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28th Legislature(2013-2014)

Bill Text 28th Legislature


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).                                                 
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