Enrolled SB 196: Relating to the amount appropriated for power cost equalization; relating to the use of certain unexpended earnings from the power cost equalization endowment fund; and providing for an effective date.
00Enrolled SB 196 01 Relating to the amount appropriated for power cost equalization; relating to the use of certain 02 unexpended earnings from the power cost equalization endowment fund; and providing for an 03 effective date. 04 _______________ 05 * Section 1. AS 42.45.080(c) is amended to read: 06 (c) On July 1 of each year, the commissioner shall determine 07 (1) the monthly average market value of the fund for the previous three 08 closed fiscal years; and 09 (2) the earnings of the fund for the previous closed fiscal year. 10 * Sec. 2. AS 42.45.085(a) is amended to read: 11 (a) Five [SEVEN] percent of the amount determined by the commissioner of 12 revenue on July 1 of each year under AS 42.45.080(c)(1) [AS 42.45.080(c)] may be 13 appropriated [FOR THE FISCAL YEAR BEGINNING THE FOLLOWING JULY 1] 14 for the following purposes: 15 (1) funding the power cost equalization and rural electric capitalization 16 fund (AS 42.45.100);
01 (2) reimbursement to the Department of Revenue for the costs of 02 establishing and managing the fund; and 03 (3) reimbursement of other costs of administration of the fund. 04 * Sec. 3. AS 42.45.085 is amended by adding new subsections to read: 05 (c) If the amount appropriated under (a) of this section is insufficient to 06 achieve the purposes of (a)(1) - (3) of this section, the amount shall be prorated among 07 the purposes listed in (a)(1) and (2) of this section. 08 (d) If the earnings of the fund for the previous closed fiscal year, as calculated 09 under AS 42.45.080(c)(2), exceed the appropriation under (a) of this section for the 10 current fiscal year, the legislature may appropriate 70 percent of the difference 11 between the earnings of the fund for the previous closed fiscal year, as calculated 12 under AS 42.45.080(c)(2), and the appropriation made under (a) of this section for the 13 current fiscal year as follows: 14 (1) if the amount calculated under this subsection is less than 15 $30,000,000, that amount to a community revenue sharing or community assistance 16 fund; or 17 (2) if the amount calculated under this subsection is $30,000,000 or 18 more, 19 (A) $30,000,000 to a community revenue sharing or 20 community assistance fund; and 21 (B) the remaining amount, not to exceed $25,000,000, to the 22 renewable energy grant fund established under AS 42.45.045, to the bulk fuel 23 revolving loan fund established under AS 42.45.250, or for rural power system 24 upgrades or to a combination of the funds or purposes listed in this 25 subparagraph. 26 * Sec. 4. This Act takes effect June 30, 2016.