Alaska Stat. § 37.14.500 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.500
Alaska heritage endowment fund established.
Status: in_force

The Alaska heritage endowment fund is established as a separate endowment trust fund of the state. The principal of the fund consists of (1) legislative appropriations to the fund; and

(2) gifts, bequests, and contributions of cash or other assets made by a person who has specified their placement in the fund principal.
Alaska Stat. § 37.16.060 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.060
Bond resolution.
Status: in_force

The corporation shall authorize the issuance of bonds by adopting a resolution and shall prepare all other documents and proceedings necessary for the issuance, sale, and delivery of the bonds or any part or series of them. The bond resolution must fix the principal amount, denominations, date, maturities, manner of sale, place or places of payment, rights of redemption, if any, terms, form, conditions, and covenants of the bonds or each series of them.
Alaska Stat. § 37.14.400 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.400
Trust recognized.
Status: in_force

The trust established under the Memorandum of Agreement and Consent Decree entered into by the United States and the state in settlement of claims to money received for injury, loss, or destruction of the natural resources affected by the March 24, 1989, Exxon Valdez oil spill, and approved by the United States District Court on August 28, 1991, is recognized. It shall be managed as provided in the Memorandum of Agreement and Consent Decree that established it.
Alaska Stat. § 37.13.110 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.110
Conflicts of interest.
Status: in_force

(a) Members of the board, the executive director, and investment officers of the corporation are subject to the provisions of AS 39.50 .

(b) If a member of the board or an employee of the corporation acquires, owns, or controls an interest, direct or indirect, in an entity or project in which fund assets are invested, the member shall immediately disclose the interest to the board. The disclosure is a matter of public record and shall be included in the minutes of the board meeting next following the disclosure.
Alaska Stat. § 37.14.405 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.405
Appropriations required.
Status: in_force

(a) Notwithstanding any other provision of law, a state agency may not expend money received from the trust unless the expenditure is in accordance with an appropriation made by law.

(b) Appropriations made to satisfy the requirement of (a) of this section may be made by general appropriations of program receipts conditioned on compliance with the program review provisions of AS 37.07.080 (h).

(c) The provisions of (b) of this section do not apply to amounts paid as reimbursements to the state, as authorized by the Memorandum of Agreement and Consent Decree establishing the trust, for expenses that are (1) related to the Exxon Valdez oil spill; and

(2) incurred by the state on or before December 31, 1992.
Alaska Stat. § 37.15.155 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.155
Prohibited bidding on bonds and anticipation notes.
Status: in_force

(a) A person who provides financial programming or marketing assistance to the state bond committee in connection with the issuance or sale of general obligation bonds, revenue bonds, or bond anticipation notes of the state may not bid on the bonds.

(b) The sale of general obligation bonds, revenue bonds, or bond anticipation notes of the state to a person who is prohibited from bidding on the bonds or notes under (a) of this section is against public policy and the sale is void.

(c) In this section person means an individual, firm, agent, factor, intermediary, partnership, corporation, association, bond house, stockbroker, or bond broker.
Alaska Stat. § 37.18.080 — AK Code / Title 37 / Chapter 37.18 / Section 37.18.080
Purposes; limitation on issuance.
Status: in_force

The proceeds of bonds may be used for the purposes described in AS 37.18.030 , as appropriate. Bonds may not be issued unless the corporation first finds that the discount rate under AS 43.55.028 (m) exceeds the true interest cost to be paid on the bonds by at least 1.5 percent annually.
Alaska Stat. § 37.15.430 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.430
International airports revenue fund.
Status: in_force

(a) There is established an enterprise fund known as the International Airports Revenue Fund, into which shall be paid all revenue, fees, charges, and rentals derived by the state from the ownership, lease, use, and operation of the airports and all of the facilities and improvements of them and facilities and improvements used in connection with them, excepting only proceeds of any customer facility charge, and unless otherwise contractually required any customer facility maintenance charge, set by the commissioner of transportation and public facilities under AS 02.15.090 . The revenue, charges, fees, and rentals may not include the proceeds of any state tax or license. The money in the revenue fund may only be used for the purpose of (1) paying or securing the payment of the principal of and interest on the bonds and of and on any other revenue bonds issued by authorization of the legislature to provide money to acquire, equip, construct, and install additions and improvements to, and extensions of and facilities for, the airports, and to be payable out of the revenue fund;

(2) paying the normal and necessary costs of maintaining and operating the airports and all of the improvements and facilities of them;

(3) paying the costs of renewals, replacements, and extraordinary repairs to the airports and all of the improvements and facilities of them;

(4) redeeming before their fixed maturities any and all revenue bonds issued for the purposes of the airports;

(5) providing money to acquire, construct, and install necessary additions and improvements to and extensions of and facilities for the airports and all of their facilities; and

(6) providing money to pay any and all other costs relating to the ownership, use, and operation of the airports.

(b) The investment of money in the revenue fund may be made in the manner that the committee may determine. The interest earned upon or any profits derived from the sale of this investment shall be deposited in and become a part of the revenue fund.

(c) For proceeds of a customer facility charge set by the commissioner of transportation and public facilities under AS 02.15.090 but required to be collected from customers by occupants or users of, or persons under contract to occupy or use, all or a portion of a facility that is or will be acquired, constructed, equipped, installed, or improved for state ownership with the proceeds of indebtedness incurred other than by the state on behalf of the Department of Transportation and Public Facilities, (1) the Department of Transportation and Public Facilities shall by regulation or contract require that the proceeds of the customer facility charge be remitted directly to a trustee or another third party designated to receive the proceeds and to use the proceeds as provided under AS 02.15.090 (h); and

(2) the proceeds are not revenue of the state securing any indebtedness other than the indebtedness described in AS 02.15.090 (h).

(d) For proceeds of a customer facility maintenance charge set by the commissioner of transportation and public facilities under AS 02.15.090 but required to be collected from customers by occupants or users of, or persons under contract to occupy or use, all or a portion of a facility that is or will be acquired, constructed, equipped, installed, or improved with proceeds of indebtedness incurred other than by the state on behalf of the Department of Transportation and Public Facilities, (1) the Department of Transportation and Public Facilities shall by regulation or contract require that the proceeds of the customer facility maintenance charge be remitted directly to a trustee or another third party designated to receive the proceeds and to pay some or all of the costs, fees, and expenses as determined by the commissioner of transportation and public facilities under AS 02.15.090 (i); and

(2) the proceeds are not, unless otherwise contractually required, revenue of the state securing any indebtedness.
Alaska Stat. § 37.05.010 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.010
Bond of commissioner of administration.
Status: in_force

The commissioner of administration, before entering upon official duties, shall execute a good and sufficient bond in the sum of $10,000 payable to the state, conditioned upon the faithful performance of duties imposed by law. The premium on each bond shall be paid in the same manner as other expenses of the department.
Alaska Stat. § 37.15.370 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.370
Use of proceeds from sale of notes.
Status: in_force

The proceeds from the sale of the notes shall be used only for the purposes for which the proceeds from the sale of bonds may be used or to meet payment of outstanding bond anticipation notes.
Alaska Stat. § 37.18.060 — AK Code / Title 37 / Chapter 37.18 / Section 37.18.060
Bond resolution.
Status: in_force

The corporation shall authorize the issuance of bonds by adopting a resolution and shall prepare all other documents and proceedings necessary for the issuance, sale, and delivery of the bonds or any part or series of them. The bond resolution must fix the principal amount, denominations, date, maturities, manner of sale, place or places of payment, rights of redemption, if any, terms, form, conditions, and covenants of the bonds or each series of them. The corporation shall publish notice of the adopted resolution.
Alaska Stat. § 37.05.555 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.555
University of Alaska building fund.
Status: in_force

(a) The University of Alaska building fund is created as a special account in the general fund. The fund consists of (1) payments made to the University of Alaska by a public or private occupant of a covered building under an agreement with the University of Alaska for costs of the occupant's use and occupancy of building space; and

(2) appropriations to the fund.

(b) The legislature may appropriate, annually and under AS 37.07 (Executive Budget Act), amounts from the University of Alaska building fund to the University of Alaska to pay the costs of use, management, operation, maintenance, and depreciation related to space in covered buildings managed under an agreement with the University of Alaska.

(c) Appropriations to the University of Alaska building fund are not one-year appropriations and do not lapse under AS 37.25.010 .

(d) The unexpended and unobligated balance of an appropriation from the University of Alaska building fund lapses into the University of Alaska building fund at the end of the fiscal year for which it was appropriated.

(e) Nothing in this section exempts money deposited into the University of Alaska building fund from the requirements of AS 37.07 (Executive Budget Act) or dedicates that money for a specific purpose.

(f) In this section, covered building means a building owned by the University of Alaska and designated by the Board of Regents as a covered building.
Alaska Stat. § 37.07.070 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.070
Legislative review.
Status: in_force

The legislature shall consider the governor's proposed comprehensive operating and capital improvements programs, and fiscal plan if it is required under AS 37.07.020 (b), evaluate alternatives to the plans, make program selections among the various alternatives, and determine, subject to available revenues, the level of funding required to support authorized state services. The presiding officer of each house may refer the fiscal plan to one or more committees. If the fiscal plan is referred, the first committee of referral shall hold at least one hearing on it. The operating and capital budgets of each agency shall be separately reviewed. During each regular session of the legislature, legislative review of the governor's supplemental appropriation bills and the governor's budget amendments are governed by the following time limits: (1) requests by the governor for supplemental appropriations for state agency operating and capital budgets for the current fiscal year may be introduced by the rules committee only through the 15th legislative day;

(2) requests by the governor for budget amendments to state agency budgets for the budget fiscal year may be received and reviewed by the finance committees only through the 30th legislative day.
Alaska Stat. § 37.13.180 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.180
Tax exemption.
Status: in_force

The corporation and the fund are exempt from all taxes and assessments in the state. All security instruments issued by the corporation or the fund, their transfer, and their income are exempt from all taxes and assessments in the state.
Alaska Stat. § 37.07.040 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.040
Office of management and budget.
Status: in_force

The Alaska office of management and budget shall (1) assist the governor in meeting the requirements of AS 37.07.020 , including the coordination and analysis of state agency goals and objectives, plans, and budget requests;

(2) prepare for submission to the governor an annually updated six-year capital improvements program and the proposed capital improvements budget for the coming fiscal year, the latter to include individual project justification with documentation of estimated project cost;

(3) develop procedures to produce the information needed for effective policy decision making, including procedures to provide for the dissemination of information about plans, programs, and budget requests to be included in the annual budget and opportunity for public review and comment during the period of budget preparation;

(4) assist state agencies in their statement of goals and objectives to achieve, among other things, the legislature's mission and desired results, preparation of plans, assessments of the extent to which missions and desired results have been achieved, budget requests, and reporting of program performance; all documents forwarded by the office to a state agency containing instructions for the preparation of program plans and budget requests and the reporting of program performance are public information after the date they are forwarded;

(5) administer its responsibilities under the program execution provisions of this chapter so that the policy decisions and budget determinations of the governor and the legislature are implemented;

(6) provide the legislative finance division with the budget information it may request;

(7) provide the legislative finance division with an advance copy of the governor's budget workbooks at least seven days before the legislature convenes in a regular session;

(8) prepare the proposed capital improvements budget for the coming fiscal year evaluating both state and local requests from the standpoint of need, equity, and priorities of the jurisdiction; other factors such as project amounts, population, local financial match, federal funds being used for local match, municipality or unincorporated community acceptance of the facility, and all associated costs of the facility may be considered;

(9) for each department in the executive branch, report to the legislature by the 45th day of each regular session the amount of money appropriated to the department that is expected to lapse into the general fund at the end of the current fiscal year;

(10) establish and administer a state agency program performance management system involving planning, performance budgeting, performance measurement, and program evaluation; the office shall ensure that information generated under this system is useful for managing and improving the efficiency and effectiveness of agency operations;

(11) by January 15, list each lease-purchase agreement entered into by an agency during the immediately preceding fiscal year for the acquisition of equipment or other personal property, together with a description of the property acquired and financial details, including the purchase price, the term for payments, the amount of each payment, and the amount of interest or financing charges paid;

(12) work with state agencies to develop a standardized methodology to collect and store energy consumption and expense data.
Alaska Stat. § 37.13.900 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.900
Definitions.
Status: in_force

In this chapter, (1) board means the Board of Trustees of the Alaska Permanent Fund Corporation;

(2) corporation means the Alaska Permanent Fund Corporation;

(3) fund means the Alaska permanent fund established under art. IX, sec. 15, Constitution of the State of Alaska.
Alaska Stat. § 37.05.550 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.550
Alaska marine highway system vessel replacement fund.
Status: in_force

(a) The Alaska marine highway system vessel replacement fund is established as a separate fund in the state treasury. The fund consists of money appropriated to it by the legislature. Money appropriated to the fund does not lapse. The Department of Revenue shall manage the fund. Interest received on money in the fund shall be accounted for separately and may be appropriated into the fund annually. The legislature may appropriate money from the fund for refurbishment of existing state ferry vessels, acquisition of additional state ferry vessels, or replacement of retired or outmoded state ferry vessels.

(b) The legislature may appropriate to the fund money received by the state as Alaska marine highway system program receipts or from a settlement or final judicial determination of the Dinkum Sands case (United States v. Alaska) and the North Slope royalty case (State v. Amerada Hess, et al.) and not deposited into the Alaska permanent fund under AS 37.13.010 (a)(1) or (2) or into the public school trust fund under AS 37.14.150 .

(c) The Department of Revenue shall prepare a written report, no later than the 10th legislative day of each regular legislative session, regarding the earnings of the Alaska marine highway system vessel replacement fund during the prior fiscal year and projected earnings of the Alaska marine highway system vessel replacement fund for the current fiscal year and the next fiscal year. The Department of Revenue shall notify the legislature that the report is available.
Alaska Stat. § 37.15.280 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.280
Bonds as legal investments.
Status: in_force

The bonds are legal investments for all banks, trust companies, savings banks, savings and loan associations, and other persons carrying on a banking business, all insurance companies and other persons carrying on an insurance business, and all executors, administrators, trustees, and other fiduciaries. The bonds may be accepted as security for deposits of all money of the state and its political subdivisions.
Alaska Stat. § 37.15.540 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.540
Statutory construction.
Status: in_force

AS 37.15.410  37.15.550 shall be liberally construed in order to carry out the purposes for which they were enacted, and all existing laws in conflict with any of these sections are superseded insofar as necessary to accomplish the purposes of and carry out the provisions of these sections.
Alaska Stat. § 37.15.340 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.340
Security for repayment of general obligation bonds.
Status: in_force

Notes issued in anticipation of the sale of general obligation bonds and the interest thereon are secured by the full faith, credit, and resources of the state.
Alaska Stat. § 37.14.225 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.225
Trust board established.
Status: in_force

The Alaska Children's Trust Board is established in the Office of the Governor. The board is composed of (1) the governor or a designee of the governor;

(2) the commissioner of family and community services or the commissioner's designee;

(3) the commissioner of education and early development or the commissioner's designee; and

(4) four public members appointed by the governor who have experience and expertise in (A) children's or prevention programs, including child abuse and neglect prevention programs; or

(B) private sector finance.
Alaska Stat. § 37.06.030 — AK Code / Title 37 / Chapter 37.06 / Section 37.06.030
Local share requirements.
Status: in_force

(a) For each draw made by a municipality under AS 37.06.010 , the municipality shall contribute a local share to the cost of the capital project for which the draw is made. The amount of the local share equals the local share percentage as calculated under (1) of this subsection, divided by the state share percentage as calculated under (2) of this subsection, multiplied by the amount of the draw. For purposes of this subsection, (1) the local share percentage is (A) 30 percent for a municipality with a population of 5,000 or more;

(B) for a municipality with a population of 1,000  4,999, the greater of (i) 15 percent; or

(ii) the percentage obtained by dividing the amount that would be received by the municipality from a property tax levy of 1/1000th of a mill for each $1,000 of grant funds received by the sum of that first amount plus the amount of the grant or draw, but not more than 30 percent;

(C) for a municipality with a population of under 1,000, the greater of (i) five percent; or

(ii) the percentage obtained by dividing the amount that would be received by the municipality from a property tax levy of 1/1000th of a mill for each $1,000 of grant funds received by the sum of that first amount plus the amount of the grant or draw, but not more than 30 percent;

(2) the state share percentage equals one minus the local share percentage;

(3) the local share to be contributed by a municipality may be satisfied with (A) federal, municipal, or local money; (B) labor, materials, or equipment used directly in the construction of the project, or land, including land transferred by the state to the municipality; the department shall determine the value of a contribution under this subparagraph; (C) money from another nonstate source; (D) money received by the municipality under AS 29.60.850  29.60.879; (E) state taxes refunded or reimbursed to the municipality whose use for the purposes of this subsection is not prohibited; (F) allocations of state aid for the costs of school construction debt under AS 14.11.100 ; and (G) money obtained from the sale or lease of land or other assets transferred by the state to the municipality; except as provided in this paragraph, the local share may not be satisfied with money from, or with the portion of an asset that was obtained with money from, an appropriation, allocation, entitlement, grant, or other payment from the state.

(b) For each draw made by an entity or council under AS 37.06.020 , the incorporated entity or Native village council that makes the draw shall contribute a local share of the cost of the capital project for which the draw is made. The amount of the local share equals the local share percentage as calculated under (1) of this subsection, divided by the state share percentage as calculated under (2) of this subsection, multiplied by the amount of the draw. For purposes of this subsection, (1) the local share percentage is five percent;

(2) the state share percentage equals one minus the local share percentage;

(3) the local share may be satisfied from (A) federal or local money; (B) labor, materials, or equipment used directly in the construction of the project, or land, including land transferred by the state; the department shall determine the value of a contribution under this subparagraph; (C) money from another nonstate source; (D) money received by the unincorporated community under AS 29.60.850  29.60.879; or (E) money obtained from the sale or lease of land or other assets transferred by the state; except as provided in this paragraph, the local share may not be satisfied with money from, or with the portion of an asset that was obtained with money from, an appropriation, allocation, entitlement, grant, or other payment from the state.

(c) For purposes of (a) of this section, in calculating the population of a borough the population of each city in the borough is excluded. The determination of population shall be based on the latest figures of the United States Bureau of the Census or other population data that the Department of Commerce, Community, and Economic Development determines is reliable.
Alaska Stat. § 37.15.170 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.170
State bond committee to certify annual principal, interest, and reserve requirements.
Status: in_force

(a) Before December 1 of each year after bonds are issued, the state bond committee shall certify to the commissioner of administration the amount needed for the following calendar year to meet principal, interest, and reserve requirements on all bonds or issues or series of bonds then outstanding, including reimbursements authorized under AS 14.11.100 .

(b) The commissioner of administration shall set aside these amounts or make the necessary provisions for the setting aside of these amounts so that there will be sufficient money to pay the principal and interest on the due date and to meet reserve requirements.

(c) Before December 1 of each year, the state bond committee shall report to the governor the current fund balance in the Alaska debt retirement fund. The report must contain an estimate of the amount of state general obligation debt principal that could be issued and paid for from the fund. The state bond committee shall notify the legislature that the report is available.
Alaska Stat. § 37.05.140 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.140
Accounting system.
Status: reserved

(a) The Department of Administration shall maintain centralized accounting records that include the general and controlling accounts of the state. The state agencies shall prepare and transmit the documents prescribed by the department and shall submit the reports and statements required in order to carry out this chapter. Statistical or cost accounts related to the control accounts may be maintained by the department or by the agency as determined by the department, after consultation with the head of the agency concerned. Duplicate accounting records may not be maintained, except in the office of the Department of Administration as it directs.

(b) [Repealed, § 18 ch 9 SLA 1994.] (c) [Repealed, § 18 ch 9 SLA 1994.] (d) The Department of Administration, after consultation with the head of the agency concerned, may decide not to maintain all or any part of the accounting records for an agency if the department finds that to do so would result in an appreciable loss of federal grant-in-aid funds to defray the administrative costs of maintaining the records.
Alaska Stat. § 37.15.660 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.660
Bond resolution.
Status: in_force

The committee is authorized and directed to adopt the bond resolution and prepare all other documents and proceedings necessary for the issuance, sale, and delivery of the bonds or any part or series of them. The bond resolution shall fix the principal amount, denomination, date, maturities, place or places of payment, rights of redemption, if any, terms, form, conditions, and covenants of the bonds or each series of them. The committee shall also determine and provide for the date and manner of sale of the bonds, and shall provide whether the notice of sale is to be published elsewhere in addition to the publication required by AS 37.15.650 .
Alaska Stat. § 37.15.440 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.440
International airports revenue bond redemption fund.
Status: in_force

There is another special fund of the state, known as the International Airports Revenue Bond Redemption Fund, which is a trust fund for paying and securing the payment of the principal of and interest and redemption premium, if any, on the bonds and which shall be at all times completely segregated and set apart from all other funds of the state. The committee, on behalf of the state, shall obligate and bind the state to set aside and pay into the bond redemption fund any part or parts of, or all of, or a fixed proportion of, or a fixed amount of the money in the revenue fund sufficient to pay the principal of and interest and redemption premium, if any, on the bonds as the payments become due and, if it considers it necessary, to set aside and maintain reserves for this purpose. The bond redemption fund shall be drawn upon for the purpose of paying the principal of and interest and redemption premium, if any, on the bonds, and the bonds do not constitute a general obligation of the state.
Alaska Stat. § 37.05.590 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.590
Civil legal services fund.
Status: in_force

The civil legal services fund is established as a special account in the general fund. The fund consists of appropriations to it. Annually, the legislature may appropriate to the fund only from amounts deposited into the general fund of the state under AS 09.17.020 (j) and an amount from the general fund that is up to 10 percent of the filing fees received by the Alaska Court System during the previous closed fiscal year. The legislature may make appropriations from the fund to organizations that provide civil legal services to low-income individuals. Nothing in this section creates a dedicated fund. In this section, low-income individual means an individual with an income equal to or less than 125 percent of the most recent federal poverty guidelines for Alaska set by the United States Department of Health and Human Services.
Alaska Stat. § 37.14.720 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.720
Powers and duties of the commissioner of revenue.
Status: in_force

In carrying out the investment duties under AS 37.14.700  37.14.740, the commissioner of revenue has the powers and duties set out in AS 37.10.071 . The commissioner shall provide reports to the adjutant general of the Department of Military and Veterans' Affairs on the condition and investment performance of the fund.
Alaska Stat. § 37.14.740 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.740
Definition.
Status: in_force

In AS 37.14.700  37.14.740, fund means the Alaska veterans' memorial endowment fund established in AS 37.14.700 .
Alaska Stat. § 37.15.600 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.600
Statutory construction.
Status: in_force

AS 37.15.560  37.15.605 shall be liberally construed in order to carry out the purposes for which they were enacted.
Alaska Stat. § 37.18.070 — AK Code / Title 37 / Chapter 37.18 / Section 37.18.070
Enforcement by bond owner.
Status: in_force

(a) The owner or owners of not less than 10 percent, or a higher percentage as specified in a bond resolution, of the aggregate principal amount of any series or issue of bonds or the trustee for the owners of the bonds or any series of them may, by appropriate proceedings in state court, require and compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions, and covenants as required and provided in this chapter, as appropriate, and the bond resolution.

(b) A proceeding under (a) of this section may be commenced and conducted only in the Superior Court for the State of Alaska, First Judicial District at Juneau.
Alaska Stat. § 37.06.090 — AK Code / Title 37 / Chapter 37.06 / Section 37.06.090
Definition of capital project.
Status: in_force

In this chapter, capital project means a project with a cost exceeding $10,000 to acquire or improve an asset with an anticipated life exceeding one year and includes land acquisition, construction, repair or structural improvement of a facility, engineering and design for a facility, and acquisition or repair of equipment.
Alaska Stat. § 37.05.520 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.520
Railbelt energy fund.
Status: in_force

There is established in the general fund the Railbelt energy fund. The fund consists of money appropriated to it by the legislature and interest received on money in the fund. The department of revenue shall manage the fund. The legislature may appropriate money from the fund for programs, projects, and other expenditures to assist in meeting Railbelt energy needs, including projects for retrofitting state-owned buildings and facilities for energy conservation.
Alaska Stat. § 37.05.200 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.200
Pre-audit of receipts.
Status: in_force

The Department of Revenue shall transmit to the Department of Administration copies of receipt documents showing all receipts received by the Department of Revenue. The receipt documents shall be audited, examined, and the amounts entered in the proper accounts in the records of the Department of Administration. The Department of Administration may adopt regulations to establish the system for providing current receipt documents.
Alaska Stat. § 37.05.540 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.540
Budget reserve fund; appropriation limit.
Status: in_force

(a) There is established as a separate fund in the state treasury the budget reserve fund. The budget reserve fund consists of appropriations to the fund. Money received by the state that is subject to the appropriation limit under (b) of this section and that exceeds that limit, may be appropriated to the budget reserve fund.

(b) Except for appropriations to the permanent fund or for Alaska permanent fund dividends, appropriations to the budget reserve fund, appropriations of revenue bond proceeds, appropriations required to pay the principal and interest on general obligation bonds, and appropriations of money received from a nonstate source in trust for a specific purpose, including revenue of a public enterprise or public corporation of the state that issues revenue bonds, appropriations from the mental health trust settlement income account ( AS 37.14.036 ), and appropriations made to the mental health trust fund ( AS 37.14.031 ), appropriations from the treasury made in a fiscal year may not exceed appropriations made in the preceding fiscal year by more than five percent plus the change in population and inflation since the beginning of the preceding fiscal year. For purposes of applying this limit an appropriation is considered to be made in the fiscal year in which it is enacted and a reappropriation remains attributed to the fiscal year in which the original appropriation is enacted. The determination of the change in population for purposes of this subsection shall be based on an annual estimate of population by the Department of Labor and Workforce Development. The determination of the change in inflation for purposes of this subsection shall be based on the Consumer Price Index for all urban consumers for Anchorage prepared by the United States Bureau of Labor Statistics. The amount of money received by the state that is subject to the appropriation limit includes the balance in the general fund carried forward from the preceding fiscal year.

(c) If the legislature determines that the money subject to the appropriation limit received by the state in a fiscal year is less than the maximum permitted to be appropriated under (b) of this section, up to 25 percent of the balance of the budget reserve fund may be appropriated to the general fund.

(d) The Department of Revenue shall manage and invest assets of the budget reserve fund in the manner set out for the management and investment of the assets of the general fund under AS 37.10.070 . Income from investment of the budget reserve fund may be appropriated to the fund each year by law.

(e) Notwithstanding other provisions of this section, appropriations may be made from the budget reserve fund needed by the governor to meet a disaster. In this subsection, disaster has the meaning given in AS 26.23.900 .
Alaska Stat. § 37.13.200 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.200
Public access to information.
Status: in_force

Information in the possession of the corporation is a public record, except that information that discloses the particulars of the business or affairs of a private enterprise or investor is confidential and is not a public record. Confidential information may be disclosed only for the purposes of an official law enforcement investigation or when its production is required in a court proceeding. These restrictions do not prohibit the publication of statistics presented in a manner that prevents the identification of particular reports, items, persons, or enterprises.
Alaska Stat. § 37.14.430 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.430
Applicability of open meetings law.
Status: in_force

(a) The provisions of AS 44.62.310  44.62.319 (Open Meetings Act) apply to a meeting related to the trust in which (1) one or more of the state trustees and one or more of the federal trustees participate, except to the extent that applicable federal law conflicts with AS 44.62.310 or 44.62.312, in which case the applicable federal law governs; or

(2) two or more of the state trustees, but none of the federal trustees, participate.

(b) Notwithstanding (a) of this section, the provisions of AS 44.62.310  44.62.319 (Open Meetings Act) do not apply to a discussion between the trustees outside of a formal meeting about matters related to the trust if, during the discussion, no decision is made and none of the trustees agrees to vote in a particular way.

(c) The state trustees may discuss the establishment of an official common state position regarding the trust in executive session under AS 44.62.310 (b) and (c)(1).

(d) For the purposes of this section, (1) a person to whom a state trustee has delegated any of the trustee's authority related to the trust is considered a state trustee; and

(2) a person to whom a federal trustee has delegated any of the trustee's authority related to the trust is considered a federal trustee.
Alaska Stat. § 37.10.085 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.085
Financial aid to corporations by state or political subdivision.
Status: in_force

(a) Except as provided in AS 14.40.458 , (c) or (d) of this section, or AS 37.10.089 , neither the state nor a political subdivision of the state may (1) make a subscription to the capital stock of a corporation;

(2) lend its credit for the use of a corporation; or

(3) borrow money for the use of a corporation.

(b) This section does not apply to debt issued by a municipality or a municipal joint insurance arrangement under AS 21.76.120 .

(c) To the extent that the political subdivision is authorized to acquire, own, or operate a public utility, it may exercise that power by acquiring and owning, in a manner consistent with law, all of the capital stock of a corporation that owns or operates a public utility. The political subdivision's authority with respect to lending its credit and borrowing money for the use of the corporation is the same as if the political subdivision had acquired the assets of the corporation.

(d) This section does not apply to investments of the assets of the public employees' retirement system established under AS 39.35 or the teachers' retirement system established under AS 14.25 , to the extent the investments are made in the stocks, bonds, and other securities of (1) a corporation licensed under AS 10.13 ; or

(2) a corporation attempting to become licensed under AS 10.13 if the corporation intends to use the proceeds to fulfill the tasks necessary to become licensed under AS 10.13 .
Alaska Stat. § 37.15.080 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.080
Signatures and seal.
Status: in_force

(a) Each bond shall be signed on behalf of the state by the governor and attested by the lieutenant governor, which signatures may be facsimile signatures. The seal of the state shall be impressed, imprinted or otherwise reproduced on each bond. Each interest coupon attached to the bond shall be signed by the facsimile signatures of the governor and lieutenant governor. If an officer whose signature appears on the bonds or coupons ceases to be an officer before delivery of the bonds, the signature is, nevertheless, valid and sufficient for all purposes, as if the officer had remained in office until delivery.

(b) A signature required on a bond issued by a political subdivision of the state may be a facsimile signature.
Alaska Stat. § 37.05.920 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.920
Fiscal year.
Status: in_force

The fiscal year of the state begins on July 1 of each year and ends at midnight on the following June 30. The accounts of the Department of Administration, the Department of Revenue, and all other state officers whose accounts are in any way connected with the treasury shall be kept, and all duties performed with reference to the beginning and ending of the fiscal year.
Alaska Stat. § 37.14.120 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.120
Public School Fund Advisory Board created.
Status: in_force

(a) There is created in the Department of Revenue the Public School Fund Advisory Board composed of the commissioner of education and early development, three members elected by the Board of Education and Early Development from among its membership, and the commissioner of revenue.

(b) The board created in (a) of this section shall elect a chairman from the membership of the board. Members serve without compensation but are entitled to per diem and travel expenses authorized by law for other boards.
Alaska Stat. § 37.05.170 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.170
Restrictions on payments and obligations.
Status: in_force

Payment may not be made and obligations may not be incurred against a fund unless the Department of Administration certifies that its records disclose that there is a sufficient unencumbered balance available in the fund and that an appropriation or expenditure authorization has been made for the purpose for which it is intended to incur the obligation.
Alaska Stat. § 37.15.210 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.210
Refunding bonds.
Status: in_force

(a) All or a part of the general obligation bonds of the state, or all or a part of each outstanding issue or series of bonds, may be refunded at or before maturity by the issuance of general obligation refunding bonds of the state if, in the opinion of the state bond committee, refunding is advantageous to and in the best interest of the state and its inhabitants. Money set aside as reserve to secure the payment of the principal and interest of bonds being refunded may be used to pay the principal and interest on these bonds or may be retained by the state to secure the payment of the principal and interest on the refunding bonds to be issued.

(b) Refunding bonds and the coupons attached to them are negotiable instruments. The effective rate of interest over the life of refunding bonds may not exceed 11 percent a year or that rate of interest that is 110 percent of the rate of the Bond Buyer Index of 20 Municipal Bond Average Yields for the week previous to the date of sale of bonds, whichever is higher, and the amount of premium that is paid to effect the redemption of outstanding bonds may not be considered in determining the effective rate of interest.

(c) Refunding bonds may be exchanged for the bonds being refunded or refunding bonds may be sold in the manner and at the prices that the state bond committee determines to be for the best interest of the state and its inhabitants either at public or private sale.

(d) The issuance of refunding bonds need not be authorized by the qualified voters of the state. The state bond committee shall adopt the resolution and prepare the documents necessary for the issuance, exchange or sale, and delivery of refunding bonds. The provisions of this chapter relating to the terms, conditions, covenants, issuance, and sale of general obligation bonds of the state apply to refunding bonds except as otherwise specifically provided in this section.
Alaska Stat. § 37.15.260 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.260
Bond reserve fund.
Status: in_force

(a) The resolution authorizing the issuance of the bonds under AS 37.15.225  37.15.290 may provide for the establishment and maintenance of a special fund called the toll bridge revenue bond reserve fund in which there shall be deposited or transferred (1) all money appropriated by the legislature for the purpose of the fund including appropriations in accordance with (g) of this section; and

(2) all proceeds of bonds required to be deposited in the fund by terms of the bond resolution or a trust agreement with respect to the proceeds of bonds.

(b) Subject to (h) of this section, money in the reserve fund shall be held and applied solely to the payment of the interest on and principal of bonds authorized under AS 37.15.225  37.15.290 as the interest and principal become due and payable to the retirement of bonds. Money may not be withdrawn if a withdrawal would reduce the amount in the reserve fund to an amount less than the required debt service reserve except for payment of interest then due and payable on bonds and the principal of bonds then maturing and payable and for the retirement of bonds in accordance with the terms of the bond resolution or trust agreement and for which payment is not then available.

(c) Money in the reserve fund in excess of the required debt service reserve as defined in (b) of this section, whether because of investment or otherwise, may be withdrawn at any time or may be transferred to the bond redemption fund subject to (h) of this section.

(d) Money in the reserve fund may be invested in the same manner and on the same conditions as permitted for investment of funds belonging to the state or held in the treasury under AS 37.10.070 ; however, the committee or the committee's delegated representative may agree with the bondholders to further limit these investments.

(e) For purposes of valuation, investments in the reserve fund shall be valued at par or, if purchased at less than par, at cost, unless otherwise provided by resolution of the committee. Valuation on a particular date shall include the amount of interest then earned or accrued to that date on the money or investments in the reserve fund.

(f) Notwithstanding any other provision of AS 37.15.225  37.15.290, bonds may not be issued under a trust agreement, indenture, or bond resolution unless there is in the reserve fund the required debt service reserve for all bonds then issued under a trust agreement, indenture, or bond resolution and outstanding and for the bonds to be issued; however, the committee may satisfy this requirement by depositing as much of the proceeds of the bonds to be issued, on their issuance, as is needed to meet the required debt service reserve. The committee may, at any time, issue bonds or notes for the purpose of increasing the amount in the reserve fund to the required debt service reserve, or to meet whatever higher or additional reserve that may be fixed by a bond resolution or trust agreement with respect to the fund.

(g) To ensure the required debt service reserve is maintained in the reserve fund, the legislature may appropriate annually for deposit in the fund the sum, certified by the commissioner of revenue to the governor and to the legislature, that is necessary to restore the fund to an amount equal to the required debt service reserve. The commissioner of revenue annually, before January 30, shall make and deliver to the governor and to the legislature a certificate stating the sum required to restore the fund to that amount, and the certified sum may be appropriated during the then current state fiscal year. Nothing in this subsection creates a debt or liability of the state.

(h) All amounts received because of money appropriated to the reserve fund shall be held and applied in accordance with (b) of this section.

(i) All references to the reserve fund in this section include special accounts within the reserve fund that may be created by resolution or trust agreement to secure the payment of particular bonds.

(j) The commissioner of revenue may, subject to appropriation, lend surplus money in the general fund for deposit to an account in the reserve fund in an amount equal to the required debt service reserve. The loans shall be made on the terms and conditions that may be agreed on by the commissioner of revenue and the trustee, including, without limitation, terms and conditions providing that the loans need not be repaid until the obligations of the state secured and to be secured by the account in the reserve fund are no longer outstanding.

(k) In this section, required debt service reserve means, on the date of computation, the amount required to be on deposit in the reserve fund as provided by resolution of the committee.
Alaska Stat. § 37.07.016 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.016
Governor's use of mission statements.
Status: in_force

To carry out the executive power under art. III, sec. 1 and sec. 16, Constitution of the State of Alaska, the governor shall use the mission statements and desired results issued by the legislature as a guide to implement and execute the law. The governor shall assure that each agency complies with the mission statement and achieves the desired results identified by the legislature.
Alaska Stat. § 37.23.010 — AK Code / Title 37 / Chapter 37.23 / Section 37.23.010
Investment pool participation.
Status: in_force

(a) Subject to this chapter, a public entity may enter into an agreement with other public entities to form and manage an investment pool under which funds of the participating public entities are administered and invested jointly. A public entity, by itself or with other public entities, may form a nonprofit corporation for the purpose of managing an investment pool.

(b) A public entity participating in an investment pool or a nonprofit corporation formed under (a) of this section may spend money reasonably necessary for the management of the pool, including the employment of staff. Income from investments of the pool may be used for management costs.

(c) The registration requirements of AS 45.56 do not apply to an investment pool formed under this chapter or to participating public entities with respect to activities of the pool.
Alaska Stat. § 37.05.510 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.510
Working reserve account.
Status: in_force

(a) There is established in the general fund a working reserve account. The working reserve account consists of amounts appropriated to state agencies for (1) cash payment of accrued leave;

(2) cash payment of terminal leave;

(3) payment of the employer's contribution for unemployment benefits of former employees; and

(4) payment of claims for workers' compensation and general liability.

(b) The Department of Administration shall allocate to the working reserve account amounts appropriated to all state agencies for the benefits set out in (a) of this section after the appropriation Act implementing the state operating budget is enacted. The department shall charge the reserve account with all payments for the benefits set out in (a) of this section. If payments for a fiscal year exceed the unexpended balance of appropriations allocated to the account, the department may, except for payments under (a)(4) of this section, pay those benefits by charging the unencumbered balance of any appropriation enacted to finance the payment of employee salaries and benefits that is determined to be available for lapse at the end of the fiscal year.
Alaska Stat. § 37.15.460 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.460
Bond resolution.
Status: in_force

The committee shall adopt the bond resolution and prepare all other documents and proceedings necessary for the issuance, sale, and delivery of the bonds or any part or series of them. The bond resolution must fix the principal amount, denomination, date, maturities, place or places of payment, rights of redemption, if any, terms, form, conditions, and covenants of the bonds or each series of them. The committee shall also determine and provide for the date and manner of sale of the bonds, and shall provide whether the notice of sale is to be published elsewhere in addition to the publication required by AS 37.15.450 .
Alaska Stat. § 37.05.050 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.050
Federal funds.
Status: in_force

Federal funds received by an agency shall be deposited in the state treasury and disbursed in the same manner as other state money. Federal funds are subject to the fiscal controls imposed by this chapter, except where federal laws or regulations prevent the funds from being deposited, appropriated, allocated, accounted for, or expended as provided by this chapter and other laws not inconsistent with this chapter.
Alaska Stat. § 37.25.050 — AK Code / Title 37 / Chapter 37.25 / Section 37.25.050
Methods of disbursement.
Status: in_force

(a) Except as provided in (b) of this section, unless federal law requires otherwise, a state agency may not disburse money unless the disbursement is made (1) by an electronic funds transfer to an account in a financial institution; or

(2) from an account established by the state agency by contract with a financial institution under which a person uses an electronic payment card issued by the financial institution to access the money.

(b) A state agency is not required to use the disbursement methods described in (a) of the section if (1) another state law or federal law requires that disbursement be made by another disbursement method;

(2) use of the disbursement methods would cause substantial hardship to the recipient of the disbursement;

(3) not more than five disbursements will be made to a recipient, or, on average, to each recipient entitled to disbursement under the program for which the disbursements are made;

(4) a vendor or grantee elects not to be paid by the disbursement methods;

(5) the disbursement is to a state employee and (A) is the only disbursement that the state agency will make to the employee for the employment; or

(B) it is in the best interests of the state agency or the employee to use another disbursement method to pay the employee; or

(6) use of another disbursement method is in the best interests of the state agency.

(c) The commissioner of administration shall adopt regulations to implement (b) of this section.

(d) A state agency is not liable to pay a fee imposed by a recipient's financial institution for a disbursement made under (a) of this section.

(e) In this section, (1) disbursement includes wages and other employment benefits;

(2) state agency means a department, institution, board, commission, division, authority, public corporation, committee, or other administrative unit of the executive branch of state government, including the University of Alaska.
Alaska Stat. § 37.15.300 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.300
Borrowing in anticipation of sale of bonds permitted.
Status: in_force

When the state bond committee considers it in the best interests of the state, it may borrow money in anticipation of the sale of general obligation and revenue bonds if money to be derived from the sale of the bonds has been appropriated by the legislature and (1) in the case of revenue bonds, the bonds to be sold have been authorized by law; or

(2) in the case of general obligation bonds, the bonds to be sold have been (A) authorized by law and ratified by a majority vote of the qualified voters of the state who vote on the question; or

(B) authorized by law for the purpose of meeting natural disasters, repelling invasion, suppressing insurrection, or defending the state in war.
Alaska Stat. § 37.15.120 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.120
Regulations.
Status: in_force

The state bond committee may adopt regulations for the performance of its duties and may designate by resolution one of its members to perform any act necessary to effectuate its duties not required by statute to be performed by the state bond committee in meeting or by resolution, or by another officer of the state.
Alaska Stat. § 37.16.070 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.070
Enforcement by bond owner.
Status: in_force

(a) The owner or owners of not less than 10 percent of the aggregate principal amount of any series or issue of bonds or the trustee for the owners of the bonds or any series of them may, by appropriate proceedings in state court, require and compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions, and covenants as required and provided in this chapter, as appropriate, and the bond resolution.

(b) A proceeding under (a) of this section may be commenced and conducted only in the Superior Court for the State of Alaska, First Judicial District at Juneau.
Alaska Stat. § 37.15.500 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.500
Airport charges.
Status: in_force

As provided in AS 02.15.090 (a), the commissioner of transportation and public facilities shall fix and collect the fees, charges, and rentals derived by the state from the ownership, lease, use, and operation of the airports and all of the facilities and improvements that will provide revenue sufficient to comply with all of the covenants of the bond resolution.
Alaska Stat. § 37.15.900 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.900
Bond authorization.
Status: in_force

(a) For purposes of financing prepayment of all or a portion of a governmental employer's share of unfunded accrued actuarial liability of retirement systems, including the costs of issuance and administration, the issuance and sale of bonds of the state by the committee is authorized as provided in this section and AS 37.15.903  37.15.955, but only after submitting a proposal to the Legislative Budget and Audit Committee under (e) of this section and if the state bond rating is the equivalent of AA- or better. The net proceeds of the sale of the bonds remaining after payment of costs of issuance and administration shall be transferred to the commissioner of administration for the account of the governmental employer whose share of unfunded accrued actuarial liability is to be prepaid for application to that liability. Accrued interest paid on the bonds shall be paid into the pension obligation bond redemption fund.

(b) The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, is limited as provided in AS 37.15.903 . The bonds do not constitute a general obligation of the state. Authorization by the voters of the state or the legislature is not required.

(c) The committee may enter into agreements with other state agencies as necessary or convenient to implement this section and AS 37.15.903  37.15.955.

(d) The committee may contract for the services of underwriters, paying agents, trustees, bond printers, rating agencies, bond insurance, credit enhancement providers, accountants, financial advisors, and bond counsel, and for other services as are necessary to accomplish the bond issuance and sale.

(e) Before the issuance and sale of bonds under this section, the committee shall submit a proposal to the Legislative Budget and Audit Committee for review, and 45 days shall elapse before bonds are issued and sold, unless the Legislative Budget and Audit Committee earlier recommends that the committee proceed with the issuance. Should the Legislative Budget and Audit Committee recommend within the 45-day period that the committee not proceed with the issuance and sale of bonds, the committee shall again review the proposal, and, if the committee decides to issue and sell the bonds, the committee shall provide the Legislative Budget and Audit Committee with a statement of the committee's reasons for doing so before issuance under this section.
Alaska Stat. § 37.14.031 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.031
Trust fund established.
Status: in_force

(a) The mental health trust fund is established as a separate fund of the Alaska Mental Health Trust Authority.

(b) The fund consists of the cash assets of the principal of the trust, and includes (1) money appropriated to the fund;

(2) the proceeds of sale or other disposals of mental health trust land, and the fees, charges, income earned, royalty proceeds, and other money received from the management of mental health trust land attributable to principal; and

(3) gifts, bequests, and contributions from other sources.

(c) The net income of the fund shall be determined by the Alaska Permanent Fund Corporation in the same manner the corporation determines the net income of the Alaska permanent fund under AS 37.13.140 .

(d) The authority shall adopt regulations providing for the determination of amounts attributable to principal under (b)(2) of this section. The regulations must provide for the allocation between principal and income of money received from the management of mental health trust land, and the manner of allocation must be in the long-term best interest of the trust and its beneficiaries.
Alaska Stat. § 37.14.300 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.300
Investment loss trust fund.
Status: in_force

(a) There is established as a separate fund in the state treasury the investment loss trust fund. The trust fund consists of money appropriated to it by the legislature. The Department of Revenue is the custodian of the trust fund and shall invest the trust fund in accordance with AS 37.10.071 . Subject to appropriation, the amount earned on money in the trust fund shall be retained in the trust fund. The trust fund shall be held in trust for the benefit of participants in the supplemental annuity plan established under AS 39.30.150  39.30.180 and for other purposes authorized by this section, subject to the conditions set out in this section.

(b) The Department of Administration shall spend money from the trust fund as necessary to (1) hold participants in the plan and annuity holders harmless from a loss on investments in guaranteed investment and annuity contracts issued by Executive Life Insurance Company of California;

(2) pursue a right to recover amounts from persons who may have unlawfully caused or contributed to the loss on investments; and

(3) protect the interest of participants in the plan and annuity holders during proceedings to conserve or liquidate the assets of Executive Life Insurance Company of California.

(c) If the plan or an annuity holder does not incur a loss on investments, or, if after compensating the plan and annuity holders for the loss on investments, a balance remains in the trust fund, the trust fund created in (a) of this section is terminated and the balance of the trust fund lapses pro rata into the funds from which the appropriations to the trust fund were made. The state is subrogated to a right of claim held by participants in the plan and annuity holders to the extent of amounts spent from the trust fund.

(d) In this section, (1) annuity holder means (A) a plan participant who elects to receive an annuity contract acquired by the Department of Administration and issued by Executive Life Insurance Company of California; and

(B) members of the Unlicensed Vessel Personnel Annuity Retirement Plan who receive an annuity contract acquired by the Department of Administration and issued by Executive Life Insurance Company of California;

(2) loss on investments means (A) the difference between the principal amount plus accrued interest earned through May 3, 1991, on the guaranteed investment contracts issued by Executive Life Insurance Company of California, according to the terms of the contracts, and a lesser amount received by the plan upon maturity, sale, or other termination of the contracts; plus

(B) accrued earnings on the amount described in (A) of this subsection, beginning May 4, 1991, and continuing until the earlier of a participant's benefit commencement date or the maturity, sale, or other termination of the contracts, at a rate equal to the rate, less one percent to be used for the purposes of (b)(2)  (3) of this section, earned each month on the investment loss trust fund; or

(C) any unpaid annuity amounts due to annuity holders under an annuity contract issued by Executive Life Insurance Company of California;

(3) plan means the supplemental annuity plan established under AS 39.30.150  39.30.180;

(4) trust fund means the investment loss trust fund established under this section.

Article 5. Exxon Valdez Oil Spill Trust.
Alaska Stat. § 37.15.585 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.585
Amounts required for payments.
Status: in_force

The committee shall, before June 30 of each year or from time to time within the year, as appropriate, commencing with the year in which the bonds are issued, certify to the commissioners of revenue and environmental conservation the amounts required in the current fiscal year and the next ensuing fiscal year by the bond resolution or resolutions to be paid out of the Alaska clean water fund or the Alaska drinking water fund into the appropriate bond redemption fund and to be paid into and maintained in any reserve fund or account or other fund or account created by the bond resolution or resolutions, and shall also certify to the commissioners the last date or dates upon which payments may be made.
Alaska Stat. § 37.15.575 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.575
State aid intercept.
Status: in_force

If a municipality is in default on the payment of principal or interest on a loan from the Alaska clean water fund ( AS 46.03.032 ) or the Alaska drinking water fund ( AS 46.03.036 ), the committee may provide written notice of default to any state agency that is the custodian of money that is payable to the municipality. If the committee determines to provide notice, a separate written notice shall be given in each instance of default. Notwithstanding any other provision of law, at any time after receipt of written notice of default, the agency head shall withhold payment of the money from the municipality. The agency head shall pay over the withheld money to the committee for deposit in the Alaska clean water fund or the Alaska drinking water fund, as appropriate, for the purpose of paying or securing the principal and interest on the loan.
Alaska Stat. § 37.13.100 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.100
Corporation staff.
Status: in_force

The board may employ and determine the salary of an executive director. The executive director may, with the approval of the board, select and employ additional staff as necessary. An employee of the corporation, including the executive director, may not be a member of the board. The executive director and the other employees of the board are in the exempt service under AS 39.25 .
Alaska Stat. § 37.23.080 — AK Code / Title 37 / Chapter 37.23 / Section 37.23.080
Annual audit.
Status: in_force

By September 30 of each year, the manager of an investment pool shall submit to the participating public entities an audit of the pool's investments as of June 30 of that year. The audit must be performed by a certified public accountant licensed under AS 08.04 who is not (1) an employee of a public entity participating in the investment pool; or

(2) a contractor or an employee of a contractor who performed investment services for the investment pool.
Alaska Stat. § 37.05.035 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.035
Annual state loan reports.
Status: in_force

Each state agency that makes or purchases a loan shall prepare an annual report of the aggregate of all loans, by type, made or purchased by the state agency during the preceding fiscal year. The report must include the estimated rate of interest that would have been charged if the loan had been made or purchased at prevailing market rates and must include the difference between the return on the loan that would have been realized under that estimated rate of interest and the return on the loans under the interest rate actually charged. In the absence of a prevailing market rate in the state, the state agency shall use a rate that, in the judgment of the agency, is comparable to a prevailing market rate. The report must also include an analysis of the income groups benefited under the loan programs. By January 30 of each year the state agency shall notify the legislature that the report prepared under this section is available.
Alaska Stat. § 37.14.600 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.600
Arctic Winter Games Team Alaska trust fund established.
Status: in_force

(a) The Arctic Winter Games Team Alaska trust fund is established as a separate endowment trust of the state consisting of (1) appropriations to the trust;

(2) donations to the trust; and

(3) income earned on investments of trust assets.

(b) The commissioner of revenue shall manage the trust as an endowment, with the goal of ensuring that the purchasing power of the trust will not diminish over time without regard to additional contributions that may be made to the trust.

(c) Nothing in this section creates a dedicated fund.
Alaska Stat. § 37.05.315 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.315
Grants to municipalities.
Status: in_force

(a) When an amount is appropriated or allocated as a grant to a municipality, the Department of Commerce, Community, and Economic Development shall promptly notify the municipality of the availability of the grant. When the Department of Commerce, Community, and Economic Development receives an agreement executed by the municipality that provides that the municipality (1) will spend the grant for the purposes specified in the appropriation or allocation; (2) will allow, on request, an audit by the state of the uses made of the grant; and (3) assures that, to the extent consistent with the purpose of the appropriation or allocation, the facilities and services provided with the grant will be available for the use of the general public, the Department of Commerce, Community, and Economic Development shall pay the grant directly to the municipality. The agreement executed by a municipality under this section shall be on a form furnished by the Department of Commerce, Community, and Economic Development and shall be executed within 60 days after the effective date of the appropriation or allocation.

(b) An appropriation or allocation for a grant to a municipality lapses if substantial, ongoing work on the project has not begun within five years after the effective date of the appropriation or allocation.

(c) In accepting a grant of money for construction of a public facility, a municipality covenants with the state that it will operate and maintain the facility for the practical life of the facility and that the municipality will not look to the state to operate or maintain the facility or pay for its operation or maintenance. This requirement does not apply to a grant of money for repair or improvement of an existing facility operated or maintained by the state at the time the grant is accepted if the repair or improvement for which the grant is made will not substantially increase the operating or maintenance costs to the state.

(d) Not less than 20 percent of a grant shall be paid to a municipality within 10 days of the effective date of the agreement under (a) of this section. The remainder of the grant shall be paid either in monthly installments equal to the amount of grant money the municipality expended in the previous month or in a lump sum as determined by the Department of Commerce, Community, and Economic Development.

(e) The Department of Labor and Workforce Development shall require a municipality awarded a grant for a public works project under (a) of this section to comply with the hiring preferences under AS 36.10.150  36.10.175 for employment generated by the grant.
Alaska Stat. § 37.10.410 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.410
Administrative proceedings involving taxes defined.
Status: in_force

(a) The following money received by the state is considered to be received as a result of the termination of an administrative proceeding for purposes of applying art. IX, sec. 17(a), Constitution of the State of Alaska: (1) past due taxes that are received by the state for each tax year for which a request for an informal conference under AS 43.05.240 is made to the Department of Revenue, together with penalties and interest on the taxes;

(2) past due taxes that are received by the state after a request for a formal hearing under AS 43.05.241 is made to the Department of Revenue, together with penalties and interest on the taxes.

(b) Money received by the state under the following conditions is not considered to be received as the result of the termination of an administrative proceeding for purposes of applying art. IX, sec. 17(a), Constitution of the State of Alaska: (1) taxes that are not due at the time the request for the proceeding was made under AS 43.05.240 , 43.05.241, or 43.05.242;

(2) taxes set out in a return not audited by the Department of Revenue at the date of collection; or

(3) taxes collected for a tax year for which the taxpayer did not give notice of appeal of an assessment made by the Department of Revenue.
Alaska Stat. § 37.05.318 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.318
Further regulations prohibited.
Status: in_force

Notwithstanding AS 44.62 (Administrative Procedure Act), AS 37.07 (Executive Budget Act), and other provisions of this chapter, a state agency may not adopt regulations or impose additional requirements or procedures to implement, interpret, make specific, or otherwise carry out the provisions of AS 37.05.315  37.05.317 unless required by the federal government for participation in federal programs.
Alaska Stat. § 37.10.430 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.430
Management of the budget reserve fund.
Status: in_force

(a) The Department of Revenue may transfer management responsibility over all or a portion of the budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska) to the Alaska Permanent Fund Corporation.

(b) By March 15 of each year, the Department of Revenue shall, after consulting with the Alaska Permanent Fund Corporation, prepare a report setting out the balance in the budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska) on January 1 and on December 31 of the previous calendar year. The report shall state the nominal, real, and realized return on the budget reserve fund compared to the nominal, real, and realized return on the permanent fund and the general fund during the previous calendar year.

(c) A special subaccount is established in the budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska). Money in the subaccount shall be invested to yield higher returns than might be feasible to obtain with other money in the budget reserve fund. In establishing or modifying the investment policy for the subaccount in the constitutional budget reserve fund, the commissioner of revenue shall assume that those funds will not be needed for at least five years. Income earned on money in the subaccount shall be retained in the subaccount by the department.
Alaska Stat. § 37.15.245 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.245
Toll bridge revenue bond redemption fund.
Status: in_force

(a) The toll bridge revenue bond redemption fund is established as a special fund of the state. The bond redemption fund is a trust fund for paying and securing the payment of the principal of and interest and redemption premium, if any, on the bonds and shall be at all times completely segregated and set apart from all other funds of the state. The bond redemption fund shall be drawn on only for the purpose of paying the principal of and interest and redemption premium, if any, on the bonds, together with related trustee fees, if any.

(b) Money in the bond redemption fund may be invested in the same manner and on the same conditions as permitted for investment of money belonging to the state or held in the treasury under AS 37.10.070 ; however, the committee may agree with the bondholders to further limit these investments. Earnings on investments must be retained in the bond redemption fund or a designated account in the bond redemption fund.

(c) All references to the bond redemption fund in this section include special accounts in the bond redemption fund that may be created by resolution or first agreement to secure the payment of particular bonds.
Alaska Stat. § 37.05.800 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.800
Restriction on use of state money for residential contracting.
Status: in_force

(a) The state may not grant or loan money or purchase a loan for the construction or alteration of a privately-owned residential structure of one to four units unless the grant or loan requires the construction or alteration to be undertaken by a residential contractor with an endorsement issued under AS 08.18 . In this subsection, alteration means changes that have a value greater than 25 percent of the value of the structure being altered.

(b) The restriction of (a) of this section does not apply to a state loan or grant or purchase of a loan made for work described in AS 08.18.161 that is exempt from the requirements of AS 08.18 .

Article 8. General Provisions.
Alaska Stat. § 37.15.940 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.940
Bonds as legal investments.
Status: in_force

The bonds are legal investments for all banks, trust companies, savings banks, savings and loan associations, and other persons carrying on a banking business, all insurance companies and other persons carrying on an insurance business, and all executors, administrators, trustees, and other fiduciaries. The bonds may be accepted as security for deposits of all money of the state and its political subdivisions.
Alaska Stat. § 37.05.160 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.160
Property records.
Status: in_force

The Department of Administration shall direct the use of inventory records by all state agencies to show all fixed and movable property of the state. The records must be based on a physical inventory and charged with all subsequent purchases and shall be reduced by all property traded in, condemned, or disposed of. The accuracy of the property record shall be verified periodically by actual inspection of the property by the department. The state agencies may be required to take physical inventory of properties annually and at other times as the department directs.
Alaska Stat. § 37.15.350 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.350
Security for repayment of revenue bonds.
Status: in_force

Notes issued in anticipation of the sale of revenue bonds and the interest thereon are secured in the same manner as are the revenue bonds in anticipation of which the notes are issued.
Alaska Stat. § 37.10.020 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.020
Vouchers to be approved by administrative officer.
Status: in_force

A voucher arising from the conduct of an office or administration of the state shall be approved by the administrative officer before reference to the Department of Administration for payment.
Alaska Stat. § 37.15.390 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.390
Execution of notes.
Status: in_force

Notes for money borrowed in anticipation of receipts from the sale of bonds shall be signed by the governor and countersigned by the lieutenant governor. The governor's and lieutenant governor's signatures may be facsimile signatures.
Alaska Stat. § 37.15.560 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.560
Bond authorization.
Status: in_force

(a) For purposes of providing part of the money to be used to provide financial assistance to municipalities and other qualified entities under AS 46.03.032 and 46.03.036, including the costs of bond issuance and administration, the issuance and sale of revenue bonds of the state is authorized subject to (b) of this section. The bonds are to be issued by the state bond committee, as provided in AS 37.15.560  37.15.605, as part of the Alaska clean water fund and the Alaska drinking water fund revolving loan fund programs ( AS 46.03.032 and 46.03.036), public enterprises of the state. The net proceeds of the sale of the bonds remaining after any payment of costs of issuance and administration shall be paid into the Alaska clean water fund or the Alaska drinking water fund, as appropriate. Accrued interest paid on the bonds shall be paid into the Alaska clean water fund or the Alaska drinking water fund for transfer to the Alaska clean water fund revenue bond redemption fund or the Alaska drinking water fund revenue bond redemption fund ( AS 37.15.565 ), as appropriate.

(b) The state bond committee may not issue more than $15,000,000 in revenue bonds under AS 37.15.560  37.15.605 during a fiscal year for each revolving loan fund program referred to in (a) of this section, excluding refunding bonds. The total unpaid principal amount of revenue bonds, including refunding bonds, but excluding refunded bonds, issued under AS 37.15.560  37.15.605 may not exceed $150,000,000 for each program.

(c) The bonds do not constitute a general obligation of the state. Authorization by the voters of the state or the legislature is not required.

(d) The state bond committee may enter into agreements with other state agencies as necessary or convenient to implement AS 37.15.560  37.15.605.

(e) The state bond committee may contract for the services of underwriters, paying agents, trustees, bond printers, rating agencies, bond insurance, credit enhancement providers, accountants, financial advisors, and bond counsel, and other services as are necessary to accomplish the bond issuance and sale.
Alaska Stat. § 37.14.005 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.005
Responsibilities of the legislature.
Status: in_force

(a) The legislature shall annually pass and transmit to the governor a bill making appropriations of money for the state's integrated comprehensive mental health program.

(b) The legislature shall make appropriations for the state's integrated comprehensive mental health program in a separate appropriation bill limited to appropriations for the state's integrated comprehensive mental health program.

(c) If the appropriations in the bill passed by the legislature differ from those proposed by the authority, the bill must be accompanied by a report explaining the reasons for the differences between the appropriations in the bill and the authority's recommendations for expenditures from the general fund for the state's integrated comprehensive mental health program.
Alaska Stat. § 37.18.190 — AK Code / Title 37 / Chapter 37.18 / Section 37.18.190
Definitions.
Status: in_force

In this chapter, (1) bond resolution means the resolution or resolutions adopted by the corporation under AS 37.18.060 authorizing the issuance of bonds;

(2) bonds means the bonds authorized in this chapter;

(3) corporation means the Alaska Tax Credit Certificate Bond Corporation created in AS 37.18.010 ;

(4) costs of issuance and administration means all costs associated with issuance and administration of bonds and refunding bonds, including costs of bond printing, official statements, financial advisors, travel costs, rating agencies, bond insurance, letters and lines of credit for credit enhancement, underwriters, remarketing agents, legal services, paying agents, bonds registrars, bond and escrow trustees, arbitrage rebate, administrative costs, both direct and indirect, and all other costs;

(5) reserve fund means the Alaska Tax Credit Certificate Bond Corporation reserve fund established in AS 37.18.040 .
Alaska Stat. § 37.10.088 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.088
Department of Administration authorized to make advances to the University.
Status: in_force

(a) During any fiscal year the Department of Administration may make advances to the University of Alaska against verified receivables from appropriations for grants and contracts from federal or private sources of the university and upon condition that the university reimburse the fund for these advances from funds received by the university from federal or private sources. The advances may not exceed 80 percent of the verified receivables from grants and contracts appropriated from federal or private sources.

(b) The total of advances in a fiscal year may not exceed 10 percent of the total of grants and contracts from federal and private sources appropriated to the university for that fiscal year. The amounts advanced in a fiscal year shall be repaid in full to the department within 120 days following the close of that fiscal year. If the repayment is not made on a timely basis, the department may withhold amounts due from state fund appropriations for the university.

(c) The commissioner of administration shall submit a quarterly report of all advances and reimbursements under this section to the Legislative Budget and Audit Committee.

(d) The department shall establish the procedure for making advances to the university and for securing reimbursement from the university.
Alaska Stat. § 37.14.830 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.830
Regulations.
Status: in_force

The commissioner of natural resources may adopt regulations necessary to carry out the purposes of AS 37.14.800 and 37.14.820  37.14.840.
Alaska Stat. § 37.14.620 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.620
Transfers from the trust fund.
Status: in_force

(a) As soon as practicable after July 1 of each year, the commissioner of revenue shall determine the average month-end market value of the Arctic Winter Games Team Alaska trust fund for the immediately preceding three fiscal years. Five percent of that amount shall be identified by the commissioner as available for appropriation to the Department of Revenue for (1) costs to the department of administering the trust; and

(2) transfers to Arctic Winter Games Team Alaska, a nonprofit corporation, in amounts requested by the corporation for purposes authorized in AS 37.14.630 .

(b) As soon as practicable after July 1 of each fiscal year that the Arctic Winter Games are held in the state, the commissioner of revenue shall determine whether more money may be made available to support the state's participation in the games from the Arctic Winter Games Team Alaska trust fund than the amount determined under (a) of this section. The determination of the amount of additional money available shall be based on consideration of AS 37.14.600 (b) and any amounts identified during prior fiscal years as available for appropriation under (a) of this section that were never transferred from the trust fund. The additional amount shall be identified by the commissioner and is available for appropriation to the Department of Revenue for transfers to Arctic Winter Games Team Alaska.
Alaska Stat. § 37.20.030 — AK Code / Title 37 / Chapter 37.20 / Section 37.20.030
Jurisdiction of accepted property.
Status: in_force

(a) All chattels accepted under the provisions of AS 37.20.010 are subject to the jurisdiction of the Department of Administration for distribution to the appropriate department.

(b) All land accepted under the provisions of AS 37.20.010 is subject to the jurisdiction of the Department of Natural Resources.

(c) All public buildings accepted under the provisions of AS 37.20.010 are subject to the jurisdiction of the Department of Transportation and Public Facilities.
Alaska Stat. § 37.10.250 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.250
Compensation of trustees.
Status: in_force

Trustees, other than trustees who are employees of the state, a political subdivision of the state, or a school district or regional educational attendance area in the state, receive an honorarium of $400 for each day spent at a meeting of the board or at a meeting of a subcommittee of the board or at a public meeting as a representative of the board, including a day in which a trustee travels to or from a meeting. Trustees who are state employees are entitled to administrative leave for service as a trustee. Trustees who are employees of a political subdivision of the state or a school district or regional educational attendance area in the state are entitled to leave benefits provided by their employers comparable to those provided to state employees for service as a trustee. Trustees are entitled to per diem and travel expenses authorized for boards and commissions under AS 39.20.180 .
Alaska Stat. § 37.13.145 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.145
Disposition of income.
Status: in_force

(a) The earnings reserve account is established as a separate account in the fund. Income from the fund shall be deposited by the corporation into the account as soon as it is received. Money in the account shall be invested in investments authorized under AS 37.13.120 .

(b) At the end of each fiscal year, the corporation shall transfer from the earnings reserve account to the dividend fund established under AS 43.23.045 , 50 percent of the income available for distribution under AS 37.13.140 .

(c) After the transfer under (b) and an appropriation under (e) of this section, the corporation shall transfer from the earnings reserve account to the principal of the fund an amount sufficient to offset the effect of inflation on the principal of the fund during that fiscal year. However, none of the amount transferred shall be applied to increase the value of that portion of the principal attributed to the settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District) on July 1, 2004. The corporation shall calculate the amount to transfer to the principal under this subsection by (1) computing the average of the monthly United States Consumer Price Index for all urban consumers for each of the two previous calendar years;

(2) computing the percentage change between the first and second calendar year average; and

(3) applying that rate to the value of the principal of the fund on the last day of the fiscal year just ended, including that portion of the principal attributed to the settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District).

(d) Notwithstanding (b) of this section, income earned on money awarded in or received as a result of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District), including settlement, summary judgment, or adjustment to a royalty-in-kind contract that is tied to the outcome of this case, or interest earned on the money, or on the earnings of the money shall be treated in the same manner as other income of the Alaska permanent fund, except that it is not available for distribution to the dividend fund, for transfers to the principal under (c) of this section, or for an appropriation under (e) of this section, and shall be annually deposited into the Alaska capital income fund ( AS 37.05.565 ).

(e) The legislature may not appropriate from the earnings reserve account to the general fund a total amount that exceeds the amount available for appropriation under AS 37.13.140 (b) in a fiscal year.

(f) The combined total of the transfer under (b) of this section and an appropriation under (e) of this section may not exceed the amount available for appropriation under AS 37.13.140 (b).
Alaska Stat. § 37.15.420 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.420
International airports construction fund.
Status: in_force

(a) There is established the International Airports Construction Fund, into which shall be paid the proceeds of the sale of the bonds (except any accrued interest paid on them, which shall be paid into the bond redemption fund) and grant or other money that is legally provided for the same purposes for which the bonds are authorized. The money in the construction fund shall be used to pay the costs of acquiring, equipping, constructing, and installing additions and improvements to and extensions of and facilities for the airports and costs incidental thereto, including costs of the authorization, issuance, and sale of the bonds. To the extent provided in the bond resolution, money in the construction fund may also be used for the payment of interest on the bonds during the period of actual construction, and for a further period, not exceeding one year after the period of construction, that may be provided in the bond resolution. Money in the construction fund may also be transferred to the bond redemption fund, to the extent provided in the bond resolution, to establish a reserve for the payment of the principal of and interest on the bonds.

(b) The bond resolution may provide for the investment of money in the construction fund in a manner that the committee may determine. The interest earned upon or any profits derived from the sale of this investment shall be deposited in and become a part of the construction fund.

(c) By January 1 of each year, the commissioner of transportation and public facilities shall submit to the legislature an annual spending plan that contains information regarding the planned expenditure of money from the construction fund during the next fiscal year and information on certain expenditures made during the previous fiscal year. The spending plan must include (1) the total amount of money to be spent from the construction fund;

(2) a description of the work to be performed on airport facilities that will be financed with money from the construction fund;

(3) the amount from the construction fund that will be spent under contracts with the private sector and a description of the goods or services to be provided to the state under each of the contracts;

(4) the amounts that the state will spend from the construction fund for purposes other than contract payments and a description of each of those purposes, including financing costs, administrative and other overhead costs, and contingencies;

(5) the amounts spent during the previous fiscal year for cost overruns on projects financed in whole or part with money from the construction fund and the sources of money used for those cost overruns;

(6) identification of time delays that occurred during the previous fiscal year on projects financed in whole or part with money from the construction fund and amounts spent as a result of the delays.
Alaska Stat. § 37.15.580 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.580
Pledge of the state.
Status: in_force

The state pledges to and agrees with the holders of bonds issued by the committee under AS 37.15.560  37.15.605 and under AS 46.03.032 or 46.03.036, as appropriate, that the state will not limit or alter the rights and powers vested in the committee by AS 37.15.560  37.15.605 and by AS 46.03.032 or 46.03.036, as appropriate, to fulfill the terms of any contract made by the committee with the holders, or in any way impair the rights and remedies of the holders until the principal amount of the bonds, together with the interest on them with interest on unpaid installments of interest, are fully met and discharged. The committee may include this pledge and agreement of the state in a contract with the holders.
Alaska Stat. § 37.15.050 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.050
Redemption.
Status: in_force

The state bond committee may determine whether the bonds are subject to redemption before their fixed maturities and may fix the premium for and all other terms of the redemption. A bond is not subject to redemption before its fixed maturity date unless the right to so redeem the bond is expressly mentioned on the face of the bond.
Alaska Stat. § 37.16.090 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.090
Refunding.
Status: in_force

(a) The corporation may refund the bonds or any part of them at or before their maturities or redemption dates by the issuance of refunding bonds of the corporation if the state bond rating is the equivalent of AA- or better and if, in the opinion of the corporation, refunding is advantageous to and in the best interest of the state and its inhabitants.

(b) The issuance of refunding bonds need not be authorized by the voters of the state or by an act of the legislature. The corporation shall adopt the resolution or resolutions and prepare all other documents and proceedings necessary for the issuance, exchange or sale, and delivery of the refunding bonds. All provisions of this chapter are applicable to the refunding bonds and to the issuance, sale, or exchange of them, except as otherwise provided in this section.

(c) Refunding bonds may be issued in a principal amount sufficient to provide money for the advance or current refunding of all bonds to be refunded and interest on the refunded bonds and, in addition, for the payment of all costs of issuance and administration of the refunding bonds. These expenses also include the difference in amount between the par value of the refunding bonds and any amount less than par for which the refunding bonds are sold; the premium, if any, necessary to be paid to call or retire the outstanding bonds and the interest accruing on them to the date of the call or retirement; and other of these costs. The corporation is authorized to incur expenses to carry out this section.

(d) The corporation may contract with a refunding trustee to hold the proceeds of refunding bonds in trust until the proceeds, together with earnings on the proceeds, are applied to pay the principal of premium, if any, and interest on the bonds to be refunded. Until the refunding bond proceeds are applied, the proceeds may be invested in direct obligations of, or obligations guaranteed by, the United States or an agency or corporation of the United States whose obligations constitute direct obligations of, or obligations guaranteed by, the United States.
Alaska Stat. § 37.15.945 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.945
Statutory construction.
Status: in_force

AS 37.15.900  37.15.955 shall be liberally construed to carry out the purposes for which they were enacted.
Alaska Stat. § 37.14.270 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.270
Definitions.
Status: in_force

In AS 37.14.200  37.14.270, unless the context otherwise requires, (1) board means the Alaska Children's Trust Board;

(2) grant account means the Alaska children's trust grant account established in AS 37.14.205 ;

(3) private restricted-use donation means a donation related to the prevention of child abuse and neglect where a donor specifies in writing that the donation be used for any purpose other than to be placed in the corpus of the trust and invested with trust assets;

(4) trust means the Alaska children's trust established in AS 37.14.200 .

Article 4. Investment Loss Trust Fund.
Alaska Stat. § 37.14.033 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.033
Management of trust fund.
Status: in_force

The mental health trust fund shall be managed by the Alaska Permanent Fund Corporation under AS 37.13.300 .
Alaska Stat. § 37.15.215 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.215
Official statements.
Status: in_force

To the extent practicable the official statements and other documentation issued in connection with an offering of state or local government securities must comply with the guidelines of the Municipal Finance Officers Association or other nationally recognized guidelines.
Alaska Stat. § 37.10.040 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.040
Enforcement of liability.
Status: in_force

The liability of a certifying officer or employee is enforced in the same manner as provided by law with respect to enforcement of the liability of a disbursing and other accountable officer.
Alaska Stat. § 37.14.230 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.230
Powers and duties of the board.
Status: in_force

(a) The board shall (1) hold regular and special meetings it considers necessary; the board may hold meetings by teleconference;

(2) award grants from the grant account to community-based programs that the board finds will aid in the prevention of child abuse and neglect;

(3) monitor approved programs for compliance with AS 37.14.200  37.14.270 and specified grant conditions;

(4) maintain records for all donations to the trust and the grant account; the records must reflect the amount of the donation, the date of the donation, the donor's intent, if any, with respect to how the donation is to be used, the account into which the donation was deposited, and the manner in which the donation was expended;

(5) apply for and use funds from the grant account to obtain private and federal grants for the prevention of child abuse and neglect;

(6) solicit contributions, gifts, and bequests to the trust and the grant account;

(7) keep electronic recordings of each meeting of the board to be made available on request;

(8) submit to the governor and make available to the legislature by February 1 each year a report describing (A) the child abuse and neglect prevention services that were provided by the programs to which the board awarded grants; and

(B) the annual level of contributions, income, and expenses of the trust and the grant account;

(9) make arrangements with the commissioner or a financial depository to manage private restricted-use donations that are not fully expended and account for any interest earned on the donations.

(b) The board may enter into joint arrangements with a private nonprofit entity or entities for the purpose of making grants and fundraising for the support of child abuse and neglect prevention programs. In entering into a joint arrangement, the board may not delegate its duties or authority under AS 37.14.200  37.14.270.
Alaska Stat. § 37.14.039 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.039
Trust settlement income account administration.
Status: in_force

(a) The mental health trust settlement income account shall be administered by the Alaska Mental Health Trust Authority.

(b) If the authority determines that there is a surplus of money in the account above the amount sufficient to meet current and projected cash expenditure needs of the authority, the surplus shall be invested by the authority as provided in AS 37.10.071 for the making of investments by the fiduciary of a state fund. Income earned on investments made under this subsection may be retained by the authority and expended under AS 37.14.041 .
Alaska Stat. § 37.15.012 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.012
Continuing debt service appropriation.
Status: in_force

The amounts required annually to pay the principal, interest, and redemption premium on all issued and outstanding general obligation bonds of the state are appropriated each fiscal year from the Alaska debt retirement fund to the state bond committee to make all required payments of principal, interest, and redemption premium. If the balance of the Alaska debt retirement fund is insufficient to fully pay these amounts, the necessary additional amounts are appropriated from the general fund to the state bond committee to make all required payments of principal, interest, and redemption premium.
Alaska Stat. § 37.10.090 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.090
Action by attorney general.
Status: in_force

Whenever money, funds, or property of a city, school district, municipal government, or the state are illegally paid or are diverted for an illegal purpose, or paid to a person not authorized by law to receive them, they may be recovered by an action instituted by the attorney general. When it appears to the attorney general that it is more advantageous to begin or conduct the action with additional counsel, the attorney general may choose and authorize additional counsel to bring the suit in the name of the proper party.
Alaska Stat. § 37.10.075 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.075
Deposit of state funds.
Status: in_force

(a) When the commissioner of revenue determines that there are funds in the state treasury that are not being used for the purposes provided for in AS 37.10.070 , they may be deposited in financial institutions. Collateral may be required by the commissioner to secure state deposits provided for under this section.

(b) The commissioner of revenue may require the banks in which state funds are deposited under a time deposit agreement to pay at least a minimum interest rate to be fixed by the Department of Revenue, and this interest when paid shall be deposited in the general fund or in the other funds that are established by law.

(c) This section does not prohibit the Department of Revenue from depositing the funds that it considers necessary for the proper conduct of the office in solvent banks outside the state under the terms and conditions provided in this section.

(d) The Department of Revenue may deposit funds in banks inside or outside the state without requiring those banks in which the funds are deposited to pay interest on the deposits. It is the intention of the legislature that the department may compensate the banks for handling state disbursements in a manner determined by the commissioner of revenue to be in the best interests of the state.

(e) Banks holding state deposits shall, as a condition of retaining those deposits, submit all information concerning the deposits and other relevant matters that may be requested by the commissioner.
Alaska Stat. § 37.07.045 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.045
Debt affordability analysis.
Status: in_force

The Department of Revenue shall prepare a report that includes an inventory of state bonded debt, an estimate of state bonded debt that will be acquired within the next three years, and an evaluation of debt affordability. The report must conform to rating agency requirements for a debt affordability study. By January 31 each year, the report must be provided to the legislature for use in budget planning and made available to the public.
Alaska Stat. § 37.15.610 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.610
Bond authorization.
Status: in_force

For the purpose of providing part or all of the money to be used, with or without any grants or other money that may become available, the issuance and sale of revenue bonds of the state in the total principal sum of not to exceed $500,000,000 is authorized to acquire, construct, equip, and install the additions, improvements, extensions, and facilities authorized in AS 37.15.720 and 37.15.730. The principal of and interest on these bonds are paid out of and secured by the gross revenue derived by the state from the ownership, use, and operation of the toll facilities, and out of any other revenue or money that the state legislature may provide exclusive of any state tax or license. Bonds may not be issued to assist in the acquisition, financing, or operation of projects without prior approval from the legislature.
Alaska Stat. § 37.15.730 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.730
Review of toll facility projects.
Status: in_force

A toll facility may be financed under AS 37.15.610  37.15.760 if the following conditions are met for that toll facility: (1) the department submits to the governor and the legislature a feasibility study that finds that the toll facility is financially feasible and able to produce revenue adequate to repay the bonds with which it is financed;

(2) if financing in addition to revenue bonds is required to finance the toll facility, the department submits to the governor and legislature a finance plan that includes an estimate of the total cost of the toll facility and a description of the sources of money that will be used to finance the total cost of the toll facility; and

(3) the office of management and budget reviews the feasibility study and the finance plan, if required, and reports its findings and recommendations to the governor and legislature not later than 90 days after the study and plan are received by the office.
Alaska Stat. § 37.15.920 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.920
Enforcement by bond owner.
Status: in_force

(a) The owner or owners of not less than 10 percent of the aggregate principal amount of any series or issue of bonds or the trustee for the owners of the bonds or any series of them may, by appropriate proceedings in state court, require and compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions, and covenants as required and provided in AS 37.15.900  37.15.955, as appropriate, and the bond resolution.

(b) A proceeding under (a) of this section may be commenced and conducted only in the Superior Court for the State of Alaska, First Judicial District at Juneau.
Alaska Stat. § 37.13.090 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.090
Compensation of board members.
Status: in_force

Public members of the board receive an honorarium of $400 for each day spent at a meeting of the board or at a meeting of a subcommittee of the board or at a public meeting as a representative of the board. Members of the board are entitled to per diem and travel allowances as provided by law for members of state boards and commissions.
Alaska Stat. § 37.16.900 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.900
Definitions.
Status: in_force

In this chapter, (1) bond resolution means the resolution or resolutions adopted by the corporation under AS 37.16.060 authorizing the issuance of bonds;

(2) bonds means the pension obligation bonds authorized in this chapter;

(3) corporation means the Alaska Pension Obligation Bond Corporation created in AS 37.16.010 ;

(4) costs of issuance and administration means all costs associated with issuance and administration of pension obligation bonds and refunding bonds, including costs of bond printing, official statements, financial advisors, travel costs, rating agencies, bond insurance, letters and lines of credit for credit enhancement, underwriters, legal services, paying agents, bonds registrars, bond and escrow trustees, arbitrage rebate, and all other costs, including administrative costs, both direct and indirect;

(5) reserve fund means the Alaska Pension Obligation Bond Corporation reserve fund established in AS 37.16.040 .
Alaska Stat. § 37.15.180 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.180
Remedies of bondholders.
Status: in_force

The owner and holder of each bond or the trustee may by appropriate proceeding require and compel the transfer and payment of money as directed by this chapter.
Alaska Stat. § 37.18.010 — AK Code / Title 37 / Chapter 37.18 / Section 37.18.010
Alaska Tax Credit Certificate Bond Corporation.
Status: in_force

The Alaska Tax Credit Certificate Bond Corporation is established in the Department of Revenue. The corporation is a public corporation and government instrumentality managed by a board of directors. The purpose of the corporation is to finance under AS 43.55.028 (1) the purchase of (A) transferable tax credit certificates issued under AS 43.55.023 ;

(B) production tax credit certificates issued under AS 43.55.025 ; and

(2) the payment of refunds and payments claimed under AS 43.20.046 , 43.20.047, or 43.20.053.
Alaska Stat. § 37.23.070 — AK Code / Title 37 / Chapter 37.23 / Section 37.23.070
Reports; disclosure statement.
Status: in_force

(a) The manager of an investment pool shall provide to the participating public entities a monthly report on the allocation of income of investments of the pool and describing activities of the pool. At least annually, the manager of an investment pool shall provide a disclosure statement on the management and operation of the pool to each public entity participating in the pool. The disclosure statement must include a copy of the annual audit required under AS 37.23.080 .

(b) A public entity participating in an investment pool that is an organization composed of political subdivisions of the state shall promptly provide a copy of each report or statement received under (a) of this section to its members who are participating in the investment pool.

(c) The manager of an investment pool shall provide to a prospective participant in the pool copies of monthly reports prepared under (a) of this section for the past year, and a copy of the most recent disclosure statement prepared under (a) of this section.
Alaska Stat. § 37.10.071 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.071
Investment powers and duties.
Status: in_force

(a) In making investments under this section, the fiduciary of a state fund shall (1) act as official custodian of cash and investments by securing adequate and safe custodial facilities for them;

(2) receive all items of cash and investments;

(3) collect and deposit the principal of and income from owned or acquired investments;

(4) invest and reinvest the assets in accordance with this section;

(5) receive and spend appropriations to cover the cost of the exercise of duties under this section;

(6) exercise the powers of an owner with respect to the assets;

(7) perform all acts, not prohibited by this section, whether or not expressly authorized, that the fiduciary considers necessary or proper in administering the assets;

(8) maintain accounting records in accordance with generally accepted accounting principles;

(9) engage an independent certified public accountant to conduct an annual audit of the financial condition and investment transactions;

(10) enter into and enforce contracts or agreements considered necessary, convenient, or desirable for the investment purposes of this section; and

(11) when choosing to acquire or dispose of investments, secure competitive national or international market rates or prices, or the equivalence of those rates or prices in the judgment of the fiduciary.

(b) Under this section, the fiduciary of a state fund or the fiduciary's designee may (1) delegate investment, custodial, or depository authority on a discretionary or nondiscretionary basis to officers or employees of the state or to independent firms, banks, financial institutions, or trust companies by designation through appointments, contracts, or letters of authority;

(2) acquire or dispose of investments either directly, indirectly, or through investment pools or trusts, by competitive or negotiated agreements, contracts, or auctions, in public or private markets;

(3) concentrate or diversify investments as the fiduciary considers appropriate to increase the probable total rate of return or to decrease the overall exposure to potentially adverse market value risks;

(4) protect the market value or the rate of return of the investments by entering into forward agreements to buy or sell assets at a future date as a hedge against existing held assets or as a precommitment of future cash flows;

(5) lend assets, under an agreement and for a fee, against deposited collateral of equivalent market value;

(6) borrow assets on a short-term basis, under an agreement and for a fee, against the deposit of collateral consisting of other assets in order to accommodate temporary cash or investment needs;

(7) hold investments in bearer or registered form in the name of the state, a fund, or nominees authorized by the fiduciary;

(8) utilize consultants, advisors, custodians, investment services, and legal counsel for assistance in investment matters on either a continuing or a limited-term basis and with or without compensation;

(9) declare records to be confidential and exempt from AS 40.25.110 and 40.25.120 if the records contain information that discloses the particulars of the business or the affairs of a private enterprise, investor, borrower, advisor, consultant, counsel, or manager.

(c) In exercising investment, custodial, or depository powers or duties under this section, the fiduciary of a state fund shall apply the prudent investor rule and exercise the fiduciary duty in the sole financial best interest of the fund entrusted to the fiduciary. Among beneficiaries of a fund, the fiduciaries shall treat beneficiaries with impartiality.

(d) In exercising investment, custodial, or depository powers or duties under this section, the fiduciary or the fiduciary's designee is liable for a breach of a duty that is assigned or delegated under this section, or under AS 14.40.255 , 14.40.280(c), 14.40.400(b), AS 37.10.070 , AS 37.14.160 , or 37.14.170. However, the fiduciary or the designee is not liable for a breach of a duty that has been delegated to another person if the delegation is prudent under the applicable standard of prudence set out in statute or if the duty is assigned by law to another person, except to the extent that the fiduciary or designee (1) knowingly participates in, or knowingly undertakes to conceal, an act or omission of another person knowing that the act or omission is a breach of that person's duties under this chapter;

(2) by failure to comply with this section in the administration of specific responsibilities, enables another person to commit a breach of duty; or

(3) has knowledge of a breach of duty by another person, unless the fiduciary or designee makes reasonable efforts under the circumstances to remedy the breach.

(e) The state shall defend and indemnify the fiduciary or an officer or employee of the state against liability under (d) of this section to the extent that the alleged act or omission was performed in good faith and was prudent under the applicable standard of prudence.

(f) In this section, fiduciary of a state fund or fiduciary means (1) the commissioner of revenue for investments under AS 37.10.070 ;

(2) with respect to the Alaska Retirement Management Board, for investments of the collective funds that it manages and administers, (A) each trustee who serves on the board of trustees; and

(B) any other person who exercises control or authority with respect to management or disposition of assets for which the board is responsible or who gives investment advice to the board; or

(3) the person or body provided by law to manage the investments for investments not subject to AS 37.10.070 .
Alaska Stat. § 37.05.040 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.040
Legal custody of records.
Status: in_force

The commissioner has the legal custody of all records, memoranda, writing, entries, prints, representations, or combinations of them, of any act, transaction, occurrence, or event of the department.
Alaska Stat. § 37.15.670 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.670
Enforcement by holder.
Status: in_force

The holder of any bonds or the trustee for the holders of the bonds or any series of them, may, by appropriate proceedings in the courts of record of the state, compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions, and covenants as required and provided in AS 37.15.610  37.15.760 and in the bond resolution.
Alaska Stat. § 37.14.850 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.850
Carbon storage closure trust fund.
Status: in_force

(a) The carbon storage closure trust fund is established as a separate trust fund of the state outside and separate from the general fund. The legislature may appropriate the principal and earnings of the fund for the purpose of protecting the public interest in maintaining and closing carbon storage facilities in the state. Money in the fund does not lapse.

(b) The carbon storage closure trust fund consists of payments received under AS 41.06.175 and earnings on the fund. The payments received for each storage facility shall be separately accounted for under AS 37.05.142 . The commissioner of revenue is a fiduciary of the fund. The commissioner of revenue shall manage and invest the fund assets as provided in AS 37.10.071 .

(c) The commissioner of natural resources may make expenditures from the carbon storage closure trust fund for the purpose of conducting long-term monitoring and maintenance of a storage facility under AS 41.06.305 . If a storage operator is unable to fulfill the storage operator's duties and the financial assurance provided by the storage operator under AS 41.06.110 (c)(2) is exhausted or insufficient, the Alaska Oil and Gas Conservation Commission may make expenditures from the fund for the purposes allowed under AS 41.06.105  41.06.210.

(d) Nothing in this section creates a dedicated fund.

(e) In this section, (1) fund means the carbon storage closure trust fund;

(2) storage facility and storage operator have the meanings given in AS 41.06.210 .
Alaska Stat. § 37.13.060 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.060
Term of office.
Status: in_force

The public members of the board shall be appointed for terms of four years, and they may be reappointed. The terms of the public members shall be staggered so that no more than one term of a public member expires each year.
Alaska Stat. § 37.05.565 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.565
Alaska capital income fund.
Status: in_force

(a) There is established in the general fund the Alaska capital income fund consisting of money deposited to the fund under AS 37.13.145 (d) and of appropriations to the fund. The fund shall be invested by the Department of Revenue to yield competitive market rates as provided in AS 37.10.071 . Income earned on money in the fund may be appropriated to the fund.

(b) Money may be appropriated from the Alaska capital income fund for state facilities preventive or deferred maintenance, including replacement of parts, systems, or components, or other activities needed to preserve or maintain state assets, and to cover annual debt service and reserves for debt service on bonds authorized by state law. Nothing in this subsection creates a dedicated fund.
Alaska Stat. § 37.23.035 — AK Code / Title 37 / Chapter 37.23 / Section 37.23.035
Securities lending.
Status: in_force

Securities held by an investment pool may be loaned if the securities are fully collateralized and the collateral is, for safekeeping, in the possession of a person who is independent of the borrowers. The collateral must meet institutional and prudent investor standards. All pool proceeds from securities lending must inure to the benefit of investment pool participants.
Alaska Stat. § 37.14.220 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.220
Administration of the trust.
Status: in_force

The trust shall be administered by the Alaska Children's Trust Board.
Alaska Stat. § 37.10.260 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.260
Staff.
Status: in_force

(a) The Department of Revenue shall provide staff for the board.

(b) The board may designate a trustee or an officer or employee of the Department of Revenue to be responsible for signing on behalf of the board a deed, contract, or other document that must be executed by or on behalf of the board.
Alaska Stat. § 37.14.205 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.205
Alaska children's trust grant account.
Status: in_force

(a) The Alaska children's trust grant account is established as an account in the general fund. The legislature may appropriate funds to the grant account from (1) the trust account in the amount described in AS 37.14.200 (e);

(2) program receipts from special request Alaska children's trust plates under AS 28.10.421 (d)(14);

(3) program receipts from birth certificates under AS 18.50.225 ;

(4) program receipts from certificates of marriage under AS 18.50.272 ;

(5) private restricted-use donations; and

(6) any other source.

(b) The board may use money in the grant account for the following purposes and without further appropriation: (1) to make grants under AS 37.14.230 ;

(2) to obtain private and federal grants for the trust and the grant account;

(3) to solicit contributions, gifts, and bequests for the trust and the grant account;

(4) to expend private restricted-use donations in conformity with the donor's restrictions.
Alaska Stat. § 37.23.060 — AK Code / Title 37 / Chapter 37.23 / Section 37.23.060
Investment responsibilities.
Status: in_force

The management and investment of assets by investment pools shall be done with the care, skill, prudence, and diligence under the circumstances then prevailing that an institutional investor would use in the conduct of an enterprise of a like character and with like aims.
Alaska Stat. § 37.13.310 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.310
Corporation to manage the power cost equalization endowment fund.
Status: in_force

(a) The corporation shall manage the power cost equalization endowment fund using the same investment objective and asset allocation as the corporation uses in managing the Alaska permanent fund subject to AS 37.13.120 .

(b) The corporation shall (1) at least quarterly, prepare a financial report showing investment revenue and expenditures, including the allocation of the cash assets of the power cost equalization endowment fund among investments; and

(2) annually prepare financial statements in accordance with generally accepted accounting principles consistently applied, and an audit report prepared by a certified public accountant.

(c) After preparing a financial statement or report, the corporation shall publish and deliver the financial statement or report to the Alaska Energy Authority, the Department of Commerce, Community, and Economic Development, the senate secretary, and the chief clerk of the house of representatives, and notify the legislature that the financial statement or report is available.

(d) Net income from the power cost equalization endowment fund may not be included in the computation of net income or market value available for distribution or appropriation under AS 37.13.140 .

Article 3. General Provisions.
Alaska Stat. § 37.15.680 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.680
Amounts required for payments.
Status: in_force

The committee shall, before December 31 of each year, commencing with the year in which the bonds are issued, certify to the commissioner of revenue and the commissioner of transportation and public facilities the amounts required in the next ensuing calendar year by a bond resolution to be paid out of the revenue fund into the bond redemption fund and to be paid into and maintained in any reserve fund or account or any other fund or account created by a bond resolution. The committee shall also certify to the commissioners the last date upon which payments may be made.
Alaska Stat. § 37.15.903 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.903
Pension obligation bond limit.
Status: in_force

The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, issued by all state entities added together, for the purposes of financing prepayment of all or a portion of a governmental employer's share of unfunded accrued liability of retirement systems, may not exceed $1,500,000,000 or a funding ratio of actuarial assets to accrued liability greater than 85 percent, whichever is less.
Alaska Stat. § 37.07.130 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.130
Short title.
Status: in_force

This chapter may be cited as the Executive Budget Act.
Alaska Stat. § 37.10.270 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.270
Investment advisory council.
Status: in_force

(a) The board may appoint an investment advisory council composed of at least three and not more than five members. Members of the council shall possess experience and expertise in financial investments and management of investment portfolios for public, corporate, or union pension benefit funds, foundations, or endowments.

(b) Members of the council serve at the pleasure of the board for staggered terms of three years.

(c) The board shall establish the compensation of members of the council. Members of the council are entitled to per diem and travel expenses authorized for boards and commissions under AS 39.20.180 .

(d) The council shall (1) review the investments made by the board;

(2) make recommendations to the board concerning the board's investment policies, investment strategy, and investment procedures;

(3) advise the board on selection of performance consultants and on the form and content of annual reports;

(4) provide other advice as requested by the board.

(e) With approval of the board, the council may contract with other state agencies to provide investment advice.
Alaska Stat. § 37.10.390 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.390
Definitions.
Status: in_force

In AS 37.10.210  37.10.390, unless the context otherwise requires, (1) board means the board of trustees of the Alaska Retirement Management Board;

(2) fund means the fund or funds composed of the assets of each of the retirement systems administered and managed by the board;

(3) recognized competence means a minimum of 10 years' professional experience working or teaching in the field of investment management, finance, banking, economics, accounting, pension administration, or actuarial analysis;

(4) retirement systems or systems means the teachers' retirement system, the judicial retirement system, the Alaska National Guard and Alaska Naval Militia retirement system, the public employees' retirement system, the State of Alaska Teachers' and Public Employees' Retiree Health Reimbursement Arrangement Plan, and the elected public officers' retirement system under former AS 39.37 .

Article 7. Constitutional Budget Reserve Fund.
Alaska Stat. § 37.13.080 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.080
Quorum and voting.
Status: in_force

Four members of the board constitute a quorum for the transaction of business and the exercise of the powers and duties of the board. Action may be taken only upon affirmative vote of a majority of the full membership of the board.
Alaska Stat. § 37.15.020 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.020
Manner and amounts of sale.
Status: in_force

The state bond committee shall sell the bonds of each authorization in the amounts or series and at the times which it finds are for the best interests of the state and its inhabitants.
Alaska Stat. § 37.14.045 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.045
Limitation on grants and contracts paid for from mental health trust settlement income account.
Status: in_force

(a) The authority may award grants and contracts that are paid for from money in the mental health trust settlement income account only in furtherance of its purpose to ensure an integrated comprehensive mental health program.

(b) In awarding grants and contracts that are paid for from money in the mental health trust settlement income account, the authority shall consider proposals only from applicants submitting a detailed proposal in the form prescribed by the authority.

(c) The authority may not award a grant or contract that is to be paid for from money in the mental health trust settlement income account unless the authority makes written findings explaining that (1) the grant or contract awarded will further the authority's purpose to ensure an integrated comprehensive mental health program;

(2) the applicant has submitted an adequate plan for project implementation, including both financial feasibility and project effectiveness;

(3) the applicant has demonstrated that sufficient expertise is available to accomplish the objectives of the proposed program or project; and

(4) the applicant has identified operating, maintenance, and other costs associated with the project, including those ancillary to the project, and future obligations associated with the project.

(d) The authority may establish other requirements for the award of grants and contracts under this section to ensure an integrated comprehensive mental health program.

(e) The authority shall award grants and contracts that are paid for from money in the mental health trust settlement income account in amounts that (1) are appropriate to the conditions of the applicant and the proposed program or project; and

(2) will make the most effective use of the funds in the mental health trust settlement income account that are available for expenditure.
Alaska Stat. § 37.14.245 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.245
Regulations.
Status: repealed

(a) The board may adopt regulations to implement AS 37.14.200  37.14.270. Regulations adopted by the board are not subject to AS 44.62 (Administrative Procedure Act). The board shall comply with the requirements of AS 44.62.310 and 44.62.312.

(b) Notwithstanding (a) of this section, a regulation adopted under AS 37.14.200  37.14.270 shall be published in the Alaska Administrative Register and Alaska Administrative Code for informational purposes. A regulation adopted under this section shall conform to the style and format requirements of the drafting manual for administrative regulations that is published under AS 44.62.050 .

(c) At least 30 days before the adoption, amendment, or repeal of a regulation under this section, the board shall provide notice of the action that is being considered. The notice must include publication in a newspaper of general circulation in the state.

(d) A regulation adopted under this section takes effect 30 days after adoption by the board unless a later effective date is stated in the regulation.

(e) Notwithstanding the other provisions of this section, a regulation may be adopted, amended, or repealed, effective immediately, as an emergency regulation. For an emergency regulation to be effective, the board must find that the immediate adoption, amendment, or repeal of the regulation is necessary. The board shall, within 10 days after adoption of an emergency regulation, give notice of the adoption under (c) of this section. An emergency regulation adopted under this subsection may not remain in effect past the date of the next regular meeting of the board unless the board complies with the procedures set out in this section and adopts the regulation as a permanent regulation.

(f) In this section, regulation has the meaning given in AS 44.62.640 (a).
Alaska Stat. § 37.14.520 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.520
Powers and duties of the commissioner of revenue.
Status: in_force

The commissioner of revenue is the treasurer of the fund and has the power and duty to (1) act as official custodian of the cash and investments belonging to the fund by securing adequate and safe custodial facilities;

(2) receive all items of cash and investments belonging to the fund;

(3) collect the principal and income from investments owned or acquired by the fund and deposit the amounts in separate principal and income accounts for the fund;

(4) invest and reinvest the assets of the fund as provided in this section and as provided for the investment of funds under AS 37.14.170 ;

(5) exercise the powers of an owner with respect to the assets of the fund;

(6) maintain accounting records of the fund in accordance with investment accounting principles and with distinction between the principal and income accounts of the fund;

(7) engage an independent firm of certified public accountants to annually audit the financial condition of the fund's investments and investment transactions;

(8) enter into and enforce contracts or agreements considered necessary for the investment purposes of the fund;

(9) report to the commission the condition and investment performance of the fund;

(10) do all acts, whether or not expressly authorized, that the commissioner of revenue considers necessary or proper in administering the assets of the fund.
Alaska Stat. § 37.13.010 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.010
Alaska permanent fund.
Status: in_force

(a) Under art. IX, sec. 15, of the state constitution, there is established as a separate fund the Alaska permanent fund. The Alaska permanent fund consists of (1) 25 percent of all mineral lease rentals, royalties, royalty sale proceeds, net profit shares under AS 38.05.180 (f) and (g), and federal mineral revenue sharing payments received by the state from mineral leases issued on or before December 1, 1979, and 25 percent of all bonuses received by the state from mineral leases issued on or before February 15, 1980;

(2) 50 percent of all mineral lease rentals, royalties, royalty sale proceeds, net profit shares under AS 38.05.180 (f) and (g), carbon storage injection royalties required under AS 38.05.705 (c)(3)(B), and federal mineral revenue sharing payments received by the state from mineral leases issued after December 1, 1979, and 50 percent of all bonuses received by the state from mineral leases issued after February 15, 1980; and

(3) any other money appropriated to or otherwise allocated by law or former law to the Alaska permanent fund.

(b) Payments due the Alaska permanent fund under (a) of this section shall be made to the fund within three banking days after the day the amount due to the fund reaches at least $3,000,000 and at least once each month.

(c) The Alaska permanent fund shall be managed by the Alaska Permanent Fund Corporation established in this chapter.
Alaska Stat. § 37.14.130 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.130
Powers and duties of board.
Status: in_force

The board created in AS 37.14.120 has the following powers and duties: (1) to hold regular meetings and special meetings considered necessary; and

(2) to have prepared an annual accounting of the principal and income of the fund established in AS 37.14.110 .
Alaska Stat. § 37.14.820 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.820
Use of the mine reclamation trust fund operating account.
Status: in_force

(a) The commissioner of natural resources may make expenditures from the mine reclamation trust fund operating account for the following purposes: (1) reclamation of mining operations for which a payment or deposit has been made into the fund;

(2) maintenance of dams and other permanent features related to a mining operation;

(3) monitoring of site stability and water quality related to a mining operation;

(4) control and treatment of acid rock drainage and other leachate related to a mining operation;

(5) protection and treatment of surface water and groundwater related to a mining operation;

(6) long-term site management of a mining operation;

(7) refunds to miners of the deposits to the fund upon satisfactory completion of reclamation tasks as determined by the Department of Natural Resources.

(b) Subject to appropriation, the mine reclamation trust fund operating account may be used to pay the expenses incurred by the commissioner of revenue in managing the fund and administrative expenses incurred by the Department of Natural Resources in administering the fund and programs under AS 27.19 and AS 27.21 .

(c) The Department of Natural Resources may not spend money deposited in the fund for one mining operation at another mining operation.

(d) In accordance with AS 37.14.800 (b), and except as provided in (b) of this section, earnings on the mine reclamation trust fund operating account are added to that account and are available for expenditure without further appropriation.
Alaska Stat. § 37.07.050 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.050
Agency program and financial plans; mission statements.
Status: in_force

(a) The agencies shall assure the development of a statewide system of results-based government designed to increase efficiency and effectiveness of state programs and services. Toward that end, each state agency shall, on a semi-annual basis, identify results-based measures that have been used to work toward achievement of the mission statement and desired results issued by the legislature and of other goals of the agency, and set out the results as measured. Each state agency shall also prepare information that shall be compiled and submitted on December 15 each year to the office, the legislature, and the legislative finance division; this information must (1) identify the agency mission and desired results established by the legislature;

(2) identify the goals and objectives the agency will use to achieve the legislature's mission and desired results;

(3) set out the results of any user group surveys and, if the results do not agree with the mission and desired results, goals, and objectives, explain why;

(4) include written, defined methods of measuring results that apply to the responsibilities, products, and services of the agency;

(5) identify results-based measures that have been used to work toward achievement of the mission statement and desired results issued by the legislature and other goals of the agency and set out the results as measured;

(6) identify surveys or other methods of gathering user group opinions that have been used by the agency to identify ways to improve its programs;

(7) identify methods of measuring performance when the mission statement and desired results issued by the legislature involve more than one agency and make recommendations to eliminate duplication of government functions and waste;

(8) identify ways in which the agency has involved its employees in the development of methods of measuring results, including opportunities for employee representatives to participate in committees established to develop methods of measuring results;

(9) include the budget requested to carry out the agency's proposed plans in the succeeding fiscal year, including information reflecting the expenditures during the last fiscal year, the expenditures authorized for the current fiscal year, the expenditures proposed for the succeeding fiscal year, an explanation of the services to be provided, the number of total positions for all persons employed or under contract by the agency for personal services including those rendered for capital improvement projects, the need for the services, the cost of the services, and other information requested by the office;

(10) include a report of agency receipts during the last fiscal year, an estimate of receipts during the current fiscal year, and an estimate of receipts for the succeeding fiscal year;

(11) identify legislation required to implement the proposed programs and financial plans;

(12) include an evaluation of the advantages and disadvantages of specific alternatives to existing or proposed agency activities or administrative methods;

(13) prioritize the activities of the agency from the most important to the least important.

(b) The state agency proposals prepared under (a) of this section must describe the relationships of their program services to those of other agencies, of other governments, and of nongovernmental bodies.

(c) The office shall assist agencies in the preparation of their proposals under (a) of this section. This assistance may include technical assistance, organization of materials, centrally collected accounting, budgeting and personnel information, standards and guidelines formulation, population and other required data, and any other assistance that will help the state agencies produce the information necessary for efficient agency management and effective decision-making by the governor and the legislature.

(d) If any state agency fails to transmit the program and financial information provided under (a) of this section on the specified date, the office may prepare the information.

(e) The office shall compile and submit to the governor-elect in any year when a new governor has been elected, not later than November 20, a summary of the program and financial information prepared by state agencies.

(f) Budget requests for boards and commissions and for those agency programs for the fiscal year following termination under AS 44.66 shall be prepared and submitted. The recommended appropriation request must include (1) an identification of the objectives intended for the program and the problem or need that the activities and operations of the board, commission, or program is intended to address;

(2) an assessment of the degree to which the original objectives of the program have been achieved expressed in terms of performance, effects, or accomplishments of the program and of the program or need that it was intended to address;

(3) a statement of the performance and accomplishments of the program in each of the last four completed fiscal years and of the costs incurred in the operation of the program;

(4) a statement of the number and types of persons affected by operation of the program;

(5) a summary statement, for each of the last three completed fiscal years, of the number of personnel employed in carrying out the program and a summary of the cost of personnel employed under contract in carrying out the program;

(6) an assessment of the effect of the program on the economy of the state;

(7) an assessment of the degree to which the overall policies of the program, as expressed in regulations adopted by the agency, board, or commission and its decisions, meet the objectives of the legislature in establishing the program;

(8) an analysis of the services and performance estimated to be achieved if the life of the agency, board, or commission were to be continued;

(9) a prioritized list of the activities the agency, board, or commission would be expected to perform if the life of the agency, board, or commission were to be continued, from the most important to the least important.

(g) All goals and objectives, plans, programs, estimates, budgets, and other documents forwarded to the office of management and budget by a state agency under this section are public information after the date they are forwarded.

(h) Each agency shall, with participation of its employees, develop methods for measuring agency results. A group or committee established by an agency to develop methods of measuring results shall include a representative of each of the bargaining units that represents employees of the agency.
Alaska Stat. § 37.15.380 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.380
Sale of notes.
Status: in_force

Notes issued under this chapter shall be sold by the state bond committee in the manner and at the price or prices as it shall determine, at either public or private sale; however, a note sold under this chapter may not be sold for less than par and accrued interest or at an interest rate exceeding 11 percent a year or that rate of interest that is 110 percent of the rate of Bond Buyer Index of 20 Municipal Bond Average Yields for the week previous to the date of sale of the notes, whichever is higher.
Alaska Stat. § 37.06.080 — AK Code / Title 37 / Chapter 37.06 / Section 37.06.080
Adoption of regulations.
Status: in_force

The Department of Commerce, Community, and Economic Development (1) may adopt regulations that impose additional requirements or procedures to implement, interpret, make specific, or otherwise carry out the provisions of this chapter;

(2) shall adopt regulations providing for periodic audits of the use of money for grants under this chapter, including audit of the department's determination of the value of, and adequacy of the verification of the actual use of, locally funded or contributed labor on projects funded by a grant under this chapter.
Alaska Stat. § 37.13.206 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.206
Regulations.
Status: repealed

(a) The board may adopt regulations to carry out the purposes of this chapter and shall adopt regulations under AS 37.13.120 (a). The provisions of AS 44.62 (Administrative Procedure Act) regarding the adoption of regulations do not apply to regulations of the corporation.

(b) The board may adopt regulations under this section by motion, by resolution, or in any other manner permitted by the bylaws of the corporation.

(c) Except as provided in (f) of this section, at least 15 days before the adoption, amendment, or repeal of a regulation, the corporation shall give public notice of the proposed action by (1) publishing the notice in a newspaper of general circulation or trade or industry publication that the corporation prescribes;

(2) posting the notice on the Alaska Online Public Notice System;

(3) furnishing the notice, by electronic format, to all legislators; and

(4) providing a copy of the notice to every person who has filed a request for notice of proposed regulation with the corporation.

(d) The public notice must include a statement of the time, place, and nature of the proceedings for the adoption, amendment, or repeal of the regulation and an informative summary of the subject of the proposed action.

(e) On the date and at the time and place designated in the notice, the corporation shall give each interested person or the person's authorized representative, or both, the opportunity to present statements, arguments, or contentions in writing, with or without opportunity to present them orally. The board may accept material presented by any form of communication and shall consider all factual, substantive, and other relevant matter presented to it before adopting, amending, or repealing a regulation. A regulation adopted, amended, or repealed by the board may vary from the informative summary specified in (d) of this section if the subject of the action taken on the regulation remains the same and if the original notice of the proposed action was written so as to ensure that members of the public are reasonably notified of the subject of the proposed action in order for members of the public to determine whether their interests could be affected by the board's proposed action on that subject.

(f) A regulation or order of repeal of a regulation under this section may be made as an emergency regulation if, in the order of adoption, the board states the facts constituting the emergency and makes a finding that the adoption of the regulation or repeal is necessary for the immediate preservation of the orderly operation of the corporation. The requirements of (c)  (e) of this section do not apply to the initial adoption of an emergency regulation or repeal under this subsection; however, upon adoption of an emergency regulation or repeal under this subsection, the corporation shall, within 10 days after that adoption, comply with the notice procedures specified in (c)  (e) of this section. An emergency regulation or repeal adopted under this subsection does not remain in effect for more than 120 days unless, before the expiration of that period, the corporation complies with the procedures specified in (c)  (e) of this section.

(g) A regulation adopted under this section takes effect immediately upon its adoption by the board or at another time specified in the order of adoption. The regulation shall be submitted to the lieutenant governor for publication in the Alaska Administrative Code and Register.
Alaska Stat. § 37.15.700 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.700
Refunding.
Status: in_force

(a) The bonds or any part of them may be refunded at or before their maturity by the issuance of refunding revenue bonds of the state if in the opinion of the committee refunding is advantageous to and in the best interest of the state and its inhabitants.

(b) The issuance of refunding bonds need not be authorized by an act of the legislature, and the committee shall adopt the resolution and prepare all other documents and proceedings necessary for the issuance, exchange or sale, and delivery of the bonds. All provisions of AS 37.15.610  37.15.760 applicable to revenue bonds are applicable to the refunding bonds and to the issuance, sale, or exchange of the bonds, except as otherwise provided in this section.

(c) Refunding bonds may be issued in a principal amount sufficient to provide money for the payment of all bonds to be refunded by them, and, in addition, for the payment of all expenses incident to the calling, retiring, or paying of the outstanding bonds, and the issuance of the refunding bonds. These expenses include the difference in amount between the par value of the refunding bonds and any amount less than par for which the refunding bonds are sold, any amount necessary to be made available for the payment of interest on the refunding bonds from the date of sale of them to the date of payment of the bonds to be refunded or to the date upon which the bonds to be refunded will be paid under the call of the bonds or agreement with the holders of them, and the premium, if any, necessary to be paid in order to call or retire the outstanding bonds and the interest accruing on the outstanding bonds to the date of the call or retirement.
Alaska Stat. § 37.14.009 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.009
Trust management.
Status: reserved

(a) The Alaska Mental Health Trust Authority (1) has a fiduciary obligation to ensure that the assets of the trust are managed consistent with the requirements of the Alaska Mental Health Enabling Act, P.L. 84-830, 70 Stat. 709 (1956);

(2) shall contract with the Department of Natural Resources to manage the land assets of the trust; the contract must provide for the recording of at least one conveyance to the authority by quitclaim deed of mental health trust land in each recording district in the state in which mental health trust land is located; a conveyance to the authority is exempt from the platting and surveying requirements of AS 38.04.045 (b) and municipal ordinances adopted under AS 29.40 ; when the Department of Natural Resources manages land assets of the trust under a contract entered into under this paragraph, the department shall (A) manage in conformity with AS 38.05.801 ;

(B) consult with the authority before adopting regulations under AS 38.05.801 (c);

(C) provide notice to, and consult with, the authority regarding all proposed actions subject to public notice under AS 38.05.945 before giving that public notice;

(D) annually provide the authority with a report including (i) a description of all land management activities undertaken under this section during the prior year;

(ii) an accounting of all income and proceeds generated from mental health trust land;

(iii) an explanation of the manner in which the income and proceeds were allocated between the mental health trust fund and the mental health trust settlement income account; and

(E) obtain the approval of the authority before exchanging mental health trust land under AS 38.05.801 (b)(2); and

(3) shall contract with Alaska Permanent Fund Corporation for management of the mental health trust fund.

(b) [Repealed, § 39 ch 5 FSSLA 1994.]
Alaska Stat. § 37.15.605 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.605
Definitions.
Status: in_force

In AS 37.15.560  37.15.605, (1) bond redemption funds means the Alaska clean water fund revenue bond redemption fund and the Alaska drinking water fund revenue bond redemption fund established in AS 37.15.565 , as applicable;

(2) bond resolution means the resolution or resolutions adopted by the committee under AS 37.15.573 authorizing the issuance of bonds;

(3) bonds means the Alaska clean water fund revenue bonds or the Alaska drinking water fund revenue bonds authorized in AS 37.15.560  37.15.605, as applicable;

(4) commissioner of environmental conservation means the principal executive officer the Department of Environmental Conservation as provided in AS 44.46.010 , or a successor;

(5) commissioner of revenue means the principal executive officer of the Department of Revenue as provided in AS 44.25.010 , or a successor;

(6) committee means the state bond committee created in AS 37.15.110 or any other committee, body, department, or officer of the state that succeeds to the rights, powers, duties, and obligations of the state bond committee by lawful act of the legislature;

(7) costs of issuance and administration means all costs associated with issuance and administration of Alaska clean water fund revenue bonds or the Alaska drinking water fund revenue bonds, as applicable, and refunding bonds, including costs of bond printing, official statements, financial advisors, travel costs, rating agencies, bond insurance, letters and lines of credit for credit enhancement, underwriters, legal services, paying agents, bonds registrars, bond and escrow trustees, arbitrage rebate, and all other costs, including administrative costs, both direct and indirect.

Article 6. Toll Facilities Revenue Bonds.
Alaska Stat. § 37.15.100 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.100
Trustee.
Status: in_force

If the state bond committee finds it necessary to accomplish the most advantageous sale of the bonds, the committee shall select a trustee for the owners and holders of the bonds or for the safeguarding and disbursement of the proceeds of the sale of the bonds for the use and purpose for which issued, and shall fix the rights, duties, powers, and obligations of the trustee.
Alaska Stat. § 37.14.810 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.810
Powers and duties of the commissioner of revenue.
Status: in_force

The commissioner of revenue is a fiduciary to the fund. The commissioner shall manage both the mine reclamation trust fund income account and the mine reclamation trust fund operating account and shall invest their assets in accordance with AS 37.10.071 .
Alaska Stat. § 37.05.580 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.580
Tobacco use education and cessation fund.
Status: in_force

(a) There is created as a special account in the general fund the tobacco use education and cessation fund into which shall be deposited 20 percent annually of the revenue derived from the settlement of State of Alaska v. Philip Morris, Incorporated, et al, No. 1JU-97-915 CI (Alaska Super. 1997). The purpose of the tobacco use education and cessation fund is to provide a source to finance the comprehensive smoking education, tobacco use prevention, and tobacco control program authorized by AS 44.29.020 (a)(12).

(b) The legislature may make appropriations from the tobacco use education and cessation fund for the comprehensive smoking education, tobacco use prevention, and tobacco control program established under AS 44.29.020 (a)(12).

(c) Nothing in this section creates a dedicated fund.
Alaska Stat. § 37.10.060 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.060
Department of Revenue to deposit money in state treasury.
Status: in_force

All fees and receipts received by the Department of Revenue from any source shall be deposited in the state treasury at least once each month, and credited by the department to the proper fund.
Alaska Stat. § 37.05.285 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.285
Payment for state purchases.
Status: in_force

(a) Payment for purchases of goods or services provided a state agency shall be made by a required payment date that is (1) the date on which payment is due under the terms of a contract; or

(2) 30 days after receipt of a proper billing for the amount of the payment due, if a date on which payment is due is not established by contract and if the billing contains or is accompanied by documents required by the contract or purchase order.

(b) If a seller offers a discount from the amount otherwise due for property or services in exchange for payment within a specified period of time, the state agency may make payment in an amount equal to the discounted price only if payment is made within the specified period of time.

(c) If payment for goods or services purchased by the state is not made on or before a required payment date under (a) of this section, the state shall pay interest on the unpaid balance from the required payment date at the rate of 1.5 percent a month, unless an agreement exists between the seller and the state that establishes a lower rate of interest or precludes the charging of interest. If the interest-bearing period of time is either (1) a fraction of a month or (2) one or more full months plus a fraction of a month, the state agency shall pay the same amount of interest for the fraction of a month as it would pay for a full month.

(d) This section does not apply (1) if the cost of the goods or services purchased exceeds $500,000;

(2) to payment for specific goods or services in dispute after a seller of goods or services receives notice from the state official responsible for authorizing payment for goods and services that the amount of the invoice or quality of specific goods or services is in dispute and stating the reasons for the dispute; the state agency shall pay for the specific goods or services in dispute within 30 days after resolution of the dispute; or

(3) to a contract covered by AS 36.90.200  36.90.290.

(e) Interest paid under (c) of this section shall be charged to the budget of the state agency that purchased the goods or services.

(f) In this section, (1) dispute means a determination by the state official responsible for authorizing the payments for the purchase of goods or services that the performance or price charged is not in compliance with the terms of the contract or purchase order;

(2) payment is considered made on the date when the payment is personally delivered to the seller or agent of the seller or on the date the payment is mailed;

(3) state agency has the meaning given in AS 37.05.990 and also includes the legislative and judicial branches.

Article 4. Risk Management.
Alaska Stat. § 37.07.080 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.080
Program execution.
Status: in_force

(a) Except as limited by executive decisions of the governor, the mission statements and desired results issued by the legislature, appropriations by the legislature, and other provisions of law, the several state agencies have full authority for administering their program service assignments and are responsible for their proper management.

(b) Each state agency shall prepare an annual plan for the operation of each of its assigned programs except for programs that are exempted from this requirement by the office. The operations plan shall be prepared in the form and content and be transmitted on the date prescribed by the office.

(c) The office shall (1) review each operations plan to determine that it is consistent with the executive decisions of the governor, the mission statement and desired results issued by the legislature, appropriations by the legislature, and other provisions of law, that it reflects proper planning and efficient management methods, and that appropriations have been made for the legislatively established purpose and will not be exhausted before the end of the fiscal year;

(2) approve the operations plan if satisfied that it meets the requirements under (1) of this subsection; otherwise, the office shall require revision of the operations plan in whole or in part.

(d) A state agency may not increase the salaries of its employees, employ additional employees, or expend money or incur obligations except in accordance with law and a properly approved operations plan.

(e) Transfers or changes between objects of expenditures or between allocations may be made by the head of an agency upon approval of the office. Transfers may not be made between appropriations, including transfers made through the use of a reimbursable service agreement or other agreement, except as provided in an act making the transfers between appropriations. However, a reimbursable service agreement or other agreement may be used to finance the provision of a service if (1) the agency that requires the service has, by law, the authority to obtain or provide the service and has an appropriation that may be used for that purpose; and

(2) the agency that provides the service bills the agency administering the available funds based on (A) the actual cost to provide the service; or

(B) a cost allocation method approved by the office.

(f) The office shall report quarterly to the governor and the legislature on the operations of each state agency, relating actual accomplishments to those planned and modifying, if necessary, the operations plan of any agency for the balance of the fiscal year.

(g) The governor may direct the withholding or reduction of appropriations to a state agency at any time during the fiscal year only if the governor determines that the planned expenditures can no longer be made due to factors outside the control of the state which make the expenditure factually impossible.

(h) The increase of an appropriation item based on additional federal or other program receipts not specifically appropriated by the full legislature may be expended in accordance with the following procedures: (1) the governor shall submit a revised program to the Legislative Budget and Audit Committee for review;

(2) 45 days shall elapse before commencement of expenditures under the revised program unless the Legislative Budget and Audit Committee earlier recommends that the state take part in the federally or otherwise funded activity;

(3) should the Legislative Budget and Audit Committee recommend within the 45-day period that the state not initiate the additional activity, the governor shall again review the revised program and if the governor determines to authorize the expenditure, the governor shall provide the Legislative Budget and Audit Committee with a statement of the governor's reasons before commencement of expenditures under the revised program.
Alaska Stat. § 37.07.060 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.060
Governor's recommendation.
Status: in_force

(a) The governor shall formulate the operating and capital budget, capital improvements program, and fiscal plan required to be recommended to the legislature by AS 37.07.020 after considering the state agency proposed program and financial plans prepared in accordance with AS 37.07.050 , and other programs and alternatives that the governor considers appropriate. The plans must include the governor's recommended missions and results, recommended strategies to implement the missions and results, recommended measures for determining whether the missions and desired results are achieved, including an assessment of whether prior year missions and desired results have been achieved, recommended operating program for the succeeding fiscal year, recommended capital improvements program for the succeeding six fiscal years, recommended programs for the upgrading of public buildings and facilities prepared in accordance with AS 35.10.015 , and recommended revenue measures to support the programs.

(b) The governor shall present the proposed comprehensive operating and capital improvements programs, and fiscal plan if it is required under AS 37.07.020 (b), in a message to a joint session of the legislature before the fourth legislative day following the convening of the legislature in regular session. The message must be accompanied by an explanatory report that summarizes recommended goals, plans, and appropriations. The report must contain (1) the coordinated program goals and objectives that the governor recommends to guide the decisions on the proposed program plans and budget appropriations;

(2) the governor's operating program and budget recommendations for the succeeding fiscal year organized by agency as required by AS 37.07.020 (a);

(3) the governor's capital improvements program and budget recommendations for the succeeding fiscal year and capital improvements program for the succeeding six fiscal years, which must include (A) a description of each project, its estimated cost for the year construction is to start and the estimated cost of the project adjusted for inflation over the estimated period of construction, and the source of financing for the project; the project description for a new building or a new facility or for a major addition to a building or facility should include a site plan, preliminary drawings, and architect's or engineer's total cost estimate for the project;

(B) a summary of projects previously authorized and not yet completed;

(C) a summary, listed by agency, of all previously proposed projects that have been deferred beyond the six years covered by the plan and the year in which construction has been rescheduled to begin;

(D) a forecast of the debt structure of the state and the various debt ratios over the life of the state's bonds outstanding, bonds authorized and to be issued, and bond authorizations recommended in the plan;

(E) a description of additional revenue measures needed to finance the plan in lieu of debt;

(F) bond election bills to authorize the bonds required to fund the projects scheduled for the first three years of the plan;

(G) projections of population of the state and its regions and communities;

(H) economic data and projections necessary for the evaluation of the plan;

(4) a summary of state receipts in the last fiscal year, a revised estimate for the current fiscal year, and an estimate for the succeeding fiscal year;

(5) a summary of expenditures during the last fiscal year, those authorized for the current fiscal year, and an estimate for the succeeding fiscal year;

(6) any additional information that will facilitate understanding of the governor's proposed programs and financial plans by the legislature and the public.
Alaska Stat. § 37.10.078 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.078
Prohibited deposits and investments in certain banks.
Status: in_force

The commissioner of revenue may not make investments or deposits with a bank doing business in Alaska that has a general practice of (1) charging a fee for handling disbursements issued by the state; or

(2) refusing to handle disbursements issued by the state.
Alaska Stat. § 37.16.030 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.030
Bond authorization.
Status: in_force

(a) For purposes of financing prepayment of all or a portion of a governmental employer's share of unfunded accrued actuarial liability of retirement systems, including the costs of issuance and administration, the issuance and sale of bonds by the corporation is authorized as provided in this section and AS 37.16.040  37.16.900, but only after submitting a proposal to the Legislative Budget and Audit Committee under (e) of this section and if the state bond rating is the equivalent of AA- or better. The net proceeds of the sale of the bonds remaining after payment of costs of issuance and administration shall be transferred to the commissioner of administration for the account of the governmental employer whose share of unfunded accrued actuarial liability is to be prepaid for application to that liability. Accrued interest paid on the bonds shall be paid into the reserve fund.

(b) The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, is limited as provided in AS 37.15.903 . The bonds do not constitute a general obligation of the state. Authorization by the voters of the state or the legislature is not required.

(c) The corporation may enter into agreements with other state agencies as necessary or convenient to implement this section and AS 37.16.040  37.16.900.

(d) The corporation may contract for the services of underwriters, paying agents, trustees, bond printers, rating agencies, bond insurance, credit enhancement providers, accountants, financial advisors, and bond counsel, and other services as are necessary to accomplish the bond issuance and sale.

(e) Before the issuance and sale of bonds under this section, the corporation shall submit a proposal to the Legislative Budget and Audit Committee for review, and 45 days shall elapse before bonds are issued and sold, unless the Legislative Budget and Audit Committee earlier recommends that the corporation proceed with the issuance. Should the Legislative Budget and Audit Committee recommend within the 45-day period that the corporation not proceed with the issuance and sale of bonds, the corporation shall again review the proposal, and, if the corporation decides to issue and sell the bonds, the corporation shall provide the Legislative Budget and Audit Committee with a statement of the corporation's reasons for doing so before issuance under this section.
Alaska Stat. § 37.30.100 — AK Code / Title 37 / Chapter 37.30 / Section 37.30.100
Prohibited bidding on bonds.
Status: in_force

(a) A person who provides financial programming or marketing assistance to a political subdivision of the state, whether home rule or otherwise, in connection with the issuance or sale of general obligation bonds, revenue bonds, or bond anticipation notes of the political subdivision may not bid on the bonds or notes if offered at public sale, or negotiate for their purchase if sold at private sale.

(b) The sale of general obligation, revenue bonds, or bond anticipation notes of a political subdivision to a person prohibited from bidding on, or negotiating for the sale of bonds or notes under (a) of this section is against public policy and the sale is void.

(c) In this section person means an individual, firm, agent, factor, intermediary, partnership, corporation, association, bond house, stockbroker, or bond broker.
Alaska Stat. § 37.14.035 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.035
Trust fund utilization.
Status: in_force

(a) The cash principal of the mental health trust fund shall be retained perpetually in the fund for investment by the Alaska Permanent Fund Corporation, as specified in AS 37.13.300 .

(b) The net income of the fund shall be transferred by the corporation to the mental health trust settlement income account at the end of each fiscal year.

(c) The net income of the fund may only be utilized by the Alaska Mental Health Trust Authority for the purposes listed in AS 37.14.041 .
Alaska Stat. § 37.15.415 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.415
Continuing revenue bond debt service appropriation.
Status: in_force

The amounts required annually to pay the principal, interest, and redemption premium on all issued and outstanding international airports revenue bonds of the state are appropriated each fiscal year from the international airports revenue fund to the state bond committee to make all required payments of principal, interest, and redemption premium.
Alaska Stat. § 37.15.255 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.255
Bond resolution.
Status: in_force

The committee shall authorize the issuance of bonds by adopting a resolution and shall prepare all other documents and proceedings necessary for the issuance, sale, and delivery of the bonds or any part or series of them. The bond resolution may fix or the committee's delegated representative, subject to parameters set by the committee, may fix the principal amount, denominations, date, maturities, manner of sale, place or places of payment, rights of redemption, if any, terms, form, conditions, and covenants of the bonds or each series of bonds.
Alaska Stat. § 37.05.144 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.144
Appropriations based on program receipts.
Status: in_force

The annual estimated balance in each account maintained under AS 37.05.142 may be used by the legislature to make appropriations to state agencies to administer the programs generating the program receipts, to implement the laws related to the functions generating the program receipts, or to cover costs associated with the collection of the program receipts.
Alaska Stat. § 37.07.100 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.100
Proposed supplemental or special appropriations.
Status: in_force

The governor from time to time may transmit to the legislature proposed supplemental or special appropriations in accordance with AS 37.07.070 which in the governor's judgment are necessary. However, if the governor finds that an emergency situation necessitates the proposal of supplemental or special appropriations, the governor may transmit them to the legislature at any time. The governor shall accompany each proposal with a statement of the reasons for it, including the reasons for its omission from the budget.
Alaska Stat. § 37.15.360 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.360
Limitation on issuance of notes.
Status: in_force

The total amount of such notes issued and outstanding shall at no time exceed the total amount of bonds authorized to be issued.
Alaska Stat. § 37.14.003 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.003
Responsibilities of the governor.
Status: in_force

(a) At the time the governor submits the report under AS 37.07.060 (b), the governor shall submit to the legislature a separate appropriation bill limited to appropriations for the state's integrated comprehensive mental health program.

(b) If the appropriations in the bill submitted by the governor under (a) of this section differ from those proposed by the authority, the bill must be accompanied by a report explaining the reasons for the differences between the proposed appropriations in the governor's bill and the authority's recommendations for expenditures from the general fund for the state's integrated comprehensive mental health program.

(c) If the governor vetoes all or a part of an appropriation for the integrated comprehensive mental health program, the governor's veto message must explain the vetoes in light of the authority's recommendations for expenditures from the general fund for the state's integrated comprehensive mental health program.
Alaska Stat. § 37.14.410 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.410
Reimbursed expenditures.
Status: in_force

(a) Amounts received by the state as reimbursement for expenses related to the Exxon Valdez oil spill incurred by the state on or before December 31, 1992, shall be deposited in the general fund and, except as required under (b) of this section, may not be credited to an oil and hazardous substance release mitigation account under AS 46.04.010 or to an account established in AS 46.08.020 or 46.08.025.

(b) A percentage of each payment deposited in the general fund under (a) of this section shall be credited to the prevention account established in AS 46.08.010 (a)(1). That percentage is determined by dividing (1) the amount of the expenses for which the state may be reimbursed under (a) of this section that were paid from the oil and hazardous substance release response fund established under AS 46.08.010 , by

(2) the total amount of expenses for which the state may be reimbursed under (a) of this section.
Alaska Stat. § 37.15.710 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.710
Bonds as legal investments.
Status: in_force

Toll facilities bonds are legal investments for all banks, trust companies, savings banks, savings and loan associations, and other persons carrying on a banking business, all insurance companies and other persons carrying on an insurance business, and all executors, administrators, trustees, and other fiduciaries. The bonds may be accepted as security for deposits of all money of the state and its political subdivisions.
Alaska Stat. § 37.15.565 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.565
Bond redemption funds.
Status: in_force

(a) There are established special funds of the state, known as the Alaska clean water fund revenue bond redemption fund  and the Alaska drinking water fund revenue bond redemption fund, which are trust funds for paying and securing the payment of the principal of and interest and redemption premium, if any, on the bonds and which shall be at all times completely segregated and set apart from all other funds of the state. The committee, on behalf of the state, may obligate and bind the state to set aside and pay into the bond redemption funds, on a monthly or other periodic basis, any part or parts of, or all of, or a fixed proportion of, or a fixed amount of the money in the Alaska clean water fund ( AS 46.03.032 ) or the Alaska drinking water fund ( AS 46.03.036 ) sufficient to pay the principal of and interest and redemption premium, if any, on the bonds and, if it considers it necessary, to set aside and maintain reserves for this purpose. The bond redemption funds shall be drawn upon only for the purpose of paying the principal of and interest and redemption premium, if any, on the bonds, together with related trustee fees, if any.

(b) Money in the bond redemption funds may be invested in the same manner and on the same conditions as permitted for investment of money belonging to the state or held in the treasury under AS 37.10.070 ; however, the committee may agree with the bondholders to further limit these investments. Earnings on investments must be retained in the bond redemption funds.

(c) Separate accounts may be created in the bond redemption funds for the purposes of paying and securing the bonds. The accounts may be combined for purposes of investment and for financial support to achieve the purposes of AS 37.15.570 (c).
Alaska Stat. § 37.10.220 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.220
Powers and duties of the board.
Status: in_force

(a) The board shall (1) hold regular and special meetings at the call of the chair or of at least five members; meetings are open to the public, and the board shall keep a full record of all its proceedings;

(2) after reviewing recommendations from the Department of Revenue, adopt investment policies for each of the funds entrusted to the board;

(3) determine the appropriate investment objectives for the defined benefit plans established under the teachers' retirement system under AS 14.25 and the public employees' retirement system under AS 39.35 ;

(4) assist in prescribing the policies for the proper operation of the systems and take other actions necessary to carry out the intent and purpose of the systems in accordance with AS 37.10.210  37.10.390;

(5) provide a range of investment options and establish the rules by which participants can direct their investments among those options with respect to accounts established under (A) AS 14.25.340  14.25.350 (teachers' retirement system defined contribution individual accounts);

(B) AS 39.30.150  39.30.180 (State of Alaska Supplementary Annuity Plan);

(C) AS 39.35.730  39.35.750 (public employees' retirement system defined contribution individual accounts); and

(D) AS 39.45.010  39.45.060 (public employees' deferred compensation program);

(6) establish the rate of interest that shall be annually credited to each member's individual contribution account in accordance with AS 14.25.145 and AS 39.35.100 and the rate of interest that shall be annually credited to each member's account in the health reimbursement arrangement plan under AS 39.30.300  39.30.495; the rate of interest shall be adopted on the basis of the probable effective rate of interest on a long-term basis, and the rate may be changed from time to time;

(7) adopt a contribution surcharge as necessary under AS 39.35.160 (c);

(8) coordinate with the retirement system administrator to have an annual actuarial valuation of each retirement system prepared to determine system assets, accrued liabilities, and funding ratios and to certify to the appropriate budgetary authority of each employer in the system (A) an appropriate contribution rate for normal costs; and

(B) an appropriate contribution rate for liquidating any past service liability; in this subparagraph, the appropriate contribution rate for liquidating the past service liability of the defined benefit retirement plan under AS 14.25.009  14.25.220 or the past service liability of the defined benefit retirement plan under AS 39.35.095  39.35.680 must be determined by a level percent of pay method based on amortization of the past service liability for a closed term of 25 years;

(9) review actuarial assumptions prepared and certified by a member of the American Academy of Actuaries and conduct experience analyses of the retirement systems not less than once every four years, except for health cost assumptions, which shall be reviewed annually; the results of all actuarial assumptions prepared under this paragraph shall be reviewed and certified by a second member of the American Academy of Actuaries before presentation to the board;

(10) contract for an independent audit of the state's actuary not less than once every four years;

(11) contract for an independent audit of the state's performance consultant not less than once every four years;

(12) obtain an external performance review to evaluate the investment policies of each fund entrusted to the board and report the results of the review to the appropriate fund fiduciary;

(13) by the first day of each regular legislative session, report to the governor, the legislature, and the individual employers participating in the state's retirement systems on the financial condition of the systems in regard to (A) the valuation of trust fund assets and liabilities;

(B) current investment policies adopted by the board;

(C) a summary of assets held in trust listed by the categories of investment;

(D) the income and expenditures for the previous fiscal year;

(E) the return projections for the next calendar year;

(F) one-year, three-year, five-year, and 10-year investment performance for each of the funds entrusted to the board; and

(G) other statistical data necessary for a proper understanding of the financial status of the systems;

(14) submit quarterly updates of the investment performance reports to the Legislative Budget and Audit Committee;

(15) develop an annual operating budget; and

(16) administer pension forfeitures required under AS 37.10.310 using the procedures of AS 44.62 (Administrative Procedure Act).

(b) The board may (1) employ outside investment advisors to review investment policies;

(2) enter into an agreement with the fiduciary of another state fund in order to assume the management and investment of those assets;

(3) contract for other services necessary to execute the board's powers and duties;

(4) enter into confidentiality agreements that would exempt records from AS 40.25.110 and 40.25.120 if the records contain information that could affect the value of investment by the board or that could impair the ability of the board to acquire, maintain, or dispose of investments.

(c) Expenses for the board and the operations of the board shall be paid from the retirement fund.
Alaska Stat. § 37.10.280 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.280
Insurance.
Status: in_force

The board shall ensure that trusteed assets and its own services are protected. The board may purchase insurance or provide for self-insurance retention in amounts recommended by the commissioner of revenue and approved by the board to cover the acts, including fiduciary acts, errors, and omissions of its board members and agents. Insurance must protect the board and the state from liability to others and from loss of trusteed assets due to the acts or omissions of the trustees.
Alaska Stat. § 37.23.020 — AK Code / Title 37 / Chapter 37.23 / Section 37.23.020
Authorized investments.
Status: in_force

An investment pool may invest only in securities that have a final maturity date within 13 months after the date of purchase, except that floating rate securities with a final maturity date that is longer than 13 months may be purchased if they are subject to at least an annual reset. Investments may only include (1) obligations of the United States and of an agency or instrumentality of the United States;

(2) repurchase and reverse repurchase agreements secured by the Treasury of the United States and obligations of an agency or instrumentality of the United States;

(3) certificates of deposit, bankers acceptances, and other similar obligations of a bank domiciled in the United States that has (A) outstanding debt rated A or higher by at least one of the nationally recognized rating services, including dollar-denominated obligations issued by a United States branch of a foreign bank if the debt of the parent is rated A or higher; and

(B) a combined capital and surplus aggregating at least $500,000,000;

(4) commercial paper and other short-term taxable instruments that, at the time of investment, maintain the highest rating by at least two nationally recognized rating services;

(5) obligations of a corporation domiciled in the United States or obligations of a municipality that are taxable under federal law if the obligations are rated A or higher by at least two nationally recognized rating services at the time of investment;

(6) certificates of deposit that are issued by a state or federally chartered financial institution that is a commercial or mutual bank, savings and loan association, or credit union and if the institution's accounts are insured through the appropriate federal insuring agency of the United States, regardless of whether the institution meets the requirements of (3) of this section;

(7) money market funds in which the securities of the fund consist of obligations listed in this section and otherwise meet the requirements of this chapter;

(8) other cash equivalent investments with a maturity date of one year or less after date of the investment that are of similar quality to those listed in (1)  (7) of this section, are rated A or higher by at least one of the nationally recognized rating services, and are approved by the public entities participating in that investment pool.
Alaska Stat. § 37.05.321 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.321
Restriction on use.
Status: in_force

A grant or earnings from a grant made under AS 37.05.315  37.05.317 may not be used for the purpose of influencing legislative action. In this section influencing legislative action means promoting, advocating, supporting, modifying, opposing, or delaying or seeking to do the same with respect to any legislative action but does not include the provision or use of information, statistics, studies, or analyses in written or oral form or format. A grant or earnings from a grant made under AS 37.05.315  37.05.317 may not be used for purposes of travel in connection with influencing legislative action unless pursuant to a specific request from a legislator or legislative committee.
Alaska Stat. § 37.15.330 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.330
Repayment of notes.
Status: in_force

Every note shall be payable from the proceeds of the next succeeding sale of bonds or from the proceeds of the sale of new bond anticipation notes.
Alaska Stat. § 37.05.325 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.325
Definitions for AS 37.05.315  37.05.317.
Status: in_force

In AS 37.05.315  37.05.317, allocation and appropriation have the meanings given in AS 37.07.120 .
Alaska Stat. § 37.15.040 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.040
Sale of bonds.
Status: in_force

Before selling an issue or series of bonds, the state bond committee shall give notice inviting sealed bids in a manner that it may prescribe. If satisfactory bids are received, the bonds offered for sale shall be awarded to the highest responsible bidder. If the state bond committee determines that the bids received are not satisfactory as to price or responsibility of the bidders, it may reject all bids received.
Alaska Stat. § 37.10.210 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.210
Alaska Retirement Management Board.
Status: in_force

(a) The Alaska Retirement Management Board is established in the Department of Revenue. The board's primary mission is to serve as the trustee of the assets of the state's retirement systems, the State of Alaska Supplemental Annuity Plan, and the deferred compensation program for state employees, and the Alaska retiree health care trusts established under AS 39.30.097 . Consistent with standards of prudence, the board has the fiduciary obligation to manage and invest these assets in a manner that is sufficient to meet the liabilities and pension obligations of the systems, plan, program, and trusts. The board may, with the approval of the commissioner of revenue and upon agreement with the responsible fiduciary, manage and invest other state funds so long as the activity does not interfere with the board's primary mission. In making investments, the board shall exercise the powers and duties of a fiduciary of a state fund under AS 37.10.071 .

(b) The Alaska Retirement Management Board consists of nine trustees, as follows: (1) two members, consisting of the commissioner of administration and the commissioner of revenue;

(2) seven trustees appointed by the governor who meet the eligibility requirements for an Alaska permanent fund dividend and who are professionally credentialed or have recognized competence in investment management, finance, banking, economics, accounting, pension administration, or actuarial analysis as follows: (A) two trustees who are members of the general public; the trustees appointed under this subparagraph may not hold another state office, position, or employment and may not be members or beneficiaries of a retirement system managed by the board;

(B) one trustee who is employed as a finance officer for a political subdivision participating in either the public employees' retirement system or the teachers' retirement system;

(C) two trustees who are members of the public employees' retirement system, selected from a list of four nominees submitted from among the public employees' retirement system bargaining units;

(D) two trustees who are members of the teachers' retirement system selected from a list of four nominees submitted from among the teachers' retirement system bargaining units;

(E) the lists of the nominees shall be submitted to the governor under (C) and (D) of this paragraph within the time period specified in regulations adopted under AS 37.10.240 (a).

(c) The trustees, other than the two commissioners, shall serve for staggered terms of four years and may be reappointed to the board.

(d) The governor may, by written notice to the trustee, remove an appointed trustee for cause. After an appointed trustee receives written notice of removal, the trustee may not participate in board business and may not be counted for purposes of establishing a quorum.

(e) A vacancy on the board of trustees shall be promptly filled. A person filling a vacancy holds office for the balance of the unexpired term of the person's predecessor. A vacancy on the board does not impair the authority of a quorum of the board to exercise all the powers and perform all the duties of the board.

(f) Five trustees constitute a quorum for the transaction of business and the exercise of the powers and duties of the board.

(g) A trustee may not designate another person to serve on the board in the absence of the trustee.

(h) The board shall provide annual training to its members on the duties and powers of a fiduciary of a state fund and other training as necessary to keep the members of the board educated about pension management and investment.

(i) The board shall elect a trustee to serve as chair and a trustee to serve as vice-chair for one-year terms. A trustee may be reelected to serve additional terms as chair or vice-chair.
Alaska Stat. § 37.15.285 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.285
Statutory construction.
Status: in_force

AS 37.15.225  37.15.290 shall be liberally construed in order to carry out the purposes for which they were enacted.
Alaska Stat. § 37.07.062 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.062
Capital budget.
Status: reserved

(a) Each appropriation bill authorizing capital expenditures required to be submitted to the legislature in AS 37.07.020 (a) must be accompanied by documents supporting the expenditures. The documents must list, for each project, the (1) project identification number;

(2) project title;

(3) source of funding;

(4) amount expended on the project during the preceding fiscal year, the amount authorized for the current fiscal year, the amount proposed to be expended during the succeeding fiscal year, and the amount proposed to be expended each year until project completion;

(5) estimated start for construction;

(6) cost of each subsequent phase with estimated construction start and completion dates, for projects that will be completed in phases; and

(7) schedule of bond elections pertaining to the appropriation, including elections previously held.

(b) [Repealed, § 19 ch 61 SLA 2014.] (c) [Repealed, § 19 ch 61 SLA 2014.] (d) [Repealed, § 19 ch 61 SLA 2014.]