Section 42.45.085. Use of the power cost equalization endowment fund.

   (a) Five percent of the amount determined by the commissioner of revenue on July 1 of each year under AS 42.45.080(c)(1) may be appropriated for the following purposes:
        (1) funding the power cost equalization and rural electric capitalization fund (AS 42.45.100);
        (2) reimbursement to the Department of Revenue for the costs of establishing and managing the fund; and
        (3) reimbursement of other costs of administration of the fund.
   (b) Nothing in this section creates a dedicated fund.
   (c) If the amount appropriated under (a) of this section is insufficient to achieve the purposes of (a)(1) - (3) of this section, the amount shall be prorated among the purposes listed in (a)(1) and (2) of this section.
   (d) If the earnings of the fund for the previous closed fiscal year, as calculated under AS 42.45.080(c)(2), exceed the appropriation under (a) of this section for the current fiscal year, the legislature may appropriate 70 percent of the difference between the earnings of the fund for the previous closed fiscal year, as calculated under AS 42.45.080(c)(2), and the appropriation made under (a) of this section for the current fiscal year as follows:
        (1) if the amount calculated under this subsection is less than $30,000,000, that amount to a community revenue sharing or community assistance fund; or
        (2) if the amount calculated under this subsection is $30,000,000 or more,
             (A) $30,000,000 to a community revenue sharing or community assistance fund; and
             (B) the remaining amount, not to exceed $25,000,000, to the renewable energy grant fund established under AS 42.45.045, to the bulk fuel revolving loan fund established under AS 42.45.250, or for rural power system upgrades or to a combination of the funds or purposes listed in this subparagraph.

Authorities

42.45.100

Notes

Recent Bills that will modify this

SB 196 POWER COST EQ FUND: RESERVE ACCT;DIVIDEND

References

AS 42.45.100 Power cost equalization and rural electric capitalization fund.

History

(Sec. 6 ch 60 SLA 2000; am Sec. 2, 3 ch 43 SLA 2016)