00 SENATE BILL NO. 132 01 "An Act relating to the Southeast energy fund." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 42.45.040 is repealed and reenacted to read: 04 Sec. 42.45.040. Southeast energy fund. (a) The Southeast energy fund is 05 established as a separate fund. The fund consists of money appropriated to the fund by 06 the legislature, including 07 (1) money transferred to it under former AS 42.45.050; 08 (2) gifts, bequests, contributions from other sources, and federal 09 money; and 10 (3) interest earned on the fund balance. 11 (b) The fund is not a dedicated fund. 12 (c) The authority may make grants from the Southeast energy fund for power 13 projects, repayment of loans, and payments on bonds 14 (1) for hydroelectric projects serving Southeast Alaska; or 15 (2) for other projects or programs designated by the legislature, to 01 assist in meeting the energy needs of Southeast Alaska. 02 (d) An appropriation from the fund for a project described in (c) of this section 03 lapses back into the fund if substantial, ongoing work on the project has not begun 04 within five years after the effective date of the appropriation.