SENATE BILL 303                                                              
                                                                               
       "An Act relating  to management  of the budget  reserve                 
       fund; and providing for an effective date."                             
                                                                               
  TOM  WILLIAMS,  STAFF,  SENATOR  STEVE   FRANK,  provided  a                 
  sectional analysis of  SB 303,  noting that the  legislation                 
  would allow the Governor authority to transfer management of                 
  the  Constitutional  Budget  Reserve   Fund  (CBRF)  to  the                 
  Permanent Fund Corporation.                                                  
                                                                               
  Representative  Grussendorf  asked  if  the plan  considered                 
  current  investment  concepts  used  by  the  Department  of                 
  Revenue (DOR).   Mr. Williams explained that  CBRF currently                 
  is  invested  by DOR's  Treasury Division.   The  bill would                 
  provide  the governor latitude to transfer  all or a portion                 
  of that amount over to the general fund.                                     
                                                                               
  Co-Chair  Foster  MOVED to  report CS  SB  303 (FIN)  out of                 
  Committee  with  individual  recommendations  and  with  the                 
  accompanying fiscal note.  There being NO OBJECTION, it  was                 
  so ordered.                                                                  
                                                                               
  CS  SB 303 (FIN)  was reported out  of Committee with  a "do                 
  pass" recommendation"  and with a  zero fiscal  note by  the                 
  Department of Revenue dated 4/23/96.