(a) There is established the harbor facility grant fund consisting of money appropriated to the fund. Each fiscal year, the legislature may appropriate money to the fund from the watercraft fuel tax account (AS 43.40.010(f)) and from the fisheries business tax collected under AS 43.75.015 after payments to municipalities are made under AS 43.75.130. The legislature may make other appropriations to the fund. The legislature may appropriate to the fund income earned on money in the fund.
(b) Money appropriated to the harbor facility grant fund may be expended by the Department of Transportation and Public Facilities for harbor facility grants without further appropriation. Money in the fund does not lapse and remains available for expenditure in successive fiscal years.
(c) Each fiscal year, the Department of Transportation and Public Facilities shall use an amount equal to at least 50 percent of the balance of the harbor facility grant fund on June 30 of the preceding fiscal year for harbor facility grants.
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