HomeMy WebLinkAboutSB0196Z
Enrolled SB 196
LAWS OF ALASKA
2016
Source Chapter No.
CCS SB 196 _______
AN ACT
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.
_______________
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
THE ACT FOLLOWS ON PAGE 1
-1- Enrolled SB 196
AN ACT
Relating to the amount appropriated for power cost equalization; relating to the use of certain 1
unexpended earnings from the power cost equalization endowment fund; and providing for an 2
effective date. 3
_______________ 4
* Section 1. AS 42.45.080(c) is amended to read: 5
(c) On July 1 of each year, the commissioner shall determine 6
(1) the monthly average market value of the fund for the previous three 7
closed fiscal years; and 8
(2) the earnings of the fund for the previous closed fiscal year. 9
* Sec. 2. AS 42.45.085(a) is amended to read: 10
(a) Five [SEVEN] percent of the amount determined by the commissioner of 11
revenue on July 1 of each year under AS 42.45.080(c)(1) [AS 42.45.080(c)] may be 12
appropriated [FOR THE FISCAL YEAR BEGINNING THE FOLLOWING JULY 1] 13
for the following purposes: 14
(1) funding the power cost equalization and rural electric capitalization 15
fund (AS 42.45.100); 16
Enrolled SB 196 -2-
(2) reimbursement to the Department of Revenue for the costs of 1
establishing and managing the fund; and 2
(3) reimbursement of other costs of administration of the fund. 3
* Sec. 3. AS 42.45.085 is amended by adding new subsections to read: 4
(c) If the amount appropriated under (a) of this section is insufficient to 5
achieve the purposes of (a)(1) - (3) of this section, the amount shall be prorated among 6
the purposes listed in (a)(1) and (2) of this section. 7
(d) If the earnings of the fund for the previous closed fiscal year, as calculated 8
under AS 42.45.080(c)(2), exceed the appropriation under (a) of this section for the 9
current fiscal year, the legislature may appropriate 70 percent of the difference 10
between the earnings of the fund for the previous closed fiscal year, as calculated 11
under AS 42.45.080(c)(2), and the appropriation made under (a) of this section for the 12
current fiscal year as follows: 13
(1) if the amount calculated under this subsection is less than 14
$30,000,000, that amount to a community revenue sharing or community assistance 15
fund; or 16
(2) if the amount calculated under this subsection is $30,000,000 or 17
more, 18
(A) $30,000,000 to a community revenue sharing or 19
community assistance fund; and 20
(B) the remaining amount, not to exceed $25,000,000, to the 21
renewable energy grant fund established under AS 42.45.045, to the bulk fuel 22
revolving loan fund established under AS 42.45.250, or for rural power system 23
upgrades or to a combination of the funds or purposes listed in this 24
subparagraph. 25
* Sec. 4. This Act takes effect June 30, 2016. 26