HB 322 Summary

• Converts the Alaska marine highway system fund from a special account within the general fund to a separate fund in the state treasury, with deposits including gross revenue, consistent legislative appropriations, and other appropriated money that do not lapse.

• Converts the Alaska marine highway system vessel replacement fund from an account within the general fund to a separate fund in the state treasury, to be managed by the Department of Revenue for refurbishment, acquisition, or replacement of state ferry vessels.

• Converts the Alaska higher education investment fund from an account within the general fund to a separate fund in the state treasury, expanding its purpose to include funding agreements for medical education under AS 14.42.033.

• Provides that money in all three funds does not lapse, establishing them as permanent funding mechanisms rather than subject to annual appropriation limits.

• Takes effect June 30, 2022.