HB 166 Summary

• Repeals and reenacts AS 42.45.040 to establish the Southeast energy fund as a separate, non-dedicated fund consisting of legislative appropriations, transfers under former AS 42.45.050, gifts, bequests, contributions, federal money, and interest earned on the fund balance.

• Authorizes the authority to make grants from the Southeast energy fund for power projects, loan repayments, and bond payments for hydroelectric projects serving Southeast Alaska or other legislature-designated projects and programs to meet Southeast Alaska's energy needs.

• Requires that appropriations from the fund lapse back into the fund if substantial, ongoing work on the funded project has not begun within five years after the appropriation's effective date.