Alaska Stat. § 37.14.800 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.800
Mine reclamation trust fund established.
Status: in_force

(a) The mine reclamation trust fund is established as a separate trust fund of the state. The principal and earnings of the fund shall be held by the state for the purpose of protecting the public interest in reclaiming mine sites in the state. The fund is composed of the mine reclamation trust fund income account and the mine reclamation trust fund operating account.

(b) The mine reclamation trust fund income account consists of payments and deposits made by miners to satisfy the miners' reclamation bonding or financial assurance obligation under AS 27.19.040 or AS 27.21.160 and earnings on the income account. The mine reclamation trust fund operating account consists of appropriations by the legislature of the annual balance of the mine reclamation trust fund income account and any earnings on those appropriations while in the operating account.

(c) Before payments are accepted into the mine reclamation trust fund income account for a particular mining operation, the commissioner of natural resources and the miner may execute a memorandum of understanding that outlines a schedule of expected payments into the trust fund and the relationship of the payments and accumulated earnings in the trust fund to reclamation obligations of the miner under AS 27.19.040 or AS 27.21.160 . The memorandum of understanding may also address expected use of the fund under AS 37.14.820 . If the memorandum of understanding addresses investment of the fund with respect to payments made by the miner, the commissioner of revenue must also sign the memorandum.

(d) Nothing in this section creates a dedicated fund.
Alaska Stat. § 37.10.200 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.200
Vocational education account.
Status: in_force

(a) The vocational education account is created in the general fund.

(b) The account consists of (1) appropriations made by the legislature to the account;

(2) gifts, bequests, and contributions; and

(3) income and earnings of the account.

(c) Money in the vocational education account may be appropriated by the legislature to the state and political subdivisions of the state, including regional educational attendance areas and municipal school districts, for vocational education programs and courses approved by the commissioner of labor and workforce development in consultation with the commissioner of education and early development for any other public purpose.

(d) Nothing in this section dedicates funds for a specific purpose.

(e) In this section, vocational education includes vocational training programs and courses taught at the secondary and postsecondary level of education.

Article 6. Alaska Retirement Management Board.
Alaska Stat. § 37.05.210 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.210
Fiscal reporting and statistics.
Status: in_force

(a) The Department of Administration shall (1) file with the governor and with the legislative auditor before December 16 of each year a report of the financial transactions of the preceding fiscal year and of the financial condition of the state as of the end of that year, prepared in accordance with generally accepted accounting principles and audited by the legislative auditor in accordance with generally accepted audit standards, with comments and supplementary data that the Department of Administration considers necessary; this report shall be printed for the information of the legislature and the public and shall be made available to the public on the Internet website established under AS 37.05.215 ;

(2) compile statistics necessary for the budget and other statistics required by the governor;

(3) file a travel and compensation report with the legislature by January 31 of each year containing detailed information for the previous calendar year of the salaries, per diem, travel expenses, relocation expenses, and any additional allowances for (A) the governor, the lieutenant governor, and the chiefs of staff of the governor and lieutenant governor;

(B) the president and vice-president of the University of Alaska and the chancellors of the individual campuses of the university;

(C) the commissioners or other executive heads of the principal departments in the executive branch of state government, and the deputy commissioners and division directors in those departments; and

(D) the executive heads of public corporations created by law, including the Alaska Railroad Corporation.

(b) By January 21 of each year, the University of Alaska and each public corporation shall provide the information related to salaries, per diem, travel expenses, relocation expenses, and any additional allowances to the Department of Administration in the form and manner prescribed by the department.
Alaska Stat. § 37.15.760 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.760
Definitions.
Status: in_force

In AS 37.15.610  37.15.760, unless the context requires otherwise, (1) bond redemption fund means the toll facilities revenue bond redemption fund created by AS 37.15.640 , including any accounts that are created in that fund after October 4, 1984;

(2) bond resolution means the resolution authorizing the issuance of bonds, adopted by the committee under AS 37.15.660 ;

(3) bonds means the toll facilities revenue bonds authorized by AS 37.15.610  37.15.760;

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

(5) construction fund means the toll facilities construction fund created by AS 37.15.620 ;

(6) revenue fund means the toll facilities revenue fund created by AS 37.15.630 ;

(7) toll facilities means highways, roads, bridges, tunnels, crossings, and causeways upon which tolls, charges, rentals, or other user fees are placed by the commissioner of transportation and public facilities.

Article 7. Sport Fishing Facility Revenue Bonds.
Alaska Stat. § 37.10.056 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.056
Petitions to adopt regulations.
Status: in_force

A person requiring a designated regulatory service from a resource agency may petition the resource agency under AS 44.62.220 and 44.62.230 to adopt regulations that would establish, for a category of designated regulatory services, a fixed fee that is (1) confined to the distinct economic sector in which the petitioner is or proposes to be engaged;

(2) where necessary, limited by geography, facility size or capacity, or other relevant factors so as to provide a reasonable assurance that only similarly situated regulatory services, with respect to cost, are included within the fixed fee;

(3) likely to be used by the resource agency more than once; and

(4) based on the average reasonable direct cost incurred by the agency in providing the designated regulatory service.
Alaska Stat. § 37.16.080 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.080
Purposes and sufficiency of revenue.
Status: in_force

The proceeds of bonds may be used for the purposes described in AS 37.16.030 (a), as appropriate. Bonds may not be issued unless the corporation first finds that the actuarially assumed rate of return on the funds managed by the Alaska Retirement Management Board is projected to exceed the true interest cost to be paid on the bonds by at least 1.5 percent annually.
Alaska Stat. § 37.15.225 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.225
Bond authorization.
Status: in_force

(a) For purposes of financing a portion of the costs of the Knik Arm bridge and appurtenant facilities or other toll bridges as the legislature may designate, including the costs of bond issuance, the issuance and sale of bonds of the state by the committee is authorized as provided in AS 37.15.225  37.15.290. The net proceeds of the sale of the bonds remaining after payment of costs of issuance, capitalized interest, if any, and making deposits to the bond reserve fund under AS 37.15.260 , shall be transferred to the Knik Arm construction fund established in AS 37.15.230 or may be held by a trustee to be disbursed to pay the costs of a toll bridge under the terms and conditions set out in a trust agreement. Accrued interest paid on the bonds shall be paid into the bond redemption fund.

(b) Prior to the issuance of bonds authorized under (a) of this section, the committee shall send notice of the issuance to the legislature.

(c) The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, is limited as provided in AS 37.15.235 . 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 committee may enter into agreements with other state agencies as necessary or convenient to implement AS 37.15.225  37.15.290.

(e) 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 other services as are necessary to accomplish the bond issuance and sale.

(f) The state may not issue bonds under (a) of this section for financing the Knik Arm bridge and appurtenant facilities until the Federal Highway Administration, United States Department of Transportation, has approved a loan to the state of at least 30 percent of the total project cost for construction of the Knik Arm bridge and appurtenant facilities under 23 U.S.C. 601  609 (Transportation Infrastructure Finance and Innovation Act of 1998).
Alaska Stat. § 37.14.200 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.200
Alaska children's trust established.
Status: in_force

(a) The Alaska children's trust is established as a separate endowment trust of the state.

(b) The trust consists of (1) legislative appropriations to the trust;

(2) donations to the trust; and

(3) income earned on investments of trust assets appropriated by the legislature to the trust.

(c) The commissioner of revenue shall manage the trust as an endowment, with the goal that the purchasing power of the trust will not diminish over time without regard to additional contributions that may be made to the trust. The commissioner shall invest the assets of the trust in a manner likely to yield at least a five percent real rate of return over time. The commissioner may commingle the assets of the trust with other public funds for purposes of investment.

(d) In carrying out the investment duties under AS 37.14.200  37.14.270, the commissioner of revenue has the powers and duties set out in AS 37.10.071 . The commissioner shall provide reports to the board on the condition and investment performance of the trust.

(e) As soon as is practicable after July 1 of each year, the commissioner of revenue shall determine the average of the market values of the trust on June 30 for the immediately preceding three fiscal years. The commissioner shall identify five percent of that amount as available for appropriation to the grant account from which the board may award grants under AS 37.14.230 . The commissioner shall also report as available for appropriation a total of amounts previously identified as available for appropriation to the grant account that have not been appropriated.

(f) The legislature may appropriate from the principal of the trust up to $150,000 each year for the administrative expenses of the board relating to AS 37.14.200  37.14.270. The legislature may also appropriate from the principal of the trust expenses related to the commissioner of revenue's management of trust assets.

(g) Nothing in this section creates a dedicated fund.
Alaska Stat. § 37.10.290 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.290
Exemption from taxation.
Status: in_force

Except as provided in AS 29.45.030 (a) for property acquired through foreclosure or deed in lieu of foreclosure, the board and all properties at any time owned by it, managed by it, or held by it in trust, and the income from those activities, are exempt from all taxes and assessments in the state. All security instruments issued by the board and income from them are exempt from all taxes and assessments in the state, including transfer taxes.
Alaska Stat. § 37.15.510 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.510
State improvements to airports.
Status: in_force

The state is authorized to acquire, equip, construct, and install additions and improvements to and extensions of the airports, facilities for the landing, parking, loading, storing, repairing, safety, and utility of aircraft at the airports and passenger, freight, and terminal facilities, including safety equipment and devices at the airports, found to be necessary by the commissioner of transportation and public facilities.
Alaska Stat. § 37.23.030 — AK Code / Title 37 / Chapter 37.23 / Section 37.23.030
Collateralization.
Status: in_force

Investment in certificates of deposit under AS 37.23.020 (6) and the entire amount of principal and interest payable upon maturity of the certificates must be collateralized by a combination of securities that are marked to market at least monthly and have maturity dates that do not exceed five years. Only the following securities may serve as collateral: (1) obligations of the United States with a maturity date of five years or less after the date of the pool's investment transaction, and with a market value of at least 102 percent;

(2) securities in United States agencies or instrumentalities that are actively traded, other than mortgage pass-through securities, with a maturity date of (A) one year or less after the date of the pool's investment transaction, and with a market value of at least 103 percent;

(B) more than one year and less than five years after the date of the pool's investment transaction, and with a market value of at least 107 percent;

(3) mortgage pass-through securities issued by the Government National Mortgage Association with a market value of at least 120 percent;

(4) obligations of the state or its political subdivisions secured by the full faith, credit, and taxing power of the state or its political subdivisions, rated A or higher by at least one of the nationally recognized rating services, with a maturity date of (A) one year or less after the date of the pool's investment transaction, and with a market value of at least 102 percent;

(B) more than one and less than five years after the date of the pool's investment transaction, and with a market value of at least 107 percent.
Alaska Stat. § 37.15.520 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.520
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 interests 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 or resolutions and prepare all other documents and proceedings necessary for the issuance, exchange, or sale, and delivery of such bonds. All provisions of AS 37.15.410  37.15.550 applicable to revenue bonds 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 funds 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 upon 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 pursuant to the call of them 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 them to the date of the call or retirement.
Alaska Stat. § 37.15.720 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.720
State toll facilities.
Status: in_force

The state is authorized to acquire, construct, equip, and maintain toll bridges, tunnels, highways, roads, crossings, and causeways found to be necessary by the commissioner of transportation and public facilities.
Alaska Stat. § 37.15.595 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.595
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. § 37.14.036 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.036
Trust settlement income account established.
Status: reserved

(a) The mental health trust settlement income account is established as a separate account of the Alaska Mental Health Trust Authority. The mental health trust settlement income account consists of (1) fees, charges, income earned on assets, and other money received by the trust that is not attributable to the principal of the trust under AS 37.14.031 (d); and

(2) money deposited in the account in accordance with appropriations or allocations made by law.

(b) The authority may establish subaccounts within the mental health trust settlement income account.

(c) [Repealed, § 39 ch 5 FSSLA 1994.]
Alaska Stat. § 37.16.040 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.040
Reserve fund.
Status: in_force

(a) The corporation may establish and maintain a special fund called the Alaska Pension Obligation Bond Corporation reserve fund in which there shall be deposited or transferred (1) all money appropriated by the legislature for the purpose of the fund in accordance with the provisions of (g) of this section;

(2) all proceeds of bonds required to be deposited in the fund by terms of a contract between the corporation and its bondholders or a resolution of the corporation with respect to the proceeds of bonds;

(3) all other money appropriated by the legislature to the reserve fund; and

(4) any other money or funds of the corporation that it decides to deposit in the fund.

(b) Subject to the provisions of (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 of the corporation as the interest and principal become due and payable to the retirement of bonds, or to the payment or prepayment of a portion of the participating governmental employer's share of the accrued actuarial liabilities of retirement systems. 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 a contract between the corporation and its bondholders and for which payments of other money of the corporation 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 by the corporation to pay or prepay a portion of a participating governmental employer's share of the accrued actuarial liabilities of retirement systems or transferred to another fund or account of the corporation subject to the provision of (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 corporation 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 corporation. 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 this chapter, bonds may not be issued by the corporation unless there is in the reserve fund the required debt service reserve for all bonds then issued and outstanding and for the bonds to be issued; however, the corporation 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 corporation may at any time issue its 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 the corporation with respect to the fund.

(g) To assure the maintenance of the required debt service reserve in the reserve fund, the legislature may appropriate annually to the corporation for deposit in the fund the sum, certified by the chair of the corporation 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 chair 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 and paid to the corporation 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 the corporation to secure the payment of particular bonds.

(j) The commissioner of revenue may, subject to appropriation, lend surplus money in the general fund to the corporation for deposit to any 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 corporation, including, without limitation, terms and conditions providing that the loans need not be repaid until the obligations of the corporation 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 corporation.
Alaska Stat. § 37.15.587 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.587
Purposes and sufficiency of revenue.
Status: in_force

The proceeds of bonds may be used for the purposes described in AS 46.03.032 or 46.03.036, as appropriate. Bonds may not be issued unless the committee first finds that revenue to be derived from repayment of loans from the Alaska clean water fund or the Alaska drinking water fund, as appropriate, will be sufficient, together with other available money, to comply with all covenants of the bond resolutions.
Alaska Stat. § 37.14.160 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.160
Duties of the commissioner of revenue.
Status: in_force

The commissioner of revenue is the treasurer of the trust fund created in AS 37.14.110 and shall (1) in carrying out investment duties under this section, exercise the same powers and duties established for the Alaska Retirement Management Board in AS 37.10.220 ;

(2) deposit the principal and income from investments into the fund;

(3) invest and maintain accounting records;

(4) provide reports to the board established under AS 37.14.120 on the condition and investment performance of the fund;

(5) determine, on July 1 of each year, the monthly average market value of the fund for the five fiscal years preceding the previous fiscal year.
Alaska Stat. § 37.15.573 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.573
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 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. A bond resolution may state terms, conditions, amounts, and other limitations on loans to be made from the Alaska clean water fund ( AS 46.03.032 ) or the Alaska drinking water fund ( AS 46.03.036 ), as appropriate, from the relevant bond proceeds.
Alaska Stat. § 37.18.090 — AK Code / Title 37 / Chapter 37.18 / Section 37.18.090
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, in the opinion of the corporation, refunding is advantageous to and in the best interest of the corporation, the state, and the state's inhabitants.

(b) The issuance of refunding bonds need not be authorized by the legislature or ratified by qualified voters of the state, as required by art. IX, sec. 8, Constitution of the State of Alaska. 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. Those 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 those costs.

(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, or other obligations specified in a bond resolution.

(e) The corporation is authorized to incur expenses to carry out this section.
Alaska Stat. § 37.25.020 — AK Code / Title 37 / Chapter 37.25 / Section 37.25.020
Unexpended balances of appropriation for capital projects.
Status: in_force

An appropriation made for a capital project is valid for the life of the project, and the unexpended balance shall be carried forward to subsequent fiscal years if substantial, ongoing work on the project has begun within five years after the effective date of the appropriation. Between July 1 and August 31 of each fiscal year, a statement supporting the amount of the unexpended balance required to complete the projects for which the initial appropriation was made and the amount that may be lapsed shall be recorded with the Department of Administration. The office of management and budget, in coordination with the Department of Administration, shall deliver to the house and senate finance committees a report of unexpended balances of appropriations for capital projects not later than the 15th day of each regular session of the legislature.
Alaska Stat. § 37.05.190 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.190
Pre-audit of claims.
Status: in_force

(a) The Department of Administration shall examine and audit every receipt, account, bill, claim, refund, and demand on the funds in the state treasury arising from activities carried on by state agencies. It shall determine whether or not the obligation is incurred in accordance with laws and regulations adopted under authority of law, and that the amount is correct and is unpaid.

(b) The department may not approve for payment an account, bill, claim, refund, or demand on funds in the state treasury unless the claim is ordered by act of the legislature or is contracted against the state by an authorized officer or agent of the state.
Alaska Stat. § 37.13.190 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.190
Political activities.
Status: in_force

The resources of the corporation or the fund may not be used to finance or influence political activities.
Alaska Stat. § 37.15.590 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.590
Refunding.
Status: in_force

(a) The committee may refund the bonds or any part of them at or before their maturities or redemption dates 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 the voters of the state or by an act of the legislature. The committee 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 AS 37.15.560  37.15.605 and of AS 46.03.032 and 46.03.036, as appropriate, applicable to revenue bonds 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 in order to call or retire the outstanding bonds and the interest accruing on them to date of the call or retirement; and other such costs. The committee is authorized to incur such expenses.

(d) The committee 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. § 37.10.058 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.058
Definitions.
Status: in_force

In AS 37.10.050  37.10.058, (1) agency means a board, commission, or agency in the legislative, judicial, or executive branch, but does not include the University of Alaska or a public corporation;

(2) designated regulatory service means a regulatory service provided under the following regulatory programs: (A) control of solid waste facilities under AS 46.03.020 (10)(D) and (E);

(B) regulation of the disposal of waste into waters of the state under AS 46.03.100 ;

(C) certification of federal permits or authorizations under 33 U.S.C. 1341 (sec. 401, Clean Water Act);

(D) any authorization for the use or appropriation of water under AS 46.15 ;

(E) administration of emission control permits for the air quality control program under AS 46.14 ; and

(F) regulation of pesticides and broadcast chemicals registered under AS 46.03.320 (a)(4);

(3) direct cost means the hourly rate of salary and benefits of each agency employee, including clerical staff, directly involved in providing a regulatory service, multiplied by the number of hours spent in performing the service, together with the expenditures for goods or third-party services made in providing that service; direct cost does not include (A) the costs and salaries of administrative, support, or supervisory personnel who are not directly engaged in providing the service;

(B) other budgeted overhead expenses, including rent and utilities;

(C) interagency charges that would not meet the requirements of AS 37.10.052  37.10.058 if those charges had been incurred or invoiced by the agency providing the designated regulatory service;

(D) public consultation costs when the consultation is not required by law;

(E) costs related to an appeal of permit issuance by a person other than the applicant for that permit;

(F) expenses that are not reasonably necessary to comply with the law under which the service is provided; or

(G) travel expenses for inspecting businesses having not more than 20 employees;

(4) distinct economic sector means a commercial or industrial segment, or other category of land or water use, that, because of common operational, environmental, or other factors, tends to require similar designated regulatory services; each of the following is an example of a distinct economic sector: (A) oil and gas exploration, development, and production; (B) oil and gas processing and refining; (C) mineral exploration, development, and production; (D) coal exploration, development, and production; (E) commercial fishing; (F) seafood processing; (G) timber harvest; (H) timber processing; and (I) residential development; nothing in this paragraph precludes a resource agency from further subdividing activities listed in (A)  (I) of this paragraph into more appropriate subcategories;

(5) fee means a charge assessed or requested by a state agency for the provision of a service to, the incurring of a burden or cost because of, or the conferring of a benefit upon, a person; fee does not include charges assessed or requested by the Department of Natural Resources associated with pipeline right-of-way leases granted under AS 38.35 ;

(6) hourly rate of salary and benefits means the hourly increment of salary due the state employee under the salary schedule applicable to that employee, multiplied by 149 percent to account for the cost of employment benefits paid by the state to or on behalf of the employee;

(7) permit means a permit, license, certificate, or approval;

(8) regulatory service includes the following services provided by a resource agency: (A) an analysis, deliberation, testing, inspection, approval, or other review related to the application for or issuance, modification, extension, or revocation of a permit; and

(B) an inspection, testing, monitoring, or compliance review undertaken under law or the terms of a permit;

(9) resource agency means the Department of Environmental Conservation, the Department of Fish and Game, and the Department of Natural Resources;

(10) standard designated regulatory service means designated regulatory services for categories of activities that do not generally raise complex or controversial legal, technical, or policy issues.
Alaska Stat. § 37.06.020 — AK Code / Title 37 / Chapter 37.06 / Section 37.06.020
Unincorporated community capital project matching grant program.
Status: in_force

(a) The unincorporated community capital project matching grant program is established in the department. Grants to unincorporated communities under the program shall be administered as provided in this section.

(b) The unincorporated community capital project matching grant fund is established in the department and consists of appropriations to the fund. Appropriations to the fund do not lapse except as provided in (h) of this section. The money in the fund is held by the department in custody under this subsection for each unincorporated community eligible for an allocation under this subsection. The department shall establish an individual grant account within the fund for each unincorporated community that was entitled to receive state aid under AS 29.60.855 during the preceding fiscal year. As provided in this subsection, each fiscal year, the department shall allocate, to the individual grant accounts, appropriations to the fund. An unincorporated community is eligible for an allocation in a fiscal year if the community was eligible to receive state aid under AS 29.60.855 during the preceding fiscal year. The department shall credit interest earned on money in an individual grant account to that account. Except as provided in (c) of this section, the amount allocated under this subsection to an individual grant account in a fiscal year is determined by dividing the total amount appropriated to the fund during that fiscal year by the number of unincorporated communities eligible for an allocation during that fiscal year.

(c) A minimum of $25,000 shall be allocated to each eligible unincorporated community's grant account each fiscal year under (b) of this section. If appropriations are not sufficient to fully fund the minimum amount for each eligible unincorporated community, the amount appropriated shall be allocated equally among the eligible unincorporated communities.

(d) The department shall designate, in each eligible unincorporated community, an incorporated nonprofit entity or a Native village council that agrees to receive and spend grant money allocated to the unincorporated community's individual grant account under (b) of this section. If there is more than one qualified entity in a community, the department shall designate the entity that the department finds most qualified to make draws from that unincorporated community's individual grant account and spend the money. If there is no qualified incorporated nonprofit entity or Native village council in an unincorporated community that will agree to receive and spend money allocated to the community under (b) of this section, draws may not be made from the unincorporated community's individual grant account and the amount allocated to the account lapses into the general fund.

(e) By October 1 of each fiscal year, the incorporated nonprofit entity or Native village council designated by the department under (d) of this section shall submit to the governor a prioritized list of capital projects and estimated costs to be financed with money from the community's individual grant account established under (b) of this section. The list must include the amount and source of the local share required by AS 37.06.030 . The governor shall include in the capital improvements program presented to the legislature under AS 37.07.060 the projects submitted by designated entities under this subsection that the governor recommends for funding. If, in the capital improvements program, the governor includes projects in other than the priority order submitted by a designated entity, the governor shall provide the legislature with a written statement of the reasons for that action.

(f) The legislature may make appropriations, from an unincorporated community's individual grant account established under (b) of this section, for the unincorporated community for capital projects under this section. Subject to appropriations under this subsection and to the local share requirements of AS 37.06.030 , an entity designated by the department under (d) of this section may draw, on behalf of the unincorporated community, amounts from that community's individual grant account for a capital project in accordance with an appropriation for that project. In accepting a draw, an entity designated by the department under (d) of this section acknowledges that the state is not responsible for operating or maintaining a capital project for which the draw is used, or for paying for its operation or maintenance. The acknowledgment does not apply to use of money from a draw for repair or improvement of an existing facility that is operated or maintained by the state at the time that the draw is made if the repair or improvement for which the draw is used will not substantially increase the operating or maintenance costs to the state. No more than 10 percent of the total amount of money from a draw for land acquisition, or planning, design, construction, or repair of a facility may be used for administrative expenses. No more than five percent of the total amount of money from a draw for equipment or equipment repairs may be used for administrative expenses. The designated entity and its agents, contractors, and subcontractors shall comply with the hiring preferences under AS 36.10 in hiring employees to be paid wholly or in part with money from a draw.

(g) An entity designated by the department under (d) of this section that is a Native village council may not draw money from an unincorporated community's individual grant account unless the council waives immunity from suit for claims arising out of activities of the council related to the draw. A waiver of immunity from suit under this subsection must be on a form provided by the Department of Law. Neither this subsection nor any action taken under it enlarges or diminishes the governmental authority or jurisdiction of a Native village council.

(h) An entity designated by the department under (d) of this section shall repay to the department money it has drawn from an unincorporated community's individual grant account if substantial, ongoing work on the project is not started within five years after the effective date of the appropriation from which the draw is funded. Money repaid shall be deposited into the general fund. Money from an allocation to an unincorporated community's individual grant account that has not been drawn out by a designated entity within five years after the effective date of the appropriation from which the allocation is funded lapses into the general fund.

(i) The limitations of AS 44.33.745 do not apply to a grant made under this section.

(j) The provisions of AS 37.05.321 apply to a grant and draws made under this section, and to earnings from the grant and draws.

(k) Before the department may pay a draw under this section to an entity, the department shall have evidence acceptable to the department that the entity (1) has a preventive maintenance plan that (A) includes a computerized maintenance management program, cardex system, or other formal systematic means of tracking the timing and costs associated with planned and completed maintenance activities, including scheduled preventive maintenance;

(B) addresses energy management for public buildings owned or operated by the entity;

(C) includes a regular custodial care program for public buildings owned or operated by the entity;

(D) includes preventive maintenance training for managers of public facilities owned or operated by the entity and maintenance employees;

(E) includes renewal and replacement schedules for electrical, mechanical, structural, and other components of public facilities owned or operated by the entity; and

(2) is adequately adhering to the preventive maintenance plan.

(l) In this section, unless specified otherwise, department means the Department of Commerce, Community, and Economic Development.
Alaska Stat. § 37.13.300 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.300
Corporation to manage certain assets of the mental health trust.
Status: in_force

(a) The corporation shall manage the mental health trust fund.

(b) The corporation shall (1) hold and invest the mental health trust fund subject to AS 37.13.120 ;

(2) at least quarterly, prepare, publish, and distribute to the Board of Trustees of the Alaska Mental Health Trust Authority a financial report showing investment revenue and expenditures, including the allocation of the cash assets of the mental health trust fund among investments;

(3) annually prepare, publish, and distribute to the Board of Trustees of the Alaska Mental Health Trust Authority financial statements prepared in accordance with generally accepted accounting principles consistently applied, and an audit report prepared by a certified public accountant;

(4) periodically advise the Board of Trustees of the Alaska Mental Health Trust Authority when revisions to long-range investment policy, including asset allocation changes, are contemplated, and provide an opportunity for consultation and comment on the changes before they are implemented; and

(5) transfer to the mental health trust settlement income account the net income available for distribution attributable to the mental health trust fund at the end of each fiscal year.

(c) Net income from the mental health trust fund may not be included in the computation of net income or market value available for distribution or appropriation under AS 37.13.140 .
Alaska Stat. § 37.15.270 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.270
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 administration the amounts required in the current fiscal year and the next ensuing fiscal year by the bond resolution or resolutions or trust agreements to be paid out of toll bridge revenue or capitalized amounts into the 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. The committee shall also certify to the commissioners the last date or dates on which payments may be made.
Alaska Stat. § 37.16.050 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.050
Bond terms.
Status: in_force

(a) The bonds may be issued and sold at public or negotiated sale in the manner, in the amounts or series, and at the time or times that the corporation determines the bonds, or each series of them, shall be sold at the price and on the terms, conditions, and covenants set by the corporation after considering market conditions. Interest rates may be fixed or variable.

(b) The bonds mature at the time or times fixed by the corporation. The bonds may be subject to redemption before their fixed maturities, as determined by the corporation, with or without a premium or premiums. The bonds may be in denominations determined by the corporation; may be issued in fully or partially registered form; must be payable as to principal and interest at the place or places determined by the corporation; must be signed in the manner provided by the corporation; and must be issued under and subject to the terms, conditions, covenants, and protective features safeguarding payment of the bonds as found necessary by the corporation.

(c) If the corporation finds it reasonably necessary, the corporation may select a trustee or trustees for the holders of the bonds, or any series of them, for the safeguarding and disbursement of any of the money in the bond reserve fund or for duties with respect to the enforcement, authentication, delivery, payment, and registration of the bonds as the corporation may determine. The corporation shall fix the rights, duties, powers, and obligations of the trustee or trustees.

(d) In its determination of all matters and questions relating to the issuance and sale of the bonds and the fixing of their maturities, terms, conditions, and covenants as provided in (a) of this section, the decisions of the corporation shall be those that are reasonably necessary for the best interests of the state and its inhabitants and that will accomplish the most advantageous sale of the bonds. Decisions of the corporation, as expressed in a bond resolution, are final and are conclusively considered to comply with the requirements of this chapter.
Alaska Stat. § 37.05.287 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.287
Insurance for state assets.
Status: in_force

(a) The Department of Administration shall obtain or provide, in an amount and in the form that the department determines to be appropriate, casualty, property, and other insurance for protection of state assets and for the operation of state government. The department may provide for insurance coverage, in whole or in part, through a self-insurance program.

(b) The Department of Administration shall annually review the state insurance program to ensure that, to the extent reasonable, adequate insurance coverage or reserves are maintained to satisfy all reasonably foreseeable claims or judgments for which payment may be due under the state insurance program during the next fiscal year. The department shall annually obtain an independent actuarial assessment of the state insurance program. No later than February 1 of each calendar year, the department shall submit to the presiding officers of each house of the legislature a review of the state insurance program, an independent actuarial assessment, and a certified audit of the state insurance catastrophe reserve account.
Alaska Stat. § 37.18.110 — AK Code / Title 37 / Chapter 37.18 / Section 37.18.110
Limitation on judicial action.
Status: in_force

A person may not bring a judicial action to contest the constitutionality or validity of this chapter or the constitutionality or validity of a bond issued and sold under this chapter unless the action is commenced in a court of the state of competent jurisdiction within 45 days after the corporation adopts a resolution under AS 37.18.060 authorizing the issuance of bonds. A person that fails to commence an action in the time provided under this section is barred from commencing an action to contest the constitutionality or validity of a bond issued and sold under this chapter.
Alaska Stat. § 37.15.150 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.150
Committee may employ special services.
Status: in_force

If the state bond committee considers it necessary and advisable, it may procure architectural or engineering, fiscal agent or municipal investment, legal and other expert or specialized services at reasonable and customary fees to assist it in accomplishing the most advantageous sale of the bonds. The fees may be paid from the proceeds of the sale or advanced from the contingency fund in the office of the governor or otherwise.
Alaska Stat. § 37.05.610 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.610
Alaska affordable energy fund.
Status: in_force

(a) The Alaska affordable energy fund is created as a special account in the general fund. The fund consists of the amount determined and deposited in the fund under (b) of this section and interest earned on the fund balance. The purpose of the fund is to provide a source from which the legislature may appropriate money to develop infrastructure to deliver energy to areas of the state that are not expected to have or do not have direct access to a North Slope natural gas pipeline.

(b) The amount to be deposited in (a) of this section is 20 percent of the revenue received from the state's royalty gas transported in an Alaska liquefied natural gas project that remains after the payment to the Alaska permanent fund under AS 37.13.010 .

(c) The legislature may make appropriations from the Alaska affordable energy fund for the purpose described in (a) of this section.

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

(e) In this section, (1) Alaska liquefied natural gas project has the meaning given in AS 31.25.390 ;

(2) North Slope natural gas pipeline has the meaning given in AS 42.06.630 .

Article 7. Miscellaneous Provisions.
Alaska Stat. § 37.16.110 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.110
Debt service repayment contracts.
Status: in_force

The corporation shall enter into contracts with governmental employers for the purpose of recouping amounts paid as debt service on bonds issued by the corporation for the benefit of governmental employers. The corporation may pledge the revenue of the contracts as security for the bonds issued by the corporation.
Alaska Stat. § 37.14.730 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.730
Use of 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 fund for the immediately preceding three fiscal years. The commissioner shall identify five percent of that amount as available for appropriation by the legislature for uses described in (b) of this section.

(b) Appropriations of the amount identified in (a) of this section may be used for the following purposes: (1) grants for the maintenance, repair, replacement, and enhancement of, or addition to, veterans' memorials or monuments to the military;

(2) grants for the development and construction of new veterans' memorials or monuments to the military if the adjutant general determines that the purposes set out in (1) of this subsection have been met in a fiscal year;

(3) reimbursement of the costs of establishment, management, and administration of the fund.

(c) After consultation with appropriate veterans' organizations, the adjutant general of the Department of Military and Veterans' Affairs shall administer the grant program and award grants from the money appropriated from the fund. The adjutant general may adopt regulations under AS 44.62 (Administrative Procedure Act) to establish procedures and standards to administer the grant program and for the award of grants. The standards may include requirements for recipients to match grant awards, if appropriate.
Alaska Stat. § 37.05.600 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.600
Alaska veterans' cemetery fund.
Status: in_force

(a) There is created as a special account in the general fund the Alaska veterans' cemetery fund into which shall be deposited appropriations to the Alaska veterans' cemetery fund.

(b) Beginning with the appropriations for the fiscal year beginning July 1, 2008, on an annual basis and under AS 37.07 (Executive Budget Act), the legislature may appropriate amounts from the Alaska veterans' cemetery fund to the Department of Military and Veterans' Affairs for the construction, operation, and maintenance of the Alaska veterans' cemeteries established under AS 44.35.035 .

(c) Appropriations to the Alaska veterans' cemetery 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 Alaska veterans' cemetery fund lapses into the Alaska veterans' cemetery fund at the end of the fiscal year for which it was appropriated.

(e) Nothing in this section exempts money deposited into the Alaska veterans' cemetery fund from the requirements of AS 37.07 (Executive Budget Act) or dedicates that money for a specific purpose.
Alaska Stat. § 37.15.140 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.140
Duties of state bond committee.
Status: in_force

The state bond committee shall adopt the resolution and prepare the documents necessary for the issuance, sale, and delivery of bonds.
Alaska Stat. § 37.16.020 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.020
Board of directors.
Status: in_force

The directors of the corporation are the commissioner of commerce, community, and economic development, the commissioner of administration, and the commissioner of revenue. If a director is absent or otherwise unable to act, the director's designee in the department shall act as a director of the corporation in the director's place.
Alaska Stat. § 37.10.030 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.030
Responsibility of officer or employee approving or certifying voucher.
Status: in_force

(a) The officer or employee approving or certifying a voucher (1) is responsible for the existence and correctness of the facts recited in the certificate or stated on the voucher or its supporting papers and for the legality of the proposed payment under the appropriation or fund involved;

(2) shall give bond in the form and manner prescribed by AS 39.15 to the state, and approved by the Department of Administration, in an amount fixed by the head of the department, agency, or establishment concerned, under standards prescribed by the Department of Administration; the premium on the bond shall be paid from funds made available for the administrative costs of the department, agency, or establishment concerned; officers already bonded under other provisions of law for the faithful performance of their duties are not required to give additional bond; and

(3) shall be held accountable for and required to make good to the state the amount of an illegal, improper, or incorrect payment resulting from a false, inaccurate, or misleading certificate made by the officer or employee, or a payment prohibited by law or which does not represent a legal obligation under the appropriation or fund involved.

(b) In (a) of this section, an approval or certification of a voucher is effective when an authorized person uses a password assigned by the department if the certification or the voucher itself is prepared and recorded by using an electronic accounting device that is a part of the computerized state accounting systems.
Alaska Stat. § 37.14.540 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.540
Definition.
Status: in_force

In AS 37.14.500  37.14.540, fund means the Alaska heritage endowment fund established by AS 37.14.500 .
Alaska Stat. § 37.15.915 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.915
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 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. § 37.23.050 — AK Code / Title 37 / Chapter 37.23 / Section 37.23.050
Investment management.
Status: in_force

The public entities participating in an investment pool under this chapter shall provide for management of investments in the pool by contracting for investment management and related services with (1) a securities broker-dealer registered under AS 45.56.300 and under 15 U.S.C. 78o (Securities Exchange Act of 1934);

(2) an investment adviser registered under AS 45.56.340 or a federal covered investment adviser that has made a notice filing under AS 45.56.360 (c);

(3) the Department of Revenue; or

(4) a financial institution that is a state or federally chartered commercial or mutual bank, savings and loan association, or credit union if the institution's accounts are insured through the appropriate federal insuring agency of the United States and if the institution has trust powers under state or federal law.
Alaska Stat. § 37.10.010 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.010
Disbursements.
Status: in_force

The Department of Administration shall (1) disburse money only upon vouchers certified by the department, establishment, or agency concerned, or an officer or employee of it authorized in writing to certify the vouchers;

(2) make an examination of vouchers necessary to ascertain whether they are in proper form, certified and approved, computed on the basis of the facts certified; and

(3) be held accountable accordingly.
Alaska Stat. § 37.15.910 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.910
Bond terms.
Status: in_force

(a) The bonds may be issued and sold at public or negotiated sale in the manner, in the amounts or series, and at the time or times that the committee determines. The bonds, or each series of them, shall be sold at the price and on the terms, conditions, and covenants set by the committee after considering market conditions. Interest rates may be fixed or variable.

(b) The bonds mature at the time or times fixed by the committee. The bonds may be subject to redemption before their fixed maturities, as determined by the committee, with or without a premium or premiums. The bonds may be in denominations determined by the committee; may be issued in fully or partially registered form; must be payable as to principal and interest at the place or places determined by the committee; must be signed on behalf of the state in the manner provided by the committee; and must be issued under and subject to the terms, conditions, covenants, and protective features safeguarding payment of the bonds as found necessary by the committee.

(c) If the committee finds it reasonably necessary, the committee may select a trustee or trustees for the holders of the bonds, or any series of them, for the safeguarding and disbursement of any of the money in the bond redemption fund or for duties with respect to the enforcement, authentication, delivery, payment, and registration of the bonds as the committee may determine. The committee shall fix the rights, duties, powers, and obligations of the trustee or trustees.

(d) In its determination of all matters and questions relating to the issuance and sale of the bonds and the fixing of their maturities, terms, conditions, and covenants as provided in (a) of this section, the decisions of the committee shall be those that are reasonably necessary for the best interests of the state and its inhabitants and that will accomplish the most advantageous sale of the bonds. Decisions of the committee, as expressed in a bond resolution, are final and are conclusively considered to comply with the requirements of AS 37.15.900  37.15.955.
Alaska Stat. § 37.15.060 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.060
Form and registration of bonds.
Status: in_force

An issue or series of bonds may be issued in coupon form payable to bearer or in fully registered form, and bonds in coupon form may be made registrable as to principal or principal and interest, as determined by the state bond committee.
Alaska Stat. § 37.15.220 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.220
Short title.
Status: in_force

AS 37.15.010  37.15.220 may be cited as the State Bonding Act.
Alaska Stat. § 37.15.130 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.130
Officers, records, and proceedings.
Status: in_force

The commissioner of commerce, community, and economic development is the chairman of the state bond committee and the commissioner of revenue is the secretary. A majority of the members of the committee constitute a quorum. The committee shall keep a full, complete, and permanent record of its proceedings. All records and correspondence of the committee shall be kept in the office of the commissioner of revenue.
Alaska Stat. § 37.10.300 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.300
Limitations.
Status: in_force

The board may not engage in commercial banking activity or private trust activity. The board may not act as a depository or trustee for a private person, association, or corporation. The board may not act as a lender to a private person, association, or corporation of money from any source except state funds under management by the board.
Alaska Stat. § 37.13.160 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.160
Audits.
Status: in_force

The Legislative Budget and Audit Committee may provide for an annual post audit and annual operational and performance evaluations of the fund's investments and investment programs.
Alaska Stat. § 37.15.480 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.480
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 commissioners of revenue and transportation and public facilities the amounts required in the next ensuing calendar year by the bond resolution or resolutions 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 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. § 37.13.150 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.150
Corporation budget.
Status: in_force

The revenue generated by the fund's investments must be identified as the source of the operating budget of the corporation in the state's operating budget under AS 37.07 (Executive Budget Act). The unexpended balance of the corporation's annual operating budget does not lapse at the end of the fiscal year but shall be treated as income and part of the market value of the fund under AS 37.13.140 .
Alaska Stat. § 37.15.290 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.290
Definitions.
Status: in_force

In AS 37.15.225  37.15.290, (1) authority means (A) the Knik Arm Bridge and Toll Authority established in AS 19.75.021 with respect to the Knik Arm bridge and its appurtenant facilities; or

(B) an authority established by the legislature for any other toll bridge project;

(2) bond redemption fund means the toll bridge revenue bond redemption fund established in AS 37.15.245 ;

(3) bond resolution means a resolution adopted by the committee under AS 37.15.255 to authorize the issuance of bonds;

(4) bonds means the toll bridge revenue bonds authorized in AS 37.15.225  37.15.290;

(5) 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 law;

(6) costs of issuance and administration means all costs associated with issuance and administration of toll bridge revenue 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, bond registrars, bond and escrow trustees, arbitrage rebate, and all other costs, including administrative costs, both direct and indirect;

(7) reserve fund means the toll bridge revenue bond reserve fund authorized in AS 37.15.260 ;

(8) revenue fund means the toll bridge revenue fund established in AS 37.15.240 .

Article 3. Bond Anticipation Notes.
Alaska Stat. § 37.05.215 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.215
State financial transactions Internet website.
Status: in_force

(a) The Department of Administration shall develop, operate, and maintain a searchable Internet website that is accessible to the public at no cost and that provides financial information available from the central accounting system or the annual financial report prepared and filed under AS 37.05.210 (a)(1), describing (1) unaudited state revenue for the preceding month, including (A) a receipt or deposit by a state agency into a fund or account established within the state treasury;

(B) proceeds from taxes received, categorized by source type, including a compulsory contribution imposed by the state for the purpose of financing services;

(C) state agency earnings, including amounts collected for sales or services, licenses or permits issued, or otherwise received by a state agency under the agency's regulations;

(D) revenue received for the use of state money or property, including interest and lease payments;

(E) gifts, donations, and federal receipts; and

(F) other revenue;

(2) unaudited expenditures for the preceding month, including (A) the name and location of any person to whom payment was made;

(B) the amount of the expenditure disbursed;

(C) the type of transaction, by account code, including the purpose of the expenditure;

(D) other information specified by the Department of Administration;

(3) the estimated balances, for the preceding month, of the statutory budget reserve fund ( AS 37.05.540 ), the constitutional budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska), and the permanent fund earnings reserve account ( AS 37.13.145 );

(4) the amount deposited into the permanent fund under art. IX, sec 15, Constitution of the State of Alaska for the preceding fiscal year;

(5) state revenue and expenditures, summarized for the preceding fiscal year, as follows: (A) general fund revenue sources;

(B) general fund expenditures categorized by function;

(C) general fund expenditures categorized by state agency;

(D) general fund expenditures categorized by account; and

(E) total general fund revenue versus expenditures;

(6) total assets versus liabilities at the end of the fiscal year; and

(7) for the preceding 10 years, by fiscal year, the following: (A) the number of full-time, part-time, and temporary employees employed by the state, by state agency;

(B) the number of independent contractors engaged by the state, by state agency;

(C) the total long-term debt owed by the state, by state agency;

(D) total general fund expenditures; and

(E) total general fund payroll, by state agency.

(b) The Department of Administration shall update the information described in (a)(1)  (3) of this section on the Internet website on a monthly basis and the information described in (a)(4)  (7) of this section on an annual basis. To the extent practicable, information on the website should be sorted by state agency, accounting category, accounting code, recipient, purpose, amount, and date. The Department of Administration shall maintain and store the information required by this section on the website for at least 10 years.

(c) The Internet website described in (a) of this section must include (1) at no cost to the public, reference materials to assist the public in understanding the financial information provided on the website, including a description of the accounting codes used by state agencies;

(2) a feature that (A) allows users to search for information on the Internet website by keyword and recipient;

(B) provides information related to state service procurement contracts, including name, compensation, contract length, and contract type, on a searchable Internet website and a link to the website; and

(C) provides information related to independent contractors engaged by the state, by state agency, including name, compensation, contract length, and contract type, on a searchable Internet website and a link to the website; and

(3) a link to the Internet website of the legislative audit division.

(d) The Department of Revenue and other state agencies, including a state agency that does not use the central accounting system, shall provide information to the Department of Administration that is necessary to comply with the requirements of this section, including a summary of indirect expenditures. The University of Alaska shall annually provide an audited financial report and a statement of its revenues and expenditures to the Department of Administration for inclusion on the Internet website established under (a) of this section.

(e) The description required by (a) of this section must include information that relates to the legislature and the judiciary if the information is available from the central accounting system.

(f) Nothing in this section requires disclosure of information that is confidential under state or federal law. However, the Department of Administration shall provide aggregated or summarized information describing confidential revenue and expenditures if the aggregated or summarized information continues to protect confidentiality.

(g) In this section, (1) expenditure means a payment from the state treasury that is greater than $1,000 and that is made as a grant, subgrant, contract, subcontract, loan, lease, cooperative agreement, purchase order, task order, delivery order, or other form of financial transaction; expenditure does not include the transfer of money between state agencies, salary and wage payments to state employees, benefit payments to a member or former member of a state retirement system as defined in AS 40.25.151 (e), payment of state or federal assistance to an individual, or payment of a permanent fund dividend;

(2) searchable Internet website means an Internet website that allows searching, extracting, compiling, and aggregating information from the data available on the website;

(3) state agency means a department, office, agency, board, commission, public corporation, or other organizational unit of or created under the executive branch of the state government.

Article 3. Payment for State Purchases.
Alaska Stat. § 37.05.130 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.130
General powers.
Status: in_force

The Department of Administration is responsible for all accounts and purchases.
Alaska Stat. § 37.15.583 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.583
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 37.15.560  37.15.605, AS 46.03.032 or 46.03.036, 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. § 37.25.010 — AK Code / Title 37 / Chapter 37.25 / Section 37.25.010
Unexpended balances of one-year appropriations.
Status: in_force

(a) The unexpended balance of a one-year appropriation authorized in an appropriation bill lapses on June 30 of the fiscal year for which appropriated. However, a valid obligation (encumbrance) existing on June 30 is automatically reappropriated for the fiscal year beginning on the succeeding July 1 if it is recorded with the Department of Administration by August 31 of the succeeding fiscal year.

(b) A valid approved claim arising from a prior year for which the appropriation has lapsed shall be paid from the current year's appropriations if this claim does not exceed the balance lapsed.

(c) University receipts received on or before June 30 of a fiscal year in excess of the amount expended for that year may be expended in the succeeding fiscal year if an appropriation of university receipts has been made for the succeeding fiscal year. The amount of university receipts expended in a fiscal year may not exceed the amount of university receipts appropriated for that year.

(d) The University of Alaska shall, in the report required under AS 14.40.190 (a), report the amount of university receipts received in one year and expended in the succeeding fiscal year.

(e) In this section, university receipts has the meaning given in AS 14.40.491 .
Alaska Stat. § 37.15.765 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.765
§§ 37.15.765  37.15.799. Bond authorization; bond redemption fund established; bond terms; bond resolution; pledge of the state; amounts required for payments; purposes and sufficiency of revenue; refunding; bonds as legal investments; definitions.
Status: in_force

Article 7. Private Activity Bonds.
Alaska Stat. § 37.07.020 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.020
Responsibilities of the governor.
Status: reserved

(a) The governor shall prepare a budget for the succeeding fiscal year that must cover all estimated receipts, including all grants, loans, and money received from the federal government and all proposed expenditures of the state government. The budget shall be organized so that the proposed expenditures for each agency are presented separately. The budget must be accompanied by the information required under AS 37.07.050 and by the following separate bills: (1) an appropriation bill authorizing the operating and capital expenditures of the state's integrated comprehensive mental health program under AS 37.14.003 (a); (2) an appropriation bill authorizing state operating expenditures other than those included in the state's integrated comprehensive mental health program; (3) an appropriation bill authorizing capital expenditures other than those included in the state's integrated comprehensive mental health program; and (4) a bill or bills covering recommendations, if any, in the budget for new or additional revenue. The budget for the succeeding fiscal year and each of the bills shall become public information on December 15 at which time the governor shall submit copies to the legislature and make copies available to the public. The bills, identical in content to the copies released on December 15, shall be delivered to the rules committee of each house before the fourth legislative day of the next regular session for introduction.

(b) In addition to the budget and bills submitted under (a) of this section, the governor shall submit a capital improvements program covering the succeeding six fiscal years. The governor shall also submit a fiscal plan with estimates of significant sources and uses of funds for the succeeding 10 fiscal years. The fiscal plan (1) must include sufficient details to identify (A) significant sources of funds;

(B) significant uses of funds, including lump sum projections of (i) operating expenditures;

(ii) capital expenditures;

(iii) debt service expenditures;

(iv) fund capitalizations;

(v) appropriations of income of the Alaska permanent fund (art. IX, sec. 15, Constitution of the State of Alaska), if any;

(2) must balance sources and uses of funds held while providing for essential state services and protecting the economic stability of the state;

(3) must include projected balances of significant funds held in separate accounts, including the budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska), the public education fund ( AS 14.17.300 ), and the Alaska capital income fund ( AS 37.05.565 );

(4) must set out significant assumptions used in the projections with sufficient detail to enable the legislature to rely on the fiscal plan in understanding, evaluating, and resolving issues of state budgeting, including information that supports major areas of operating increases, such as population demographics that affect the need for particular government services.

(c) Proposed expenditures may not exceed estimated revenue for the succeeding fiscal year. The expenditures proposed in the six-year capital improvements program may not exceed the estimated revenue and bond authorizations passed and proposed.

(d) [Repealed, § 35 ch 126 SLA 1994.] (e) The budget prepared under (a) of this section must present the proposed operating expenditures for each agency for annual facility operations, annual maintenance and repair, and periodic renewal and replacement for components of public buildings and facilities separately from the other proposed operating expenditures by the agency. Proposed annual appropriations for an agency's facility operations, maintenance and repair, and renewal and replacement for components of public buildings and facilities contained in an appropriation bill prepared under (a) of this section must be presented separately from appropriations for other proposed operating expenditures by the agency.

(f) [Renumbered as AS 44.99.220 (b).] (g) The governor shall review the report submitted by the legislative finance division under AS 24.20.231 (7)(B) and may introduce legislation in accordance with the report.
Alaska Stat. § 37.15.570 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.570
Bond terms.
Status: in_force

(a) The bonds may be issued and sold at public or negotiated sale in the manner, in the amounts or series, and at the time or times that the committee determines. The bonds, or each series of them, shall be sold at the price and upon the terms, conditions, and covenants set by the committee after considering market conditions. Interest rates may be fixed or variable.

(b) The bonds mature at the time or times fixed by the committee. The bonds may be subject to redemption before their fixed maturities, as determined by the committee, with or without a premium or premiums. The bonds may be in denominations determined by the committee; may be issued in fully or partially registered form; must be payable as to principal and interest at the place or places determined by the committee; must be signed on behalf of the state in the manner provided by the committee; must be issued under and subject to the terms, conditions, covenants, and protective features safeguarding payment of the bonds and relating to the funding of projects as found necessary by the committee, including covenants requiring the setting aside and maintenance of certain reserves to secure the payment of principal and interest, all under regulations and conditions of the committee.

(c) The committee may pledge to the payment of the principal of and interest on bonds issued by the committee part or all of the legally available money or other assets on hand in the Alaska clean water fund ( AS 46.03.032 ) or the Alaska drinking water fund ( AS 46.03.036 ); part or all of the revenue of the Alaska clean water fund or the Alaska drinking water fund, including federal capitalization grants, the proceeds of loan repayments, and interest on money in the funds; the proceeds of the sale of bonds; and money on hand in the bond redemption funds. Revenue of the Alaska clean water fund or the Alaska drinking water fund, if so pledged, must be paid into the Alaska clean water fund or the Alaska drinking water fund, as appropriate. The committee may provide for the issuance of additional bonds, secured by a pledge of such money and revenue, ranking junior to, senior to, or on a parity with, outstanding bonds, upon conditions prescribed in the bond resolution. A pledge of loan repayments securing bonds may be made applicable to specific loans from the Alaska clean water fund or the Alaska drinking water fund, or, on a pooled basis, to all loan repayments received.

(d) If the committee finds it reasonably necessary, the committee may select a trustee or trustees for the holders of the bonds, or any series of them, for the safeguarding and disbursement of any of the money in the bond redemption funds created by AS 37.15.565 , or for duties with respect to the enforcement, authentication, delivery, payment, and registration of the bonds as the committee may determine. The committee shall fix the rights, duties, powers, and obligations of the trustee or trustees.

(e) In its determination of all matters and questions relating to the issuance and sale of the bonds and the fixing of their maturities, terms, conditions, and covenants as provided in (a)  (d) of this section, the decisions of the committee shall be those that are reasonably necessary for the best interests of the state and its inhabitants and that will accomplish the most advantageous sale of the bonds, with due regard, however, for the continued funding under AS 46.03.032 and AS 46.03.036 of the categories of projects identified in AS 46.03.032 (d) and 46.03.036(b). Decisions of the committee, as expressed in a bond resolution, are final and are conclusively considered to comply with the requirements of AS 37.15.560  37.15.605, AS 46.03.032 , and 46.03.036.

(f) A bond resolution may provide that the bonds issued must contain a recital that they are issued under AS 37.15.560  37.15.605 and under AS 46.03.032 or 46.03.036, as appropriate, and a bond containing this recital is conclusively considered to be valid and to have been issued in conformity with AS 37.15.560  37.15.605 and with AS 46.03.032 or 46.03.036, as appropriate.
Alaska Stat. § 37.18.170 — AK Code / Title 37 / Chapter 37.18 / Section 37.18.170
Statutory construction.
Status: in_force

This chapter shall be liberally construed to carry out the purposes for which it was enacted.
Alaska Stat. § 37.15.240 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.240
Toll bridge revenue fund.
Status: in_force

(a) The toll bridge revenue fund is established as a separate fund of the state. The revenue fund consists of all revenue, fees, charges, and rentals received by the state, by contract with the authority or otherwise, from the ownership or operation of toll bridges and facilities and improvements used in connection with the toll bridges and facilities. Contracts or other agreements with the authority may establish priorities for the payment of operation and maintenance costs of the authority. The money in the revenue fund may be used only (1) to pay or secure payment of the principal of and interest on bonds;

(2) to redeem bonds before their fixed maturities;

(3) to pay indebtedness to the Federal Highway Administration, United States Department of Transportation; and

(4) subject to appropriation by the legislature, for any other purpose for which federal funds may be obligated by the state under 23 U.S.C. 129(a).

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

(c) All references to the toll bridge revenue fund in this section include special accounts within the toll bridge revenue fund that may be created by resolution or trust agreement to secure the payment of particular bonds.
Alaska Stat. § 37.05.146 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.146
Definition of program receipts and non-general fund program receipts.
Status: reserved

(a) In AS 37.05.142  37.05.146 and AS 37.07.080 , program receipts means fees, charges, income earned on assets, and other state money received by a state agency in connection with the performance of its functions. Unless otherwise provided in this section, program receipts are accounted for within, and appropriated from, the general fund of the state.

(b) The program receipts listed in this subsection are accounted for separately, and appropriations from these program receipts are not made from the unrestricted general fund: (1) federal receipts;

(2) University of Alaska receipts ( AS 14.40.491 );

(3) designated program receipts; in this paragraph, designated program receipts means money received by the state from a source other than the state or federal government that is restricted to a specific use by the terms of a gift, grant, bequest, or contract;

(4) receipts of or from the trust established by AS 37.14.400  37.14.450, except reimbursements described in AS 37.14.410 ;

(5) [Repealed § 1 ch 62 SLA 2018.] (c) The program receipts of the following are accounted for separately, and appropriations from these program receipts are not made from the unrestricted general fund: (1) highways equipment working capital fund ( AS 44.68.210 );

(2) loan funds;

(3) international airports revenue fund ( AS 37.15.430 );

(4) corporate receipts earned or managed by a public corporation of the state;

(5) fish and game fund ( AS 16.05.100 );

(6) school fund ( AS 43.50.140 );

(7) training and building fund ( AS 23.20.130 );

(8) retirement funds ( AS 14.25 , AS 22.25 , AS 26.05.222 , AS 39.35 , and former AS 39.37 );

(9) permanent fund (art. IX, sec. 15, Alaska Constitution);

(10) public school trust fund ( AS 37.14.110 );

(11) second injury fund ( AS 23.30.040 );

(12) fishermen's fund ( AS 23.35.060 );

(13) FICA administration fund ( AS 39.30.050 );

(14) receipts of the employee benefits program established under AS 39.30.150  39.30.180;

(15) receipts of the deferred compensation program established under AS 39.45 ;

(16) clean air protection fund ( AS 46.14.260 );

(17) receipts of the group insurance programs established under AS 39.30.090 ;

(18) mental health trust fund ( AS 37.14.031 );

(19) Alaska children's trust ( AS 37.14.200 );

(20) commercial fisheries test fishing operations ( AS 16.05.050 (a)(14));

(21) Regulatory Commission of Alaska under AS 42.05 , AS 42.06 , and AS 42.08 ;

(22) Alaska Oil and Gas Conservation Commission under AS 31.05 ;

(23) receipts of the Department of Commerce, Community, and Economic Development under AS 08.01.065 and from fines and penalties collected in licensing and disciplinary actions for occupations under AS 08.01.010 ;

(24) receipts from the seafood marketing assessment under AS 16.51.120  16.51.170, and receipts of the Alaska Seafood Marketing Institute;

(25) the administrative cost charge under AS 44.33.113 for the state's role in the federal community development quota program;

(26) dive fishery management assessment receipts ( AS 43.76.150 ), salmon fishery assessment receipts ( AS 43.76.220 ), and permit buy-back assessment receipts ( AS 43.76.300 );

(27) process service fees collected by the Department of Public Safety;

(28) Alaska Commercial Fisheries Entry Commission under AS 16.05.490 , 16.05.530, and AS 16.43 ;

(29) receipts of the Alaska Vocational Technical Center;

(30) Alaska Pioneers' Home and Alaska Veterans' Home care and support receipts under AS 47.55.030 ;

(31) receipts of the Department of Transportation and Public Facilities from tolls charged for use of the Whittier Tunnel;

(32) receipts of the Department of Commerce, Community, and Economic Development, division of insurance, from license fees and fees for services;

(33) receipts of the Department of Commerce, Community, and Economic Development from its functions relating to banking, securities, and corporations;

(34) receipts of the Department of Corrections from the electronic prisoner monitoring program under AS 33.30.065 (d);

(35) receipts of the Department of Corrections from the operation of community residential centers;

(36) receipts of the Alaska Police Standards Council;

(37) receipts of the Department of Public Safety from fees for fire and life safety plan checks under AS 18.70.080 (b);

(38) receipts of the Department of Transportation and Public Facilities from the measurement standards and commercial vehicle enforcement program;

(39) receipts of the Department of Education and Early Development for teacher certification under AS 14.20.020 ;

(40) receipts of the Professional Teaching Practices Commission from professional certification fees;

(41) receipts of the Department of Corrections from the inmate telephone system;

(42) receipts of the Department of Public Safety from the Alaska automated fingerprint system under AS 44.41.025 (b);

(43) receipts of the Department of Administration from the boat registration and titling program under AS 05.25.096 ;

(44) state land disposal program ( AS 38.04.022 );

(45) shore fisheries development lease program account ( AS 38.05.082 (f));

(46) timber receipts account ( AS 38.05.110 );

(47) workers' safety and compensation administration account ( AS 23.05.067 );

(48) receipts of fees for recording and related services of the Department of Natural Resources ( AS 40.17.030 (a)(10), 40.17.070; AS 44.37.025 (b), 44.37.027(c); AS 45.29.303 (b), 45.29.525, and 45.29.619(b));

(49) receipts described in AS 46.03.482 (b)(1) and (2) received under the commercial passenger vessel environmental compliance program;

(50) receipts of the Department of Commerce, Community, and Economic Development for fees for business licenses and license endorsements under AS 43.70 ;

(51) receipts of fees for certain inspections deposited under AS 05.20.060 , AS 18.60.360 , 18.60.395, 18.60.800, and AS 18.62.030 in the building safety account created under AS 44.31.025 , and receipts of filing fees deposited under AS 18.60.270 (d) in the building safety account created under AS 44.31.025 ;

(52) passenger facility charges collected at state-owned and operated airports under Federal Aviation Administration guidelines;

(53) money received by the Department of Environmental Conservation from the inspection of food under AS 17.20 ;

(54) fees and other charges received by the Department of Natural Resources under AS 41.21.026 ;

(55) application and renewal fees received by the Department of Public Safety under AS 18.65.400  18.65.490 for licenses for security guards and security guard agencies;

(56) fees received by the Department of Public Safety under AS 18.65.700  18.65.790 for the issuance, renewal, and replacement of permits to carry concealed handguns;

(57) charges, rentals, and fees for airport or air navigation facility contracts, leases, and other arrangements under AS 02.15.020 and 02.15.090;

(58) fees for utility facility permits under AS 02.15.102 , encroachment permits under AS 02.15.106 , utility right-of-way permits under AS 19.25.010 , and utility facility permits under AS 35.10.210 ;

(59) recoveries of repair costs for damage to highway fixtures;

(60) vehicle registration fees collected under AS 28.10.421 and other fees and charges collected under AS 28.10.441 ;

(61) fees for drivers' licenses, drivers' permits, renewals, and driver skills tests collected under AS 28.15.271 ;

(62) user fees and other fees collected by the Department of Education and Early Development under AS 14.57.010 ;

(63) student tuition and other fees related to schools that are operated by the state and collected under AS 14.07.030 ;

(64) receipts of fees for registration and renewal of registration for the sale of business opportunities under AS 45.66.040 ;

(65) emission control permit receipts account ( AS 46.14.265 );

(66) workers' compensation benefits guaranty fund ( AS 23.30.082 );

(67) receipts of the Department of Environmental Conservation from the registration of pesticides and broadcast chemicals and the licensing of pesticide applicators under AS 44.46.025 ;

(68) proceeds from prison employment, including deductions from prisoner wages for the cost of confinement under AS 33.30.201 (b) and forfeited wages under AS 33.30.201 (e);

(69) fees collected under AS 18.74.080 ;

(70) civil legal services fund under AS 37.05.590 ;

(71) donations to the anatomical gift awareness fund under AS 13.50.150 ;

(72) crime victim compensation fund ( AS 18.67.162 );

(73) gifts, donations, and grants received by the Department of Military and Veterans' Affairs for the purpose of establishing and maintaining Alaska veterans' cemeteries under AS 26.10.030 and AS 44.35.035 (b);

(74) fines imposed and collected under AS 12.55.035 ;

(75) the vaccine assessment fund under AS 18.09.230 ;

(76) fees collected by the Department of Natural Resources, division of geological and geophysical surveys, under AS 41.08.045 ;

(77) the following fees, receipts, income, and monetary recoveries collected by the Department of Health: (A) receipts of the Department of Health, Bureau of Vital Statistics;

(B) monetary recoveries of Medicaid expenditures from recipients, third parties, and providers under AS 47 ;

(C) the state's share of overpayments collected under AS 47.05.080 ;

(D) fees received or collected under AS 44.29.022 for nursing and planning services provided at health centers, genetic screening clinics and specialty clinics, the certification of x-ray machines, the alcohol safety action program, and other public health programs and services;

(E) fees received under AS 18.08.080 for the certification or licensure of emergency medical technicians, emergency medical dispatchers, mobile intensive care paramedics, and emergency medical technician instructors;

(F) fees received by entities listed under AS 47.32.010 (b);

(G) the state's share of child support collections for reimbursement of the cost of the Alaska temporary assistance program as provided under AS 25.27.120 , 25.27.130, and AS 47.27.040 ; and

(H) monetary recoveries under AS 09.58 (Alaska Medical Assistance False Claim and Reporting Act);

(78) fees collected by the Department of Natural Resources under AS 03.05.010 (d);

(79) civil penalties collected under AS 30.30.015 , money received from the sale of vessels under AS 30.30 , and donations and other receipts deposited to the derelict vessel prevention program fund under AS 30.30.096 ;

(80) the following fees, receipts, income, and monetary recoveries collected by the Department of Family and Community Services: (A) income received from a state or federal agency for children in foster care under AS 47.14.100 ;

(B) fees received by entities listed under AS 47.32.010 (c);

(81) Alaska arts and cultural investment fund ( AS 44.27.059 );

(82) fees collected by the Department of Fish and Game under AS 16.10.400 ;

(83) fees collected by the Department of Fish and Game under AS 16.12.010 ;

(84) gifts, donations, and grants received by the Department of Transportation and Public Facilities under AS 44.42.060 ;

(85) revenue from the carbon offset program under AS 38.95.400  38.95.499.

(86) carbon dioxide storage facility administrative fund ( AS 41.06.160 );

(87) carbon storage closure trust fund ( AS 37.14.850 ).
Alaska Stat. § 37.06.010 — AK Code / Title 37 / Chapter 37.06 / Section 37.06.010
Municipal capital project matching grant program.
Status: in_force

(a) The municipal capital project matching grant program is established in the department. Grants to municipalities under this program shall be administered as provided in this section.

(b) The municipal capital project matching grant fund is established in the department and consists of appropriations to the fund. Appropriations to the fund do not lapse except as provided in (f) of this section. The money in the fund is held by the department in custody under this subsection for each municipality. The department shall establish, for each municipality, an individual grant account within the fund. As provided in this subsection, each fiscal year the department shall allocate, to the individual grant accounts, appropriations to the fund. The department shall credit interest earned on money in an individual grant account to that account. Except as provided in (c) of this section, the amount allocated under this subsection to an individual grant account in a fiscal year is determined by multiplying the total amount appropriated to the fund during that fiscal year by a fraction, (1) the numerator of which equals for a municipality with a population (A) under 1,000, the amount equal to that population multiplied by 1.5;

(B) of at least 1,000 but less than 5,000, the amount equal to that population multiplied by 1.4;

(C) of at least 5,000 but not greater than 10,000, the amount equal to that population multiplied by 1.2;

(D) of over 10,000, the amount equal to that population; and

(2) the denominator of which equals the sum of the numerators calculated for all municipalities under (1)(A)  (D) of this subsection.

(c) A minimum of $25,000 shall be allocated to each municipality's individual grant account each fiscal year under (b) of this section. The department shall reduce allocations under (b) of this section on a pro rata basis, based upon the population of the municipalities, if necessary to fund the minimum amount for each municipality. If appropriations are not sufficient to fully fund the minimum amount for each municipality, the amount appropriated shall be allocated equally among the municipalities' individual grant accounts.

(d) By October 1 of each fiscal year, each municipality shall submit to the governor a prioritized list of capital projects and estimated costs to be financed with money from the municipality's individual grant account established under (b) of this section. The list must include the amount and source of the local share required by AS 37.06.030 . The governor shall include in the capital improvements program presented to the legislature under AS 37.07.060 the projects submitted by each municipality that the governor recommends for funding. If, in the capital improvements program, the governor includes projects in other than the priority order submitted by a municipality, the governor shall provide the legislature with a written statement of the reasons for that action.

(e) The legislature may make appropriations from a municipality's individual grant account established under (b) of this section to the municipality for capital projects under this section. Subject to appropriations under this subsection and to the local share requirements of AS 37.06.030 , each municipality may draw amounts from its individual grant account for a capital project, in accordance with an appropriation for that project. In accepting a draw, the municipality covenants with the state that it will provide for the operation and maintenance of the capital project for which the draw is used for the practical life of the project, and acknowledges that the state is not responsible for operating or maintaining the capital project or for paying for its operation or maintenance. This requirement does not apply to use of money from a draw for repair or improvement of an existing facility that is operated or maintained by the state at the time that the draw is made if the repair or improvement for which the draw is used will not substantially increase the operating or maintenance costs to the state. No more than 10 percent of the total amount of money from a draw for land acquisition, or planning, design, construction, or repair of a facility may be used for administrative expenses. No more than five percent of the total amount of money from a draw for equipment or equipment repairs may be used for administrative expenses. If a municipality provides grant money from a draw to another recipient, the municipality may not use any of the money from the draw for administrative expenses. The municipality and its agents, contractors, and subcontractors shall comply with the hiring preferences under AS 36.10 in hiring employees to be paid wholly or in part with money from a draw.

(f) A municipality shall repay to the department money drawn from its individual grant account if substantial, ongoing work on the capital project is not started within five years after the effective date of the appropriation from which the draw is funded. Money repaid shall be deposited into the general fund. Money from an allocation to a municipality's individual grant account that has not been drawn out by the municipality within five years after the effective date of the appropriation from which the allocation is funded lapses into the general fund.

(g) For purposes 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.

(h) The provisions of AS 37.05.321 apply to a grant and draws made under this section, and to earnings from the grant and draws.

(i) Before the department may pay a draw under this section to a municipality, the department shall have evidence acceptable to the department that the municipality (1) has a preventive maintenance plan that (A) includes a computerized maintenance management program, cardex system, or other formal systematic means of tracking the timing and costs associated with planned and completed maintenance activities, including scheduled preventive maintenance;

(B) addresses energy management for buildings owned or operated by the municipality;

(C) includes a regular custodial care program for buildings owned or operated by the municipality;

(D) includes preventive maintenance training for facility managers and maintenance employees;

(E) includes renewal and replacement schedules for electrical, mechanical, structural, and other components of facilities owned or operated by the municipality; and

(2) is adequately adhering to the preventive maintenance plan.

(j) In this section, unless specified otherwise, department means the Department of Commerce, Community, and Economic Development.
Alaska Stat. § 37.15.950 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.950
Regulations.
Status: in_force

The committee may adopt regulations necessary to implement the provisions of AS 37.15.900  37.15.955.
Alaska Stat. § 37.20.010 — AK Code / Title 37 / Chapter 37.20 / Section 37.20.010
Acceptance of federal grants and transfers of property.
Status: in_force

The governor is authorized to accept on behalf of the state all federal grants and transfers of property of an emergency, transitional, or omnibus nature upon conditions imposed by the federal government.
Alaska Stat. § 37.15.905 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.905
Bond redemption fund.
Status: in_force

(a) There is established a special fund of the state, known as the pension obligation 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 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 investing 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.

(c) Separate accounts may be created in the bond redemption fund 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 37.15.910 (c).
Alaska Stat. § 37.15.630 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.630
Revenue fund.
Status: in_force

(a) The toll facilities revenue fund is established and shall be set apart from all other money of the state. The toll facilities revenue fund is a trust fund for the purposes under AS 37.15.610  37.15.760, where all revenue, fees, tolls, charges, and rentals are deposited that are derived by the state from the ownership, lease, use, and operation of the facilities authorized by AS 37.15.720 and 37.15.730. The revenue, fees, tolls, charges, and rentals may not include the proceeds of any state tax or license. The money in the revenue fund may only be used to (1) pay or secure the payment of the principal of and interest on the toll facilities bonds and principal of and interest on any other revenue bonds issued by authorization of the legislature to provide money to acquire, construct, and equip facilities authorized by AS 37.15.720 and 37.15.730 and to be payable out of the revenue fund;

(2) pay the normal and necessary costs of maintaining and operating the facilities acquired, constructed, or equipped under AS 37.15.610  37.15.760;

(3) pay the costs of renewals, replacements, and extraordinary repairs to facilities acquired, constructed, or equipped under AS 37.15.610  37.15.760;

(4) redeem before their fixed maturities any and all revenue bonds issued for the purpose of acquiring, constructing, and equipping facilities authorized by AS 37.15.720 and 37.15.730;

(5) provide money to acquire, construct, and equip necessary additions and improvements to facilities authorized by AS 37.15.720 and 37.15.730; and

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

(b) The investment of money in the revenue fund may be made as the committee determines. The interest earned upon or any profits derived from the sale of an investment under this subsection shall be deposited in the revenue fund.
Alaska Stat. § 37.23.040 — AK Code / Title 37 / Chapter 37.23 / Section 37.23.040
Portfolio restrictions.
Status: in_force

The portfolio of an investment pool under this chapter may not contain (1) more than five percent of total investments in securities of one issuer unless the securities are an obligation of or guaranteed by the United States; or

(2) transactions in futures, options, derivative securities, or short sales.
Alaska Stat. § 37.14.165 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.165
Use of the public school trust fund.
Status: in_force

Each year, the legislature may appropriate not more than five percent of the amount determined by the commissioner of revenue under AS 37.14.160 (5) for the following purposes: (1) funding support of the state public school program; and

(2) reimbursement of the costs of administration of the fund.
Alaska Stat. § 37.18.020 — AK Code / Title 37 / Chapter 37.18 / Section 37.18.020
Board of directors.
Status: in_force

The directors of the corporation are the commissioner of commerce, community, and economic development, the commissioner of administration, and the commissioner of revenue. If a director is absent or otherwise unable to act, the director's designee in the department shall act as a director of the corporation in the director's place.
Alaska Stat. § 37.15.470 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.470
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, 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 37.15.410  37.15.550 and in the bond resolution.
Alaska Stat. § 37.15.640 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.640
Bond redemption fund.
Status: in_force

The toll facilities revenue bond redemption fund is established for deposit in trust of money for paying and securing the payment of principal of and interest and redemption premium, if any, on bonds and is set apart from all other money of the state. The committee, on behalf of the state, shall obligate the state to set aside and pay into the bond redemption fund from the revenue fund an amount of money sufficient to pay the principal of and interest and redemption premium, if any, on the bonds as the payments become due and, if the committee considers it necessary, to set aside and maintain a reserve for this purpose. The bond redemption fund is 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. § 37.07.014 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.014
Responsibilities of the legislature.
Status: in_force

(a) To carry out its legislative power under art. II, sec. 1, Constitution of the State of Alaska, and to promote results-based government, the legislature shall issue a mission statement for each agency and the desired results the agency should achieve. The legislature may issue a separate mission statement for a subunit of an agency. A mission statement and desired results should promote the efficient, measured use of the state's resources. A mission statement and desired results constitute policy under which an agency shall operate, and, where appropriate, the mission statement may be implemented by statute.

(b) The legislature shall provide for a budget review function that promotes results-based government. The legislature shall adopt a method of measuring results for each agency, and measurements shall be reported semi-annually by each agency to the legislature. The reports shall be used by the legislature to evaluate whether the mission and desired results for that agency or subunit of the agency are being achieved.

(c) The legislature shall analyze the comprehensive operating and capital improvements programs and financial plans recommended by the governor.

(d) To foster results-based government, to carry out the mission statements, and to obtain desired results, the legislature shall authorize the comprehensive operating and capital improvements programs and financial plans. The legislature shall allocate the state's resources for effective and efficient delivery of public services by (1) clearly identifying desired results;

(2) setting priorities;

(3) assigning accountability; and

(4) using methods for measuring, reporting, and evaluating results.

(e) The legislature shall (1) provide for a post-audit function to cover financial transactions, program accomplishment, and compliance with legislative intent;

(2) adopt or revise the estimate of receipts required to balance the succeeding fiscal year's budget in order that proposed expenditures do not exceed estimated receipts for that fiscal year;

(3) adopt, revise, or initiate revenue measures in order to balance the succeeding fiscal year's budget and the capital improvements section of the budget for the succeeding six years.

(f) To help fulfill the legislature's responsibilities under this section and achieve results-based government, each agency shall (1) allocate resources to achieve the mission and desired results established by the legislature;

(2) express desired results established by the legislature and other program results in measurable terms;

(3) measure progress towards mission statements and desired results established by the legislature and other results;

(4) promote activities consistent with mission statements and desired results established by the legislature that reduce or avoid future costs;

(5) plan for the short-term and the long-term using consistent assumptions for major demographic and other trends; and

(6) require accountability at all levels for meeting program mission statements and desired results established by the legislature.
Alaska Stat. § 37.13.020 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.020
Findings.
Status: in_force

The people of the state, by constitutional amendment, have required the placement of at least 25 percent of all mineral lease rentals, royalties, royalty sale proceeds, and federal mineral revenue sharing payments and bonuses received by the state into a permanent fund. The legislature finds with respect to the fund that (1) the fund should provide a means of conserving a portion of the state's revenue from mineral resources to benefit all generations of Alaskans;

(2) the fund's goal should be to maintain safety of principal while maximizing total return;

(3) the fund should be used as a savings device managed to allow the maximum use of disposable income from the fund for purposes designated by law.
Alaska Stat. § 37.15.450 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.450
Bond terms.
Status: in_force

(a) The bonds may be sold at public or private sale in the manner, in the amounts or series, and at the time or times that the committee determines. However, the bonds, or each series of them, shall be sold at such a price so that the effective interest rate over the life of the bonds does not exceed 11 percent per year or that rate of interest that is 125 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 the bonds, whichever is higher. Interest shall be payable annually or semiannually.

(b) The bonds mature at the time or times fixed by the committee. The bonds may be subject to redemption before their fixed maturities as determined by the committee and with a premium or premiums fixed by the committee, but a bond is not subject to redemption before its fixed maturity date unless the right so to redeem that bond is expressly mentioned on the face of the bond. The bonds may be in denominations determined by the committee; may be issued in coupon form or in fully registered form, and may be registrable as to principal or both principal and interest, all under regulations and conditions that the committee shall provide; shall be payable as to principal and interest at such place or places as may be determined by the committee; shall be signed on behalf of the state by the governor and shall be attested by the lieutenant governor, both of which signatures may be facsimile signatures; shall have the seal of the state impressed, printed, or lithographed on them, and each of the interest coupons attached to them shall be signed by the facsimile signatures of these officials; shall be issued under and subject to such terms, conditions, and covenants providing for the payment of the principal of them and interest on them and such other terms, conditions, covenants, and protective features safeguarding this payment and relating to the maintenance, operation, and improvement of the airports as found necessary by the committee, which covenants may include a provision requiring the setting aside and maintenance of certain reserves to secure the payment of this principal and interest. The committee may provide that any additional bonds authorized after June 27, 1972 by the legislature to be payable out of the same source or sources as the bonds authorized as of that date may later be issued on a parity with the bonds authorized as of that date upon compliance with any conditions which the committee may prescribe.

(c) If found reasonably necessary, the committee may select a trustee or trustees for the holders of the bonds or any series of them, for the safeguarding and disbursement of any of the money in any of the funds created by AS 37.15.420 , 37.15.430, and 37.15.440, or for duties with respect to the authentication, delivery, and registration of the bonds as the committee may determine, and shall fix the rights, duties, powers, and obligations of the trustee or trustees.

(d) In its determination of all of the matters and questions relating to the issuance and sale of the bonds and the fixing of the maturities, terms, conditions, and covenants of them as provided in (a), (b), and (c) of this section, the decisions of the committee shall be those found to be reasonably necessary for the best interests of the state and its inhabitants, and those that will accomplish the most advantageous sale of the bonds, with due regard, however, to necessary or normal costs of maintenance and operation, renewals, and replacements of and repairs to the airports and to all improvements to them and facilities of them owned, used, operated, or leased in connection with them, the future growth and expansion of the airports and all of such facilities, and the possibility of additional revenue bond financing for airports purposes. Any such decisions of the committee, as expressed in any bond resolution, are final and conclusive when any bonds have been issued pursuant to the bond resolution.

(e) A bond resolution may provide that the bonds issued must contain a recital that they are issued under AS 37.15.410  37.15.550, and a bond containing this recital shall be conclusively considered to be valid and to have been issued in conformity with AS 37.15.410  37.15.550.

(f) The validity of the authorization and issuance of bonds is not affected by any proceedings for the acquisition or construction of the additions, improvements, extensions, or facilities for which the bonds have been issued or by any contracts in connection with the acquisition or construction.
Alaska Stat. § 37.14.530 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.530
Use of fund.
Status: in_force

(a) The principal of the fund and any capital gains or losses realized on the principal shall be retained perpetually in the fund for investment as specified in AS 37.14.520 .

(b) The net income account of the fund may be appropriated for the following purposes: (1) reimbursement to the Department of Revenue for the costs of establishing and managing the fund;

(2) the administrative expenses of the Museum Collection Advisory Committee relating to acquisitions from the fund, as determined by the legislature;

(3) acquisitions authorized by AS 14.57.100  14.57.199; and

(4) reimbursement of other costs of administration of the fund.

(c) The balance remaining in the net income account that, at the end of the fiscal year, has not been appropriated, or that has been appropriated but not expended, shall be invested until appropriated or expended.
Alaska Stat. § 37.15.620 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.620
Construction fund.
Status: in_force

(a) The toll facilities construction fund is established for deposit of proceeds of the sale of the bonds authorized by AS 37.15.610 and any grant or other money that is legally provided for the same purposes for which the bonds are authorized except for any accrued interest paid on the bonds by the purchaser. The money in the construction fund is used to pay the cost of acquiring, constructing, and equipping facilities authorized in AS 37.15.720 and 37.15.730 and costs incidental to those activities, including costs of the authorization, issuance, and sale of the bonds. To the extent allowed in the bond resolution, money in the construction fund may also be used for the payment of interest on the bonds during the time of actual construction, and for any additional time, not exceeding one year after construction is completed. Money in the construction fund may also be transferred to the bond redemption fund, as permitted by the bond resolution, to establish a reserve for the payment of the principal and interest on the bonds.

(b) The bond resolution may provide for the investment of money in the construction fund as the committee determines. The interest earned upon or any profit derived from the sale of the investment is deposited in the construction fund.
Alaska Stat. § 37.15.090 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.090
Terms and conditions.
Status: in_force

Each issue or series of bonds shall be issued under and subject to the terms, conditions, and covenants providing for the payment of the principal and the interest and other terms, conditions, covenants, and protective provisions safeguarding the payment as found reasonably necessary by the state bond committee for the most advantageous sale. The terms, conditions, and covenants may include the setting aside and maintaining of certain reserves to secure the payment of principal and interest.
Alaska Stat. § 37.16.800 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.800
Statutory construction.
Status: in_force

This chapter shall be liberally construed to carry out the purposes for which it was enacted.
Alaska Stat. § 37.05.020 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.020
Regulations.
Status: in_force

The Department of Administration shall adopt regulations for the performance of its powers or duties, the execution of its business, and its relations to and business with other state agencies.
Alaska Stat. § 37.15.200 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.200
Bonds as legal investments.
Status: in_force

General obligation bonds of the state are legal investments for all state funds, or for funds under state control, and for all funds of a political subdivision of the state.
Alaska Stat. § 37.14.170 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.170
Investments.
Status: in_force

The commissioner of revenue is the fiduciary of the trust fund and shall invest the fund to provide increasing returns from capital appreciation and net income over long-term periods to the fund's current beneficiaries. The commissioner may invest the money in the fund on the basis of probable total rate of return to promote the long-term generation of capital appreciation and income. In managing the trust fund, the commissioner shall (1) consider the status of the fund's capital and the income generated on both a current and a probable future basis;

(2) determine the appropriate investment objectives;

(3) establish investment policies to achieve the objectives; and

(4) act only in regard to the financial interests of the fund's beneficiaries.

Article 3. Alaska Children's Trust.
Alaska Stat. § 37.10.089 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.089
Loans to the education loan fund; bond purchase agreements and letters of credit.
Status: in_force

(a) If the education loan fund ( AS 14.42.210 ) is unable to fully finance loan demand in a fiscal year, the commissioner may invest in the education loan fund for the purpose of financing education loans under AS 14.43.161  14.43.175, 14.43.600  14.43.750, and AS 14.44.040 . The commissioner shall require the corporation to secure the investment of state money.

(b) The commissioner may make investments under (a) of this section only when the commissioner determines that market conditions relating to tax-exempt private activity revenue bonds make the issuance of the bonds by the corporation impracticable or uneconomical for the purpose of financing education loans under AS 14.43.161  14.43.175, 14.43.600  14.43.750, and AS 14.44.040 .

(c) The corporation shall repay money invested under (a) of this section under terms established by the commissioner and agreed to by the corporation. Except as provided in this section, the terms must be consistent with the duties of a fiduciary set out in AS 37.10.071 (c).

(d) Notwithstanding any other provision of this section, the commissioner is authorized to enter into an agreement with the corporation to provide a bond purchase agreement and a letter of credit when market conditions relating to those credit enhancement mechanisms are uneconomical. The commissioner may require the corporation to pay the costs associated with providing credit enhancement and may charge the corporation a fee for this service.

(e) The commissioner may charge the corporation interest on the investments under (a) of this section. The rate of interest may not exceed the five-year average return on the state's general fund.

(f) The commissioner may charge the corporation an annual fee for the services provided under (d) of this section. The annual fee may not exceed 0.15 percent of the average principal outstanding and interest covered by the bond purchase agreement and the letter of credit.

(g) If a draw on the bond purchase agreement and the letter of credit occurs under this section, the commissioner may charge the corporation an additional annual rate of interest not to exceed three percent on the bonds held under the bond purchase agreement and letter of credit.

(h) The term of the investment under (a) of this section may not exceed four years and the commitment under (d) of this section may not exceed four years from the commencement of the initial investment, bond purchase agreement, and letter of credit.

(i) The maximum amount of the investment under (a) of this section may not exceed $100,000,000. The maximum amount of the commitment under (d) of this section may not exceed $106,000,000.

(j) The commissioner may adopt regulations under AS 44.62 (Administrative Procedure Act) to implement this section.

(k) In this section, (1) commissioner means the commissioner of revenue;

(2) corporation means the Alaska Student Loan Corporation created under AS 14.42.100 .

Article 4. Recovery of Money or Property Illegally Paid or Diverted.
Alaska Stat. § 37.14.099 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.099
Definitions.
Status: in_force

In AS 37.14.001  37.14.099, (1) authority means the Alaska Mental Health Trust Authority established under AS 44.25.200 ;

(2) board means the board of trustees of the authority;

(3) enabling Act means the Alaska Mental Health Enabling Act of 1956, P.L. 84-830, 70 Stat. 709.

Article 2. Public School Trust Fund.
Alaska Stat. § 37.05.990 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.990
Definitions for chapter.
Status: in_force

In this chapter, (1) fiscal year, budget year, accounting year, or similar term means a year beginning on July 1 of one calendar year and ending on June 30 of the following calendar year;

(2) state agency, agency, department, or similar term means a department, office, institution, board, commission, bureau, division, or other administrative unit forming the state government, and includes the Alaska Pioneers' Home, the Alaska Veterans' Home, and the University of Alaska.
Alaska Stat. § 37.15.010 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.010
Full faith and credit for general obligation bonds.
Status: in_force

The full faith, credit, and resources of the state are hereby pledged to the payment of the principal of and interest and redemption premium, if any, on all general obligation bonds of the state authorized pursuant to art. IX, § 8 of the constitution.
Alaska Stat. § 37.15.530 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.530
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 funds of the state and its political subdivisions.
Alaska Stat. § 37.14.425 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.425
Public records.
Status: in_force

For purposes of AS 40.25.120 , records of the trust in the custody of or subject to the control of state officers and agencies are public records.
Alaska Stat. § 37.13.030 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.030
Purpose.
Status: in_force

It is the purpose of AS 37.13.010  37.13.190 to provide a mechanism for the management and investment of those fund assets by the Alaska Permanent Fund Corporation in a manner consistent with the findings in AS 37.13.020 .
Alaska Stat. § 37.05.995 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.995
Short title.
Status: in_force

This chapter may be cited as the Fiscal Procedures Act.
Alaska Stat. § 37.15.935 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.935
Refunding.
Status: in_force

(a) The committee 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 state if the state bond rating is the equivalent of AA- or better and 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 the voters of the state or by an act of the legislature. The committee 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 AS 37.15.900  37.15.955 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 committee is authorized to incur expenses to carry out this section.

(d) The committee 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. § 37.18.030 — AK Code / Title 37 / Chapter 37.18 / Section 37.18.030
Bond authorization; powers of the corporation.
Status: in_force

(a) The issuance and sale of bonds by the corporation is authorized as provided in this section for purposes of financing purchases, refunds, and payments under AS 43.55.028 and the costs of issuance and administration of the bonds. The net proceeds of the sale of the bonds remaining after payment of costs of issuance and administration may be disbursed to the commissioner of revenue for purchases, refunds, and payments under AS 43.55.028 . Accrued interest paid on the bonds shall be paid into the reserve fund. The corporation may not issue bonds, except for refunding bonds, after December 31, 2021.

(b) The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, issued by the corporation for the purposes of financing purchases, refunds, and payments under AS 43.55.028 may not exceed $1,000,000,000.

(c) The bonds do not constitute a general obligation of the state and are not state debt within the meaning of art. IX, sec. 8, Constitution of the State of Alaska. Authorization by the legislature and ratification by qualified voters of the state is not required under art. IX, sec. 8, Constitution of the State of Alaska.

(d) The corporation may enter into agreements with other state agencies as necessary or convenient to implement this chapter.

(e) The corporation may contract for the services of underwriters, paying agents, trustees, escrow agents, bond printers, rating agencies, bond insurance, credit enhancement providers, accountants, financial advisors, disclosure counsel, and bond counsel, and other services as are necessary or desirable to accomplish the issuance and sale of bonds.
Alaska Stat. § 37.15.603 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.603
Regulations.
Status: in_force

The committee may adopt regulations necessary to implement the provisions of AS 37.15.560  37.15.605.
Alaska Stat. § 37.10.087 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.087
Loans to bond construction funds.
Status: in_force

(a) (1) When a construction fund or account established to receive the proceeds of state general obligation bonds is temporarily exhausted, the commissioner of administration on recommendation of the state bond committee may temporarily transfer money from the general fund to the bond construction fund or account.

(2) If the amount of the transfer exceeds 25 percent of the amount authorized for the general obligation bonds, the commissioner of administration shall obtain approval of the transfer from the Legislative Budget and Audit Committee before the transfer.

(3) If a temporary transfer has already been made from the general fund to the bond construction fund or account, additional transfers may be made, but the total amount of the outstanding transfers not returned to the general fund under (d) of this section may not exceed 25 percent of the amount authorized for the general obligation bonds without approval from the Legislative Budget and Audit Committee.

(b) Transfers under (a) of this section may be made only when the commissioner of revenue determines and certifies to the state bond committee that there is in the general fund an amount sufficient to meet current cash expenditure needs of the state.

(c) The amount transferred to a construction fund or account under (a) of this section may not exceed anticipated receipts from the unsold general obligation bonds to be issued and the federal programs receipts estimated to be received for the general obligation bond construction program financed from the construction fund or account.

(d) Money transferred from the general fund under (a) of this section shall be returned to the general fund within 15 months after the transfer.

(e) The commissioner of administration shall notify the Legislative Budget and Audit Committee in writing of a transfer of money from the general fund under (a) of this section.
Alaska Stat. § 37.13.050 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.050
Composition and qualifications of board of trustees.
Status: in_force

(a) The Board of Trustees of the Alaska Permanent Fund Corporation consists of six members appointed by the governor. Two of the members must be heads of principal departments of state government, one of whom shall be the commissioner of revenue. Four members shall be appointed by the governor from the public and may not hold any other state or federal office, position or employment, either elective or appointive, except as a member of the armed forces of either the United States or of this state.

(b) The four public members of the board must have recognized competence and wide experience in finance, investments, or other business management-related fields.

(c) The board shall annually elect a chairman from among its members.
Alaska Stat. § 37.15.030 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.030
Interest rate and maturity.
Status: in_force

Each issue or series of bonds must bear interest at an effective rate over the life of the bonds not to 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 the bonds, whichever is higher. The bonds must mature in not more than 30 years from date of issue, unless a longer period is specifically authorized by statute.
Alaska Stat. § 37.15.690 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.690
Bond negotiability.
Status: in_force

The bonds and the coupons attached to them are fully negotiable instruments under the laws of the state.
Alaska Stat. § 37.15.275 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.275
Refunding.
Status: in_force

(a) The committee may refund the bonds or any part of the bonds at or before their maturity or redemption dates by issuing refunding revenue bonds of the state if the committee determines the refunding to be advantageous to and in the best interest of the state.

(b) The issuance of refunding bonds need not be authorized by the voters of the state or by an act of the legislature. The committee 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 AS 37.15.225  37.15.290 applicable to revenue bonds are applicable to the refunding bonds and to the issuance, sale, or exchange of the refunding bonds, except as otherwise provided in this section.

(c) The committee may issue refunding bonds 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 to pay the 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 in order to call or retire the outstanding bonds and the interest accruing on them to the date of the call or retirement; and other costs. The committee is authorized to incur the expenses.

(d) The committee or the committee's delegated representative 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. § 37.23.090 — AK Code / Title 37 / Chapter 37.23 / Section 37.23.090
Limitation of liability.
Status: in_force

The state, except when providing investment management and related services under AS 37.23.050 (3), and participating public entities are not liable for any acts or omissions of an investment manager with whom the participating entities have contracted for investment management and related services under AS 37.23.050 .
Alaska Stat. § 37.13.040 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.040
Alaska Permanent Fund Corporation.
Status: in_force

There is established the Alaska Permanent Fund Corporation. The corporation is a public corporation and government instrumentality in the Department of Revenue managed by the board of trustees. The purpose of the corporation is to manage and invest the assets of the permanent fund and other funds designated by law in accordance with AS 37.13.010  37.13.190.
Alaska Stat. § 37.16.010 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.010
Alaska Pension Obligation Bond Corporation.
Status: in_force

There is established the Alaska Pension Obligation Bond Corporation. The corporation is a public corporation and government instrumentality in the Department of Revenue managed by a board of directors. The purpose of the corporation is to finance prepayment of all or a portion of a governmental employer's share of unfunded accrued actuarial liability of retirement systems.
Alaska Stat. § 37.05.530 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.530
National Petroleum Reserve  Alaska special revenue fund.
Status: in_force

(a) The National Petroleum Reserve  Alaska special revenue fund is established. The fund consists of all money disbursed to the state by the federal government under 42 U.S.C. 6506a(l) and former 42 U.S.C. 6508 (P.L. 96-514) since December 12, 1980, less the amount deposited in the general fund and expended by the state by general fund appropriations before June 9, 1984.

(b) The commissioner of revenue shall manage the National Petroleum Reserve  Alaska special revenue fund.

(c) The Department of Commerce, Community, and Economic Development shall adopt regulations under which municipalities impacted by National Petroleum Reserve  Alaska oil and gas development under 42 U.S.C. 6506a or former 42 U.S.C. 6508 may apply for and be eligible to receive grants to alleviate the impact. The department shall give priority in the allocation of grants to municipalities that are experiencing or will experience the most direct or severe impact from oil and gas development under 42 U.S.C. 6506a or former 42 U.S.C. 6508 within the National Petroleum Reserve  Alaska. The department shall fund all meritorious grant applications out of the money appropriated to it each year. Within 10 days after the convening of each regular session of the legislature, the department shall submit to the legislature a list of all municipalities that have received grants, a list of all municipalities determined by the department to be eligible for further grants, a recommendation of the amount of money to be granted for those additional applications, and written justification of each past and potential grant.

(d) It is the intent of the legislature that each year all of the money in the National Petroleum Reserve  Alaska special revenue fund be made available for appropriation by the legislature to municipalities that demonstrate under (c) of this section present impact, or the need to determine or plan for future impact, from oil and gas development under 42 U.S.C. 6506a or former 42 U.S.C. 6508. It is the intent of the legislature that an initial appropriation be made to the Department of Commerce, Community, and Economic Development to cover anticipated impact grants, and that additional funds be made available through supplemental appropriations if the impact is greater than anticipated and the legislature considers the additional grants proposed by the department to be meritorious.

(e) A municipality may use the funds received under (d) of this section only for the following activities and services to alleviate the impact of the oil and gas development under 42 U.S.C. 6506a or former 42 U.S.C. 6508 within the National Petroleum Reserve  Alaska: (1) planning;

(2) construction, maintenance, and operation of essential public facilities by the municipality; and

(3) other necessary public services provided by the municipality.

(f) Funds appropriated under (d) of this section may not be used for the retirement of municipal debt.

(g) The provisions of this subsection apply to amounts received by the state under 42 U.S.C. 6506a(l) or former 42 U.S.C. 6508, as follows: (1) amounts received and not appropriated for grants to municipalities under (d) of this section shall be deposited at the end of each fiscal year as follows: (A) 25 percent of amounts received by the state during that fiscal year under 42 U.S.C. 6506a(l) or former 42 U.S.C. 6508 to the principal of the Alaska permanent fund; and

(B) .5 percent of amounts received by the state during that fiscal year under 42 U.S.C. 6506a(l) or former 42 U.S.C. 6508 to the public school trust fund ( AS 37.14.110 );

(2) if, after making the grants under (d) of this section, the amounts remaining are insufficient to make payment in full of the deposits required by (1)(A) and (B) of this subsection, the deposits shall be allocated pro rata between the fund deposits;

(3) the amounts remaining after the making of the payment of the deposits in full to the Alaska permanent fund and the public school trust fund under (2) of this subsection may be appropriated (A) first, to each of the funds described in (1)(A) and (B) of this subsection to recover amounts not paid to those funds on or after September 1, 2006, because of deficiencies in making the payments required by (2) of this subsection; and

(B) after appropriations authorized by (A) of this paragraph, to the power cost equalization and rural electric capitalization fund ( AS 42.45.100 );

(4) the amounts remaining after any appropriation to the power cost equalization and rural electric capitalization fund shall lapse into the general fund for use by the state for the following facilities and services: planning; construction, maintenance, and operation of essential public facilities; and other necessary public services.

(h) In making appropriations from the National Petroleum Reserve  Alaska special revenue fund, the legislature shall identify the grants for activities, services, and facilities as capital appropriation items and shall specify the amounts for each item. Notwithstanding other provisions of law and unless expressly provided by the legislature in the appropriation item making the appropriation, an appropriation from the National Petroleum Reserve  Alaska special revenue fund shall, for the purposes of determining the funding sources for the appropriation be treated as though the appropriation takes effect in the fiscal year in which the appropriation passes the legislature. The authorization to expend funds appropriated from the fund shall take effect as otherwise provided by law.
Alaska Stat. § 37.14.700 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.700
Alaska veterans' memorial endowment fund established.
Status: in_force

(a) The Alaska veterans' memorial endowment fund is established as a separate endowment trust fund of the state. The fund consists of (1) appropriations to the fund;

(2) donations to the fund; and

(3) income earned on investments of fund assets.

(b) The commissioner of revenue shall manage the fund as an endowment, with the goal that the purchasing power of the fund will not diminish over time without regard to additional contributions that may be made to the fund. The commissioner shall invest the assets of the fund in a manner likely to yield at least a five percent real rate of return over time.

(c) Nothing in this section creates a dedicated fund.
Alaska Stat. § 37.13.070 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.070
Removal and vacancies.
Status: in_force

(a) The governor may remove a public member of the board from office only for cause. A removal by the governor must be in writing and must state the reason for the removal. A member who is removed by the governor may not participate in board business and may not be counted for purposes of establishing a quorum after the member receives written notice of removal from the governor.

(b) A vacancy on the board shall be promptly filled by appointment by the governor. An appointee to a vacancy shall hold office for the balance of the term for which the appointee's predecessor on the board was appointed.

(c) 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.
Alaska Stat. § 37.05.165 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.165
Petty cash accounts.
Status: in_force

The Department of Administration shall determine the amount of the petty cash accounts needed by each state agency and inspect the petty cash accounts at least once each year to determine that the total plus amounts of receipts for unreplenished disbursements is equal to the fixed sum of cash set aside. Shortages in petty cash accounts are a personal liability of the responsible head of the agency to whom the account is set aside. The department shall adopt necessary regulations governing use and replenishment of petty cash funds.
Alaska Stat. § 37.15.410 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.410
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 a total principal sum not to exceed $812,500,000 is authorized to acquire, equip, construct, and install the additions, improvements, extensions, and facilities authorized in AS 37.15.510 . The principal of and interest on these bonds shall be paid out of and secured by the gross revenue derived by the state from the ownership, lease, use, and operation of the airports, and of all the facilities of them, and out of any other money that may be appropriated for the purpose, 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 .
Alaska Stat. § 37.14.610 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.610
Duties of the commissioner.
Status: in_force

The commissioner of revenue has the power and duty to (1) act as official custodian of the cash and investments belonging to the Arctic Winter Games Team Alaska trust by securing adequate and safe custodial facilities;

(2) exercise the same powers and duties as those established for the Alaska Retirement Management Board in AS 37.10.220 ;

(3) invest the assets of the trust in a manner likely to yield at least five percent real rate of return over time;

(4) maintain accounting records of the trust in accordance with investment accounting principles;

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

(6) report annually to the board of directors of the Arctic Winter Games Team Alaska the condition and performance of the trust;

(7) monitor use of trust money by the Arctic Winter Games Team Alaska; and

(8) do all acts that the commissioner of revenue considers necessary or proper in administering the assets of the trust.
Alaska Stat. § 37.15.190 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.190
Negotiability.
Status: in_force

General obligation bonds of the state and the coupons attached to the bonds are negotiable instruments.
Alaska Stat. § 37.15.550 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.550
Definitions.
Status: in_force

In AS 37.15.410  37.15.550, unless the context otherwise requires, (1) airports means the international airports owned and operated by the state and located at or near the cities of Anchorage and Fairbanks;

(2) bond redemption fund means the International Airports Revenue Bond Redemption Fund created by AS 37.15.440 , including any accounts that are created in that fund after June 27, 1972;

(3) bond resolution means the resolution or resolutions authorizing the issuance of bonds, adopted by the committee under AS 37.15.460 ;

(4) bonds means the international airports revenue bonds authorized by AS 37.15.410  37.15.550;

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

(6) commissioner of transportation and public facilities means the principal executive officer of the Department of Transportation and Public Facilities of the state as provided in AS 44.42.010 , or a successor;

(7) committee means the state bond committee created by AS 37.15.110 , or any other committee, body, department, or officer of the state which or who succeeds to the rights, powers, duties, and obligations of the state bond committee by lawful Act of the legislature;

(8) construction fund means the International Airports Construction Fund created by AS 37.15.420 ;

(9) revenue fund means the International Airports Revenue Fund created by AS 37.15.430 .

Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds.
Alaska Stat. § 37.07.120 — AK Code / Title 37 / Chapter 37.07 / Section 37.07.120
Definitions.
Status: in_force

In this chapter, (1) agency means a department, officer, institution, board, commission, bureau, division, or other administrative unit forming the state government and includes the Alaska Pioneers' Home, the Alaska Veterans' Home, and the University of Alaska, but does not include the legislature or the judiciary;

(2) allocation means an amount set out as a legislative guideline for expenditure by a state agency for a stated purpose within the total amount of an appropriation;

(3) appropriation means a maximum amount available for expenditure by a state agency for a stated purpose set out in an appropriation act;

(4) capital projects and capital improvements mean an allocation or appropriation item for an asset with an anticipated life exceeding one year and a cost exceeding $25,000 and include land acquisition, construction, structural improvement, engineering and design for the project, and equipment and repair costs;

(5) facility operations means activities and expenses relating to the day-to-day operations of a building or facility, including utilities, janitorial service, security service, snow removal, and direct supervision of related maintenance activities;

(6) fiscal year means a year beginning on July 1 of one calendar year and ending on June 30 of the following calendar year;

(7) maintenance and repair means the day-to-day scheduled and preventive maintenance effort, including minor repair work, required to keep a building or facility operational and in a continuous state of readiness;

(8) object of expenditure means a line item of expenditure within an allocation or an appropriation;

(9) office means the Alaska office of management and budget established in the Office of the Governor by AS 44.19.141 ;

(10) renewal and replacement means the scheduled replacement of worn-out major building components and the replacement or retrofitting of obsolete or inefficient building systems in order to maintain or extend the life of a building or facility.
Alaska Stat. § 37.10.100 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.100
Costs of action and disposition of amount recovered.
Status: in_force

(a) The necessary and reasonable costs of the suit and of the additional counsel shall be advanced by the state, and a sum recovered in the suit shall be deposited in the state treasury.

(b) If the sum recovered as described in (a) of this section belongs to a city, school district, or municipal government, the sum shall be transferred to it, less sums advanced by the state in the suit and not already repaid to it. The Department of Administration may disburse to the city, school district, or municipal corporation the sums belonging to it. The disbursements must be based upon vouchers approved by the attorney general.

Article 5. Vocational Education Account.
Alaska Stat. § 37.14.001 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.001
Mental health trust.
Status: in_force

In carrying out its trust obligations under the Mental Health Enabling Act of 1956, the state acts through the governor, the legislature, and the Alaska Mental Health Trust Authority ( AS 44.25.200 ).
Alaska Stat. § 37.15.110 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.110
Creation and membership of state bond committee.
Status: in_force

There is created a committee known as the state bond committee, the members of which are the commissioner of commerce, community, and economic development, the commissioner of administration, and the commissioner of revenue. If a member of the committee is absent or otherwise unable to act, the member's designee in the department shall act as a member of the committee in the member's place.
Alaska Stat. § 37.05.910 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.910
Applicability to University of Alaska.
Status: in_force

The commissioner of administration may delegate the performance of the functions under this chapter as they relate to the university to the Board of Regents of the University of Alaska and set out the criteria and guidelines which shall be followed. The commissioner shall direct necessary stipulations and exercise monitoring responsibility for conformance through the Board of Regents of the University of Alaska.
Alaska Stat. § 37.14.750 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.750
Alaska higher education investment fund established.
Status: in_force

(a) The Alaska higher education investment fund is established as a separate fund in the state treasury for the purpose of making grants awarded under AS 14.43.400  14.43.420 by appropriation to the account established under AS 14.43.915 (a), making scholarship payments to qualified postsecondary institutions for students under AS 14.43.810  14.43.849 by appropriation to the account established under AS 14.43.915 (b), and funding agreements for medical education under AS 14.42.033 . Money in the fund does not lapse. The fund consists of (1) money appropriated to the fund;

(2) income earned on investment of fund assets;

(3) donations to the fund; and

(4) money redeposited under AS 14.43.915 (c).

(b) The legislature may appropriate any amount to the fund established in (a) of this section. Nothing in this section creates a dedicated fund.

(c) As soon as is practicable after July 1 of each year, the commissioner of revenue shall determine the market value of the fund established in this section on June 30 for the immediately preceding fiscal year. The commissioner shall identify seven percent of that amount as available for appropriation as follows: (1) one-third for the grant account established under AS 14.43.915 (a), from which the Alaska Commission on Postsecondary Education may award grants; and

(2) two-thirds for the scholarship account established under AS 14.43.915 (b), from which the Alaska Commission on Postsecondary Education may award scholarships.

(d) In this section, unless the context requires otherwise, fund means the Alaska higher education investment fund established in (a) of this section.

Article 10. Mine Reclamation Trust Fund.
Alaska Stat. § 37.10.215 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.215
Attorney general.
Status: in_force

The attorney general is the legal counsel for the board and shall advise the board and represent it in a legal proceeding.
Alaska Stat. § 37.10.070 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.070
Investment of residual money.
Status: in_force

(a) The commissioner shall invest, as set out in AS 37.10.071 , the money in the state treasury above an amount sufficient to meet immediate expenditure needs. In managing the invested assets, the commissioner shall (1) consider the status of the assets and liabilities on both a current and a probable future basis;

(2) determine the appropriate investment objectives;

(3) establish investment policies to achieve the objectives; and

(4) act only in regard to the best financial interests of the state.

(b) The commissioner may invest on the basis of probable total rate of return without regard to the distinction between principal and income and without regard to the generation of income.

(c) In this section, commissioner means the commissioner of revenue.
Alaska Stat. § 37.10.240 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.240
Regulations and open meetings.
Status: repealed

(a) The board may adopt regulations to implement AS 37.10.210  37.10.390. Regulations adopted by the board are not subject to the Administrative Procedure Act ( AS 44.62 ). The board shall adopt regulations required by AS 36.30.015 (f) relating to procurement. The board shall comply with the requirements of AS 44.62.310  44.62.319 (Open Meetings Act).

(b) Notwithstanding (a) of this section, a regulation adopted under AS 37.10.210  37.10.390 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 chapter, the board shall provide notice of the action that is being considered. The notice must include publication in one or more newspapers of general circulation in each judicial district of the state.

(d) A regulation adopted under this chapter 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. § 37.10.052 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.052
Fees levied by resource agencies for designated regulatory services; negotiated service agreements.
Status: in_force

(a) Each resource agency shall, by regulation, establish a list of fixed fees for standard designated regulatory services that it provides. A fixed fee adopted under this subsection may not exceed the estimated average reasonable direct cost incurred by the resource agency in providing the standard designated regulatory service. The resource agency shall provide an explanation of the basis for the fixed fee. The resource agency shall review the list of fixed fees at least once every four years, identify any changes in the average actual and reasonable direct cost of providing each standard designated regulatory service for which a fixed fee has been established, and, by regulation, adjust the fees accordingly. The agency shall include the results of its review in the report submitted under AS 37.10.050 (c).

(b) In the case of a designated regulatory service for which a resource agency has not established a fixed fee under (a) of this section, a resource agency shall, at the request of the person who will be billed for a designated regulatory service, attempt to reach a negotiated service agreement for provision of that service. A negotiated service agreement that is reached under this subsection is a contract that is enforceable by either party under generally applicable contract remedies provided by law. A negotiated service agreement reached under this subsection may include (1) the amount of the fee;

(2) the structure or methodology by which the fee will be charged;

(3) deadlines, sequences, or milestones for the provision of the regulatory service; and

(4) other matters reasonably related to the cost of, or procedures for, the provision of the regulatory service.

(c) A person requiring more than one regulatory service, at least one of which is a designated regulatory service, for an activity may petition the resource agency that will provide the services or, if more than one resource agency will provide a regulatory service, the office of management and budget to establish a single fee for all regulatory services that are required for that class of activities. The resource agency or office of management and budget, as appropriate, shall grant the petition if it finds that the proposed fee meets the applicable requirements of this subsection and is likely to be used by the resource agency or office of management and budget more than once. If a petition under this subsection is granted, the resource agency or the office of management and budget shall make available to the public information concerning the single fee, including a list of regulatory services to be provided and the amount of the fee. If the resource agency or the office of management and budget denies the petition, the agency or office shall provide to the petitioner a statement setting out the agency's or office's reasons for denial. The single fee under this subsection must be (1) confined to the distinct economic sector in which the petitioner is or proposes to be engaged;

(2) where necessary, limited by geography, facility size or capacity, or other relevant factors so as to provide a reasonable assurance that only similarly situated activities, with respect to cost, are included within the fixed fee; and

(3) based on the estimated average reasonable direct cost of each designated regulatory service required for the activity and the average fee customarily charged for a regulatory service other than a designated regulatory service discounted by the amount of savings that may be achieved by avoiding regulatory overlap and, where applicable, coordinating multi-agency review of the activity to the maximum extent possible.

(d) Except for fees determined under (a), (b), or (c) of this section or in AS 37.10.056 , a fee levied by a resource agency for a designated regulatory service must be based solely on the actual and reasonable direct cost incurred by the resource agency in providing the designated regulatory service to the person on whom that fee is levied, computed on a time-and-expense basis.

(e) Nothing in this section authorizes or requires a resource agency to charge a fee for a designated regulatory service.

(f) No action taken by a resource agency or the office of management and budget under (c) of this section is subject to AS 44.62 (Administrative Procedure Act).
Alaska Stat. § 37.15.650 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.650
Bond terms.
Status: in_force

(a) The toll facilities bonds are sold in the amounts or series and at the time as determined by the committee. Before selling a series of bonds, the committee shall give notice inviting sealed bids. If satisfactory bids are received, the bonds offered for sale are awarded to the highest responsible bidder. If the committee determines that a bid received is not satisfactory as to price or responsibility of the bidder, the committee may reject the bid received. Bonds, or a series of bonds, may not be sold if the effective interest rate over the life of the bonds exceeds 11 percent per year or that rate of interest that is 125 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 the bonds, whichever is higher. Interest is payable annually or semiannually.

(b) The bonds mature at the time fixed by the committee. The bonds may be subject to redemption before their fixed maturities as determined by the committee and with the premium fixed by the committee, but a bond may not be subject to redemption before its fixed maturity date unless the right to redeem that bond is expressly mentioned on the face of the bond. The bonds (1) may be in denominations determined by the committee;

(2) may be issued in coupon form or in fully registered form, and may be registrable as to principal or both principal and interest, all under regulations and conditions the committee provides;

(3) are payable as to principal and interest at the place determined by the committee;

(4) shall be signed on behalf of the state by the governor and shall be attested to by the lieutenant governor, both of which signatures may be facsimile signatures, and each of the interest coupons attached to them shall be signed by the facsimile signatures of these officials;

(5) shall have the seal of the state impressed, printed, or lithographed on them; and

(6) shall be issued under and subject to the terms, conditions, and covenants providing for the payment of the principal of and interest on the bonds and the other terms, conditions, covenants, and protective features safeguarding this payment and relating to the maintenance, operation, and improvement of the toll facilities as found necessary by the committee, which covenants may include a provision requiring the setting aside and maintenance of certain reserves to secure the payment of the principal and interest.

(c) If found reasonably necessary, the committee may select a trustee or trustees for the holders of the bonds or any series of the bonds, for the safeguarding and disbursement of any of the money in any of the funds created by AS 37.15.620 , 37.15.630, and 37.15.640, or for the duties for authentication, delivery, and registration of the bonds as the committee may determine. The committee shall also fix the rights, duties, powers, and obligations of the trustee or trustees.

(d) In the committee's determination of all of the matters and questions relating to the issuance and sale of the bonds and the fixing of the maturities, terms, conditions, and covenants of the bonds as provided in (a)  (c) of this section, the decisions of the committee shall be those found to be reasonably necessary for the best interests of the state and its inhabitants, and those that will accomplish the most advantageous sale of the bonds, with due regard, however, (1) to necessary or normal costs of maintenance and operation; (2) to renewals and replacements of and repairs to the toll facilities; (3) to all improvements to toll facilities and property of toll facilities owned, used, operated, or leased in connection with toll facilities; and (4) to the future growth and expansion of all of the facilities and the possibility of additional revenue bond financing for toll facilities purposes. A decision of the committee, as expressed in any bond resolution, is final when any bonds have been issued under the bond resolution.

(e) A bond resolution may provide that the bonds issued contain a recital that they are issued under AS 37.15.610  37.15.760, and any bonds containing this recital are conclusively considered to be valid and to have been issued in conformity with AS 37.15.610  37.15.760.

(f) The validity of the authorization and issuance of bonds is not affected by any proceeding for the acquisition or construction of the additions, improvements, or facilities for which the bonds have been issued or by any contract in connection with the acquisition or construction.
Alaska Stat. § 37.15.310 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.310
Issuance of notes.
Status: in_force

The state bond committee shall issue notes for the amounts borrowed with a maturity date not to exceed one year from the date of issue. All the notes are payable at a fixed place, on or before a fixed time, or at a fixed time, from the proceeds of the sale of bonds, in anticipation of which the original note or notes were issued, unless the bonds have not been sold by the maturity date of the notes. Interest on the notes is payable at a fixed place, on or before a fixed time, out of appropriations made for the payment of interest on general obligation notes or bonds of the state.
Alaska Stat. § 37.15.250 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.250
Bond terms.
Status: in_force

(a) The bonds may be issued and sold at public or negotiated sale in the manner, in the amounts or series, and at the time or times that the committee or the committee's delegated representative determines. The bonds, or each series of them, shall be sold at the price and on the terms, conditions, and covenants set by the committee or the committee's delegated representative after considering market conditions. Interest rates may be fixed or variable.

(b) The bonds mature at the time or times fixed by the committee or the committee's delegated representative. The bonds may be subject to redemption before their fixed maturities, as determined by the committee or the committee's delegated representative, with or without a premium or premiums. The bonds may be in denominations determined by the committee or the committee's delegated representative; may be issued in fully or partially registered form; must be payable as to principal and interest at the place or places determined by the committee; must be signed on behalf of the state in the manner provided by the committee; and must be issued under and subject to the terms, conditions, covenants, and protective features safeguarding payment of the bonds and relating to the funding of projects as found necessary by the committee or the committee's delegated representative.

(c) If the committee or the committee's delegated representative finds it reasonably necessary, the committee or the committee's delegated representative may select a trustee or trustees for the holders of the bonds, or any series of them, for the safeguarding and disbursement of any of the money in the bond redemption fund, or for duties with respect to the enforcement, authentication, delivery, payment, and registration of the bonds as the committee may determine. The committee or the committee's delegated representative shall fix the rights, duties, powers, and obligations of the trustee or trustees.

(d) In its determination of all matters and questions relating to the issuance and sale of the bonds and the fixing of their maturities, terms, conditions, and covenants as provided in (a)  (c) of this section, the decisions of the committee shall be reasonably necessary for the best interests of the state and accomplish the most advantageous sale of the bonds. Decisions of the committee, as expressed in a bond resolution, are final and conclusively considered to comply with the requirements of AS 37.15.225  37.15.290.
Alaska Stat. § 37.16.810 — AK Code / Title 37 / Chapter 37.16 / Section 37.16.810
Regulations.
Status: in_force

The corporation may adopt regulations necessary to implement the provisions of this chapter.
Alaska Stat. § 37.06.040 — AK Code / Title 37 / Chapter 37.06 / Section 37.06.040
Municipalities organized under federal law.
Status: in_force

An entity organized under federal law as an Indian reserve that existed before enactment of 43 U.S.C. 1618(a) and is continued in existence under that subsection is a municipality for purposes of AS 37.06.010  37.06.090 and may not receive a grant under AS 37.06.020 . In addition to other eligibility requirements applicable to municipalities, to qualify to receive a grant under AS 37.06.010 , a municipality organized under federal law as an Indian reserve shall form a community development corporation with authority to determine how the grant money will be used. The corporation's charter must require that the governing board of the corporation shall be elected at an annual election open to all residents of the municipality who are registered and qualified to vote in state elections. The Department of Commerce, Community, and Economic Development may distribute money for the municipality only to a corporation organized in accordance with this section and only after the corporation has delivered a written waiver of sovereign immunity from legal action by the state to recover all or a portion of the money distributed under AS 37.06.010 .
Alaska Stat. § 37.15.235 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.235
Toll bridge revenue bond limit.
Status: in_force

The total unpaid principal amount of revenue bonds issued under AS 37.15.225  37.15.290, including refunding bonds but excluding refunded bonds, may not exceed $300,000,000.
Alaska Stat. § 37.14.415 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.415
Budget and reports.
Status: in_force

The state trustees shall (1) submit to the governor and the legislature by December 15 of each year a report setting out, for each object or purpose of expenditure, the amounts approved for expenditure from the trust during the preceding fiscal year and the amounts actually expended during the preceding fiscal year;

(2) prepare and submit, under AS 37.07 (Executive Budget Act), a budget for the next fiscal year setting out, for each object or purpose of expenditure, the trustees' estimate of the amounts that are, during the next fiscal year, to be funded by the trust and expended by state agencies; and

(3) prepare and submit to the legislature at the same time the budget for state agency expenditures is submitted under (2) of this section, a proposal setting out, for each object or purpose of expenditure, the trustees' estimate of the amounts that are to be funded by the trust in the next fiscal year and that are not included in the budget submitted under (2) of this section.
Alaska Stat. § 37.05.317 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.317
Grants to unincorporated communities.
Status: in_force

(a) When an amount is appropriated or allocated as a grant under this section to an unincorporated community, it shall be disbursed as follows: (1) Within 45 days after the effective date of the appropriation or allocation, the Department of Commerce, Community, and Economic Development shall notify the governing body of the unincorporated community, if any, that a grant is available.

(2) The Department of Commerce, Community, and Economic Development shall determine if there is a qualified incorporated entity in the community area that will agree to receive the grant and administer it, subject to terms generally applicable to private grantees. If there is more than one such entity, the Department of Commerce, Community and Economic Development shall select the most qualified and the grant shall be awarded to that incorporated entity for the purposes specified in the appropriation act. However, the Department of Commerce, Community, and Economic Development shall give preference to a nonprofit corporation organized by a community for receipt of the grant.

(3) If there is no incorporated entity qualified to receive the grant, the Department of Commerce, Community, and Economic Development shall administer the program as specified in the appropriation act directly or through agents or contractors with whom it may contract in the community area.

(b) The Department of Labor and Workforce Development shall require the qualified incorporated entity awarded a grant or agents or contractors with whom the Department of Commerce, Community, and Economic Development contracts under (a) of this section to comply with the requirements of AS 36.10.150  36.10.175 for employment generated by the grant or contract if the grant or contract is for a public works project.

(c) An appropriation or allocation for a grant to an unincorporated community lapses if substantial, ongoing work on the project has not begun within five years after the effective date of the appropriation or allocation.
Alaska Stat. § 37.15.230 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.230
Knik Arm construction fund.
Status: in_force

(a) The Knik Arm construction fund is established in the general fund to receive the proceeds of the sale of bonds issued under AS 37.15.225 , and other state or federal money that is appropriated for the same purpose for which the bonds are issued. The Department of Transportation and Public Facilities shall use money in the construction fund to pay the cost of acquiring, constructing, and equipping the Knik Arm bridge and appurtenant facilities. To the extent allowed by the bond resolution, money in the construction fund may also be used for the payment of interest on the bonds during the time of construction. Money in the construction fund may be transferred to the bond redemption fund, as permitted by the bond resolution.

(b) The bond resolution may provide for the investment of money in the construction fund as the committee determines. The interest earned on the investment of money in the fund shall be retained in the fund.
Alaska Stat. § 37.10.420 — AK Code / Title 37 / Chapter 37.10 / Section 37.10.420
Money available for appropriation defined.
Status: in_force

(a) For purposes of applying art. IX, sec. 17(b), Constitution of the State of Alaska, (1) the amount available for appropriation or funds available for appropriation means (A) the unrestricted revenue accruing to the general fund during the fiscal year;

(B) general fund program receipts as defined in AS 37.05.146 ;

(C) the unreserved, undesignated general fund balance carried forward from the preceding fiscal year that is not subject to the repayment obligation imposed by art. IX, sec. 17(d), Constitution of the State of Alaska; and

(D) the balance in the statutory budget reserve fund established in AS 37.05.540 ;

(2) the amount appropriated for the previous fiscal year means the amount appropriated from the (A) constitutional budget reserve fund under the authority granted in art. IX, sec. 17, Constitution of the State of Alaska; and

(B) same revenue sources used to calculate the money available for appropriation for the current fiscal year; and

(3) the amount of appropriations made in the previous calendar year for the previous fiscal year means appropriations made from sources identified in (2) of this subsection for a fiscal year that were enacted during the calendar year that ends on December 31 of that same fiscal year.

(b) If the amount appropriated from the budget reserve fund has not been repaid under art. IX, sec. 17(d), Constitution of the State of Alaska, the Department of Administration shall transfer to the budget reserve fund the amount of money comprising the unreserved, undesignated general fund balance to be carried forward as of June 30 of the fiscal year, or as much of it as is necessary to complete the repayment. The transfer shall be made on or before December 16 of the following fiscal year.

(c) In this section, unrestricted revenue accruing to the general fund or unreserved, undesignated general fund balance carried forward is money not restricted by law to a specific use that accrues to the general fund according to accepted principles of governmental or fund accounting adopted for the state accounting system established under AS 37.05.150 in effect on July 1, 1990.

(d) An appropriation under art. IX, sec. 17(b), Constitution of the State of Alaska, requires an affirmative vote of the majority of the members of each house of the legislature. An appropriation under art. IX, sec. 17(c) requires an affirmative vote of three-fourths of the members of each house of the legislature.
Alaska Stat. § 37.05.289 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.289
State insurance catastrophe reserve account.
Status: in_force

(a) There is established in the general fund a state insurance catastrophe reserve account consisting of assets appropriated to it by the legislature, assets allocated to the account by the Department of Administration as provided in this section, and amounts deposited into the account as provided in this section. Assets of the account may be used to obtain insurance, to establish reserves for the self-insurance program, and to satisfy claims or judgments arising under the program. Interest earned on money in the account shall be remitted to the Department of Revenue in accordance with AS 37.10.050 .

(b) The Department of Administration may allocate to the state insurance catastrophe reserve account, from the appropriations to all state agencies for insurance-related purposes, an amount that the commissioner of administration determines to be necessary to provide an adequate insurance program for the operations of state government. Money remaining in the account at the end of a fiscal year is not a one-year appropriation under AS 37.25.010 and does not lapse, except for amounts determined by the commissioner of administration to be unnecessary to maintain this account at an appropriate level and not to exceed $50,000,000. If the amount necessary to satisfy claims or judgments for which payment may be due under the state insurance program in a fiscal year exceeds the unexpended balance of the amounts allocated to the account, the department may charge an additional amount from the unencumbered balance of any appropriation that is determined by the commissioner of administration to be available for lapse at the end of the fiscal year.

(c) The $50,000,000 cap, set in (b) of this section, on money that may be retained in the state insurance catastrophe reserve account applies only to unobligated money in the account at the end of a fiscal year.

(d) Amounts received in settlement of insurance claims or as recovery for losses shall be deposited into the state insurance catastrophe reserve account.
Alaska Stat. § 37.23.900 — AK Code / Title 37 / Chapter 37.23 / Section 37.23.900
Definition of public entity.
Status: in_force

In this chapter, public entity means a political subdivision of the state, including a municipality and its subdivisions, a school district, a regional educational attendance area, or an organization composed of political subdivisions of the state.
Alaska Stat. § 37.14.450 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.450
Definitions.
Status: in_force

In AS 37.14.400  37.14.450, (1) federal trustee means a person appointed by the President of the United States to serve as a co-trustee of the trust;

(2) state trustee means a state officer designated by the governor to serve as a co-trustee of the trust;

(3) trust means the trust established for natural resource damage recoveries under the Memorandum of Agreement and Consent Decree entered into by the United States and the state in settlement of claims to money received by the state and federal governments for injury, loss, or destruction to the natural resources affected by the March 24, 1989, Exxon Valdez oil spill, and approved by the court on August 28, 1991.

Article 6. Alaska Heritage Endowment Fund.
Alaska Stat. § 37.13.140 — AK Code / Title 37 / Chapter 37.13 / Section 37.13.140
Income.
Status: in_force

(a) Net income of the fund includes income of the earnings reserve account established under AS 37.13.145 . Net income of the fund shall be computed annually as of the last day of the fiscal year in accordance with generally accepted accounting principles, excluding any unrealized gains or losses. Income available for distribution equals 21 percent of the net income of the fund for the last five fiscal years, including the fiscal year just ended, but may not exceed net income of the fund for the fiscal year just ended plus the balance in the earnings reserve account described in AS 37.13.145 .

(b) The corporation shall determine the amount available for appropriation each year. The amount available for appropriation is five percent of the average market value of the fund for the first five of the preceding six fiscal years, including the fiscal year just ended, computed annually for each fiscal year in accordance with generally accepted accounting principles. In this subsection, average market value of the fund includes the balance of the earnings reserve account established under AS 37.13.145 , but does not include 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).
Alaska Stat. § 37.14.150 — AK Code / Title 37 / Chapter 37.14 / Section 37.14.150
Contributions.
Status: in_force

During each fiscal year the commissioner of revenue shall transfer to the fund created in AS 37.14.110 a sum equal to one-half of one percent of the total receipts derived from the management of state land, including amounts paid to the state as proceeds of sale or annual rent of surface rights, mineral lease rentals, royalties, royalty sale proceeds, and federal mineral revenue-sharing payments or bonuses.
Alaska Stat. § 37.15.011 — AK Code / Title 37 / Chapter 37.15 / Section 37.15.011
Alaska debt retirement fund.
Status: in_force

(a) The Alaska debt retirement fund is established as a separate fund in the general fund. The fund consists of all money appropriated to it.

(b) The Alaska debt retirement fund shall be invested by the Department of Revenue so as to yield competitive market rates, as provided in AS 37.10.071 . Money in the fund may be appropriated (1) for the purposes set out in AS 37.15.012 ;

(2) to reimburse municipalities for obligations authorized under AS 14.11.100 ;

(3) to finance the acquisition of state facilities through lease-purchase agreements; and

(4) if an unobligated balance remains, to finance the design and construction of capital projects.
Alaska Stat. § 37.18.040 — AK Code / Title 37 / Chapter 37.18 / Section 37.18.040
Reserve fund.
Status: in_force

(a) The corporation may establish and maintain a special fund called the Alaska Tax Credit Certificate Bond Corporation reserve fund. The reserve fund consists of (1) money appropriated to the reserve fund by the legislature for the purpose of the reserve fund in accordance with the provisions of (g) of this section;

(2) proceeds of bonds required to be deposited in the fund by terms of a (A) contract between the corporation and its bondholders; or

(B) resolution of the corporation with respect to the proceeds of bonds;

(3) other money appropriated by the legislature to the reserve fund; and

(4) other money of the corporation that it decides to deposit in the reserve fund.

(b) Money in the reserve fund shall be held and applied solely to the payment of the interest on and principal of bonds of the corporation as the interest and principal become due and payable to the retirement of bonds, or for disbursement to the commissioner of revenue for purchases or payments under AS 43.55.028 . 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 a contract between the corporation and its bondholders and for which payments of other money of the corporation is not then available.

(c) Money in the reserve fund in excess of the required debt service reserve, whether because of investment or otherwise, may be withdrawn at any time by the corporation for disbursement by the commissioner of revenue for purchases or payments under AS 43.55.028 or transferred to another fund or account of the corporation.

(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 corporation may agree with the bondholders to further limit those 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 corporation. 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 this chapter, the corporation may not issue bonds unless there is in the reserve fund the required debt service reserve for all bonds then issued and outstanding and for the bonds to be issued; however, the corporation 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 or by funding the reserve fund with cash, a surety bond, letter of credit, or other instrument in the amount necessary to meet the required debt service reserve. The corporation may, at any time, issue its 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 the corporation with respect to the fund.

(g) To ensure the maintenance of the required debt service reserve in the reserve fund, the legislature may appropriate annually to the corporation for deposit in the fund the sum, certified by the chair of the corporation 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 chair 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 and paid to the corporation during the then current state fiscal year. Nothing in this subsection creates a debt or liability of the state.

(h) All references to the reserve fund in this section include special accounts within the reserve fund that may be created by the corporation to secure the payment of particular bonds.

(i) The commissioner of revenue may, subject to appropriation, lend surplus money in the general fund to the corporation for deposit to any 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 corporation, including, without limitation, terms and conditions providing that the loans need not be repaid until the obligations of the corporation secured and to be secured by the account in the reserve fund are no longer outstanding.

(j) 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 corporation.
Alaska Stat. § 37.18.100 — AK Code / Title 37 / Chapter 37.18 / Section 37.18.100
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. § 37.05.570 — AK Code / Title 37 / Chapter 37.05 / Section 37.05.570
Alaska public building fund.
Status: in_force

(a) There is created as a special account in the general fund the Alaska public building fund into which shall be deposited (1) payments made to the Department of Transportation and Public Facilities by a public or private occupant of a covered building under an agreement with the Department of Transportation and Public Facilities for costs of the occupant's use and occupancy of building space; and

(2) appropriations to the Alaska public building fund.

(b) On an annual basis and under AS 37.07 (Executive Budget Act), the legislature may appropriate amounts from the Alaska public building fund to the Department of Transportation and Public Facilities to pay use, management, operation, maintenance, and depreciation costs related to space of covered buildings managed under an agreement with the Department of Transportation and Public Facilities.

(c) Appropriations to the Alaska public 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 Alaska public building fund lapses into the Alaska public building fund at the end of the fiscal year for which it was appropriated.

(e) Nothing in this section exempts money deposited into the Alaska public 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 any building owned by the state for which the responsibility for operation, maintenance, and management has been assigned to the Department of Transportation and Public Facilities.