HomeMy WebLinkAboutSB 196Enrolled 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.
00 Enrolled 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.