to the bill so dividend amounts do not drop. However, once the fund is inflation proofed, any amount could be paid out in dividends without having to worry about protecting the fund. Number 477 CHAIRMAN LEMAN asks if anyone has questions or if there is anyone else wishing to testify on SB 170. Hearing none, the chairman asks the pleasure of the committee. Number 480 SENATOR MILLER makes a motion to discharge SB 170 from the Senate State Affairs Committee with individual recommendations. Number 481 CHAIRMAN LEMAN, hearing no objections, orders SB 170 discharged from committee with individual recommendations.
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