Legislature(1999 - 2000)

2000-04-24 Senate Journal

Full Journal pdf

2000-04-24                     Senate Journal                      Page 3457
SB 312                                                                       
SENATE BILL NO. 312 An Act relating to the bond redemption                     
subaccount in the earnings reserve account of the permanent fund;              
and providing for an effective date which had been held in third               
reading (page 3423) was before the Senate.                                     
                                                                               
Senator Torgerson moved that the bill be returned to second reading            
for the purpose of a specific amendment, that being Amendment                  
No.1. Without objection, the bill was returned to second reading.              
                                                                               
                                                                               

2000-04-24                     Senate Journal                      Page 3458
SB 312                                                                       
Senator Torgerson offered Amendment No. 1:                                     
                                                                               
Page 1, lines 1 and 2:                                                         
	Delete "bond redemption subaccount in the earnings                           
reserve account of the permanent fund"                                        
	Insert "special subaccount in the budget reserve fund"                      
                                                                               
Page 1, line 4, through page 2, line 9:                                        
	Delete all material and insert:                                               
   "* Section 1.  AS37.10.430 is amended by adding a new                     
subsection to read:                                                            
	(c)  The special subaccount is established in the budget                      
reserve fund (art. IX, sec. 17, Constitution of the State of Alaska).          
Income earned on money in the subaccount shall be retained in the              
subaccount by the department.  Money may be appropriated from the              
subaccount to make all required payments of redemption premiums                
for, principal of, and interest on general obligation bonds of the state       
that are approved by the voters in 2000, or for other purposes.                
   * Sec. 2.  AS37.10.430(c) is repealed on July 1, 2021.                  
   * Sec. 3.  The uncodified law of the State of Alaska is amended           
by adding a new section to read:                                               
	TRANSITION.  (a)  On December 1, 2000, the Department                         
of Revenue shall transfer $400,000,000 from the budget reserve fund            
(art. IX, sec. 17, Constitution of the State of Alaska) to the special         
subaccount established in AS37.10.430(c), as enacted in sec. 1 of              
this Act.                                                                      
	(b)  On July 1, 2021, the Department of Revenue shall                         
transfer the unobligated balance in the special subaccount established         
in AS37.10.430(c) to the principal of the budget reserve fund (art.            
IX, sec.17, Constitution of the State of Alaska)."                             
                                                                               
Renumber the following bill sections accordingly.                              
                                                                               
Senator Torgerson moved for the adoption of Amendment No. 1.                   
Objections were heard.                                                         
                                                                               
                                                                               

2000-04-24                     Senate Journal                      Page 3459
SB 312                                                                       
The question being: Shall Amendment No. 1 be adopted? The roll                 
was taken with the following result:                                           
                                                                               
SB 312                                                                         
Second Reading                                                                 
Amendment No. 1                                                                
                                                                               
YEAS:  14   NAYS:  6   EXCUSED:  0   ABSENT:  0                              
                                                                               
Yeas:  Donley, Green, Halford, Kelly Pete, Kelly Tim, Leman,                   
Mackie, Miller, Parnell, Pearce, Taylor, Torgerson, Ward, Wilken               
                                                                               
Nays:  Adams, Ellis, Elton, Hoffman, Lincoln, Phillips                         
                                                                               
and so, Amendment No. 1 was adopted.                                           
                                                                               
SENATE BILL NO. 312 am was automatically in third reading.                     
                                                                               
The question being: Shall SENATE BILL NO. 312 am An Act                        
relating to the special subaccount in the budget reserve fund; and             
providing for an effective date pass the Senate? The roll was taken            
with the following result:                                                     
                                                                               
SB 312 am                                                                      
Third Reading - Final Passage                                                  
                                                                               
YEAS:  12   NAYS:  8   EXCUSED:  0   ABSENT:  0                              
                                                                               
Yeas:  Donley, Green, Kelly Pete, Kelly Tim, Mackie, Miller,                   
Parnell, Pearce, Taylor, Torgerson, Ward, Wilken                               
                                                                               
Nays:  Adams, Ellis, Elton, Halford, Hoffman, Leman, Lincoln,                  
Phillips                                                                       
                                                                               
and so, SENATE BILL NO. 312 am passed the Senate.                              
                                                                               
Senator Mackie moved for the adoption of the effective date clause.            
                                                                               
The question being: Shall the effective date clause be adopted?                
The roll was taken with the following result:                                  
                                                                               
                                                                               

2000-04-24                     Senate Journal                      Page 3460
SB 312                                                                       
                                                                               
SB 312 am                                                                      
Effective Date Clause                                                          
                                                                               
YEAS:  20   NAYS:  0   EXCUSED:  0   ABSENT:  0                              
                                                                               
Yeas:  Adams,  Donley,  Ellis,  Elton,  Green,  Halford,  Hoffman,             
Kelly Pete, Kelly Tim, Leman, Lincoln, Mackie, Miller, Parnell,                
Pearce, Phillips, Taylor, Torgerson, Ward, Wilken                              
                                                                               
and so, the effective date clause was adopted and the bill was                 
referred to the Secretary for engrossment.