HCS SB 312(FIN) AM H: "An Act relating to the special subaccount in the budget reserve fund; and providing for an effective date."
00HOUSE CS FOR SENATE BILL NO. 312(FIN) am H 01 "An Act relating to the special subaccount in the budget reserve fund; and 02 providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 37.10.430 is amended by adding a new subsection to read: 05 (c) A special subaccount is established in the budget reserve fund (art. IX, 06 sec. 17, Constitution of the State of Alaska). Money in the subaccount shall be 07 invested to yield higher returns than might be feasible to obtain with other money in 08 the budget reserve fund. In establishing or modifying the investment policy for the 09 subaccount in the constitutional budget reserve fund, the commissioner of revenue shall 10 assume that those funds will not be needed for at least five years. Income earned on 11 money in the subaccount shall be retained in the subaccount by the department. 12 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section 13 to read: 14 TRANSITION. On July 1, 2000, the Department of Revenue shall transfer
01 $400,000,000 from the budget reserve fund (art. IX, sec. 17, Constitution of the State of 02 Alaska) to the special subaccount established in AS 37.10.430(c), as enacted in sec. 1 of this 03 Act. 04 * Sec. 3. This Act takes effect July 1, 2000.