SB 312: "An Act relating to the bond redemption subaccount in the earnings reserve account of the permanent fund; and providing for an effective date."
00SENATE BILL NO. 312 01 "An Act relating to the bond redemption subaccount in the earnings reserve 02 account of the permanent fund; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 37.13.140 is amended to read: 05 Sec. 37.13.140. Income. Net income of the fund includes all the income of 06 the earnings reserve account established under AS 37.13.145 except income of the 07 bond redemption subaccount . Net income of the fund shall be computed annually 08 as of the last day of the fiscal year in accordance with generally accepted accounting 09 principles, excluding any unrealized gains or losses. Income available for distribution 10 equals 21 percent of the net income of the fund for the last five fiscal years, including 11 the fiscal year just ended, but may not exceed net income of the fund for the fiscal 12 year just ended plus the balance in the earnings reserve account described in 13 AS 37.13.145. 14 * Sec. 2. AS 37.13.145 is amended by adding a new subsection to read:
01 (e) The bond redemption subaccount is established in the earnings reserve 02 account and consists of money appropriated to it from the budget reserve fund (Art. 03 IX, sec. 17, Constitution of the State of Alaska). Money may be appropriated from 04 the subaccount to make all required payments of redemption premiums for, principal 05 of, and interest on general obligation bonds of the state that are approved by the 06 voters in 2000. The balance in the subaccount remaining after the bonded 07 indebtedness has been fully repaid shall be transferred by the corporation to the 08 principal of the fund. Transfers may not be made from the subaccount under (b) or 09 (c) of this section. 10 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section 11 to read: 12 CONDITIONAL EFFECT. This Act takes effect only if, during 2000, the voters 13 approve a proposal to issue state general obligation bonds. 14 * Sec. 4. If this Act takes effect, it takes effect on December 1, 2000.