SENATE BILL NO. 283                                                                                                        
     "An  Act making  an appropriation  to  reverse  the deposit  of                                                            
     money  available for appropriation  in the general fund  at the                                                            
     end of fiscal year  2003 into the constitutional budget reserve                                                            
     fund;  making  an  appropriation  under  art. IX,  sec.  17(c),                                                            
     Constitution  of the State of  Alaska, from the constitutional                                                             
     budget reserve fund; and providing for an effective date."                                                                 
                                                                                                                                
                                                                                                                                
Co-Chair Wilken  moved to adopt CS SB 283(FIN), Version  23-LS1553\D                                                            
as the working document.                                                                                                        
                                                                                                                                
There being no  objection, the Version "D" committee  substitute was                                                            
adopted as the working document.                                                                                                
                                                                                                                                
Co-Chair Green explained  that the committee substitute differs from                                                            
the original  bill by the  inclusion of new  language in Section  1,                                                            
identified as subsection "b" on page 2 that reads as follows.                                                                   
                                                                                                                                
          (b) The sum of $125,000 is appropriated from the budget                                                               
     reserve  fund (art.IX,  sec. 17, Constitution  of the  State of                                                            
     Alaska)  to the Department of  Revenue, treasury division,  for                                                            
     the  fiscal   year  ending  June   30,  2004,  for   investment                                                            
     management fees for  the budget reserve fund (art. IX, sec. 17,                                                            
     Constitution of the State of Alaska).                                                                                      
                                                                                                                                
Co-Chair Green  commented that the  bill's prime sponsor  is Senator                                                            
Hoffman.                                                                                                                        
                                                                                                                                
Co-Chair Wilken  offered a motion to report the bill  from Committee                                                            
with individual recommendations.                                                                                                
                                                                                                                                
There  being  no  objection,  CS SB  283  (FIN)  was  REPORTED  from                                                            
Committee.