00 Enrolled SB 191 01 Relating to the authority of the Legislative Budget and Audit Committee to approve the 02 temporary transfer of money from the general fund to construction funds or accounts; and 03 providing for an effective date. 04 _______________ 05 * Section 1. AS 37.10.087(a) is amended to read: 06 (a) When a construction fund or account established to receive the proceeds of 07 state general obligation bonds is temporarily exhausted, the commissioner of 08 administration on recommendation of the state bond committee [, AND WITH THE 09 APPROVAL OF THE LEGISLATIVE BUDGET AND AUDIT COMMITTEE,] may 10 temporarily transfer money from the general fund to the bond construction fund or 11 account. If the amount of the transfer exceeds 25 percent of the amount 12 authorized for the general obligation bonds, the commissioner of administration 13 shall obtain approval of the transfer from the Legislative Budget and Audit 14 Committee before the transfer. If a temporary transfer has already been made 01 from the general fund to the bond construction fund or account, additional 02 transfers may be made, but the total amount of the outstanding transfers not 03 returned to the general fund under (d) of this section may not exceed 25 percent 04 of the amount authorized for the general obligation bonds without approval from 05 the Legislative Budget and Audit Committee. 06 * Sec. 2. AS 37.10.087(d) is amended to read: 07 (d) Money transferred from the general fund under (a) of this section shall be 08 [IMMEDIATELY] returned to the general fund within 15 months after the transfer 09 [AS SOON AS SUFFICIENT MONEY HAS BEEN RECEIVED IN THE BOND 10 CONSTRUCTION FUND OR ACCOUNT TO WHICH THE TRANSFER WAS 11 MADE]. 12 * Sec. 3. AS 37.10.087 is amended by adding a new subsection to read: 13 (e) The commissioner of administration shall notify the Legislative Budget 14 and Audit Committee in writing of a transfer of money from the general fund under (a) 15 of this section. 16 * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).