reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 37. Public Finance › Chapter 10. Public Funds › Article 7. Constitutional Budget Reserve Fund. › Sec. 37.10.430. Management of the budget reserve fund.

(a) The Department of Revenue may transfer management responsibility over all or a portion of the budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska) to the Alaska Permanent Fund Corporation.
(b) By March 15 of each year, the Department of Revenue shall, after consulting with the Alaska Permanent Fund Corporation, prepare a report setting out the balance in the budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska) on January 1 and on December 31 of the previous calendar year. The report shall state the nominal, real, and realized return on the budget reserve fund compared to the nominal, real, and realized return on the permanent fund and the general fund during the previous calendar year.
(c) A special subaccount is established in the budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska). Money in the subaccount shall be invested to yield higher returns than might be feasible to obtain with other money in the budget reserve fund. In establishing or modifying the investment policy for the subaccount in the constitutional budget reserve fund, the commissioner of revenue shall assume that those funds will not be needed for at least five years. Income earned on money in the subaccount shall be retained in the subaccount by the department.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.010. Alaska permanent fund.

(a) Under art. IX, sec. 15, of the state constitution, there is established as a separate fund the Alaska permanent fund. The Alaska permanent fund consists of
(1) 25 percent of all mineral lease rentals, royalties, royalty sale proceeds, net profit shares under AS 38.05.180(f) and (g), and federal mineral revenue sharing payments received by the state from mineral leases issued on or before December 1, 1979, and 25 percent of all bonuses received by the state from mineral leases issued on or before February 15, 1980;
(2) 50 percent of all mineral lease rentals, royalties, royalty sale proceeds, net profit shares under AS 38.05.180(f) and (g), and federal mineral revenue sharing payments received by the state from mineral leases issued after December 1, 1979, and 50 percent of all bonuses received by the state from mineral leases issued after February 15, 1980; and
(3) any other money appropriated to or otherwise allocated by law or former law to the Alaska permanent fund.
(b) Payments due the Alaska permanent fund under (a) of this section shall be made to the fund within three banking days after the day the amount due to the fund reaches at least $3,000,000 and at least once each month.
(c) The Alaska permanent fund shall be managed by the Alaska Permanent Fund Corporation established in this chapter.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.020. Findings.

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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.030. Purpose.

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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.040. Alaska Permanent Fund Corporation.

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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.050. Composition and qualifications of board of trustees.

(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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.060. Term of office.

The public members of the board shall be appointed for terms of four years, and they may be reappointed. The terms of the public members shall be staggered so that no more than one term of a public member expires each year.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.070. Removal and vacancies.

(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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.090. Compensation of board members.

Public members of the board receive an honorarium of $400 for each day spent at a meeting of the board or at a meeting of a subcommittee of the board or at a public meeting as a representative of the board. Members of the board are entitled to per diem and travel allowances as provided by law for members of state boards and commissions.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.100. Corporation staff.

The board may employ and determine the salary of an executive director. The executive director may, with the approval of the board, select and employ additional staff as necessary. An employee of the corporation, including the executive director, may not be a member of the board. The executive director and the other employees of the board are in the exempt service under AS 39.25.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.110. Conflicts of interest.

(a) Members of the board, the executive director, and investment officers of the corporation are subject to the provisions of AS 39.50.
(b) If a member of the board or an employee of the corporation acquires, owns, or controls an interest, direct or indirect, in an entity or project in which fund assets are invested, the member shall immediately disclose the interest to the board. The disclosure is a matter of public record and shall be included in the minutes of the board meeting next following the disclosure.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.120. Investment responsibilities.

(a) The board shall adopt regulations specifically designating the types of income-producing investments eligible for investment of fund assets. When adopting regulations authorized by this section or managing and investing fund assets, the prudent-investor rule shall be applied by the corporation. The prudent-investor rule as applied to investment activity of the fund means that the corporation shall exercise the judgment and care under the circumstances then prevailing that an institutional investor of ordinary prudence, discretion, and intelligence exercises in the designation and management of large investments entrusted to it, not in regard to speculation, but in regard to the permanent disposition of funds, considering preservation of the purchasing power of the fund over time while maximizing the expected total return from both income and the appreciation of capital.
(b) The corporation may not borrow money or guarantee from principal of the fund the obligations of others, except as provided in this subsection. With respect to investments of the fund, the corporation may, either directly or through an entity in which the investment is made, borrow money if the borrowing is nonrecourse to the corporation and the fund.
(c) The board shall maintain a reasonable diversification among investments unless, under the circumstances, it is clearly prudent not to do so. The board shall invest the assets of the fund in in-state investments to the extent that in-state investments are available and if the in-state investments
(1) have a risk level and expected return comparable to alternate investment opportunities; and
(2) are eligible for investment of fund assets under (a) of this section.
(d) The corporation may enter into and enforce all contracts necessary, convenient, or desirable for managing the fund's assets and corporate operations, including contracts for future delivery to implement asset allocation strategies or to hedge an existing equivalent ownership position in an investment.
(e) Before adoption of a regulation under (a) of this section, the regulation, in electronic format, shall be provided to the Legislative Budget and Audit Committee for review and comment. The board shall submit investment reports to the committee at least quarterly.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.140. Income.

(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).
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.145. Disposition of income.

(a) The earnings reserve account is established as a separate account in the fund. Income from the fund shall be deposited by the corporation into the account as soon as it is received. Money in the account shall be invested in investments authorized under AS 37.13.120.
(b) At the end of each fiscal year, the corporation shall transfer from the earnings reserve account to the dividend fund established under AS 43.23.045, 50 percent of the income available for distribution under AS 37.13.140.
(c) After the transfer under (b) and an appropriation under (e) of this section, the corporation shall transfer from the earnings reserve account to the principal of the fund an amount sufficient to offset the effect of inflation on the principal of the fund during that fiscal year. However, none of the amount transferred shall be applied to increase the value of that portion of the principal attributed to the settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District) on July 1, 2004. The corporation shall calculate the amount to transfer to the principal under this subsection by
(1) computing the average of the monthly United States Consumer Price Index for all urban consumers for each of the two previous calendar years;
(2) computing the percentage change between the first and second calendar year average; and
(3) applying that rate to the value of the principal of the fund on the last day of the fiscal year just ended, including that portion of the principal attributed to the settlement of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District).
(d) Notwithstanding (b) of this section, income earned on money awarded in or received as a result of State v. Amerada Hess, et al., 1JU-77-847 Civ. (Superior Court, First Judicial District), including settlement, summary judgment, or adjustment to a royalty-in-kind contract that is tied to the outcome of this case, or interest earned on the money, or on the earnings of the money shall be treated in the same manner as other income of the Alaska permanent fund, except that it is not available for distribution to the dividend fund, for transfers to the principal under (c) of this section, or for an appropriation under (e) of this section, and shall be annually deposited into the Alaska capital income fund (AS 37.05.565).
(e) The legislature may not appropriate from the earnings reserve account to the general fund a total amount that exceeds the amount available for appropriation under AS 37.13.140(b) in a fiscal year.
(f) The combined total of the transfer under (b) of this section and an appropriation under (e) of this section may not exceed the amount available for appropriation under AS 37.13.140(b).
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.150. Corporation budget.

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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.170. Reports and publications.

By September 30 of each year, the board shall publish a report of the fund for distribution to the governor and the public. The board shall notify the legislature that the report is available. The report shall be written in easily understandable language. The report must include financial statements audited by independent outside auditors, a statement of the amount of money received by the fund from each investment during the period covered, a statement of investments of the fund including an appraisal at market value, a description of fund investment activity during the period covered by the report, a comparison of the fund performance with the intended goals contained in AS 37.13.020, an examination of the effect of the investment criteria of this chapter on the fund portfolio with recommendations of any needed changes, and any other information the board believes would be of interest to the governor, the legislature, and the public. The annual income statement and balance sheet of the fund shall be published in at least one newspaper in each judicial district. The income statement and balance sheet for the two fiscal years preceding the publication of the election pamphlet under AS 15.58 shall be included in that pamphlet.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 1. Alaska Permanent Fund. › Sec. 37.13.200. Public access to information.

Information in the possession of the corporation is a public record, except that information that discloses the particulars of the business or affairs of a private enterprise or investor is confidential and is not a public record. Confidential information may be disclosed only for the purposes of an official law enforcement investigation or when its production is required in a court proceeding. These restrictions do not prohibit the publication of statistics presented in a manner that prevents the identification of particular reports, items, persons, or enterprises.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 2. Management of Other Assets. › Sec. 37.13.300. Corporation to manage certain assets of the mental health trust.

(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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 13. Alaska Permanent Fund and Corporation › Article 3. General Provisions. › Sec. 37.13.900. Definitions.

In this chapter,
(1) “board” means the Board of Trustees of the Alaska Permanent Fund Corporation;
(2) “corporation” means the Alaska Permanent Fund Corporation;
(3) “fund” means the Alaska permanent fund established under art. IX, sec. 15, Constitution of the State of Alaska.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 1. Mental Health Trust. › Sec. 37.14.003. Responsibilities of the governor.

(a) At the time the governor submits the report under AS 37.07.060(b), the governor shall submit to the legislature a separate appropriation bill limited to appropriations for the state's integrated comprehensive mental health program.
(b) If the appropriations in the bill submitted by the governor under (a) of this section differ from those proposed by the authority, the bill must be accompanied by a report explaining the reasons for the differences between the proposed appropriations in the governor's bill and the authority's recommendations for expenditures from the general fund for the state's integrated comprehensive mental health program.
(c) If the governor vetoes all or a part of an appropriation for the integrated comprehensive mental health program, the governor's veto message must explain the vetoes in light of the authority's recommendations for expenditures from the general fund for the state's integrated comprehensive mental health program.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 1. Mental Health Trust. › Sec. 37.14.005. Responsibilities of the legislature.

(a) The legislature shall annually pass and transmit to the governor a bill making appropriations of money for the state's integrated comprehensive mental health program.
(b) The legislature shall make appropriations for the state's integrated comprehensive mental health program in a separate appropriation bill limited to appropriations for the state's integrated comprehensive mental health program.
(c) If the appropriations in the bill passed by the legislature differ from those proposed by the authority, the bill must be accompanied by a report explaining the reasons for the differences between the appropriations in the bill and the authority's recommendations for expenditures from the general fund for the state's integrated comprehensive mental health program.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 1. Mental Health Trust. › Sec. 37.14.007. Authority as trustee.

(a) The Alaska Mental Health Trust Authority, established by AS 44.25.200, is the trustee of the trust established under the Alaska Mental Health Enabling Act of 1956, P.L. 84-830, 70 Stat. 709.
(b) In exercising the powers, duties, and responsibilities as trustee, the authority is under a duty to the public and the trust beneficiaries to
(1) administer the trust consistent with AS 37.14.009 in the interest of the beneficiaries;
(2) keep and render clear and accurate accounts with respect to the administration of the trust;
(3) make public and available complete and accurate information as to the nature and amount of the trust property;
(4) exercise a high degree of care in administering the trust;
(5) take reasonable steps to take and keep control of the trust property;
(6) use care and skill to preserve the trust property;
(7) take reasonable steps to realize on claims that are held in trust;
(8) defend against actions that may result in a loss to the trust estate, unless under all the circumstances, considering the other duties owed to the trust, it is reasonable not to make the defense;
(9) separately account for trust property;
(10) ensure that trust property is designated as property of the trust;
(11) use care and skill to make the trust property productive; however, nothing in this paragraph shall prevent the state from using trust property directly or indirectly, by contractual stipulation or otherwise, as a component of the state's mental health trust program; and
(12) deal impartially with the different trust beneficiaries as provided in AS 44.25.290.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 1. Mental Health Trust. › Sec. 37.14.009. Trust management.

(a) The Alaska Mental Health Trust Authority
(1) has a fiduciary obligation to ensure that the assets of the trust are managed consistent with the requirements of the Alaska Mental Health Enabling Act, P.L. 84-830, 70 Stat. 709 (1956);
(2) shall contract with the Department of Natural Resources to manage the land assets of the trust; the contract must provide for the recording of at least one conveyance to the authority by quitclaim deed of mental health trust land in each recording district in the state in which mental health trust land is located; a conveyance to the authority is exempt from the platting and surveying requirements of AS 38.04.045(b) and municipal ordinances adopted under AS 29.40; when the Department of Natural Resources manages land assets of the trust under a contract entered into under this paragraph, the department shall
(A) manage in conformity with AS 38.05.801;
(B) consult with the authority before adopting regulations under AS 38.05.801(c);
(C) provide notice to, and consult with, the authority regarding all proposed actions subject to public notice under AS 38.05.945 before giving that public notice;
(D) annually provide the authority with a report including
(i) a description of all land management activities undertaken under this section during the prior year;
(ii) an accounting of all income and proceeds generated from mental health trust land;
(iii) an explanation of the manner in which the income and proceeds were allocated between the mental health trust fund and the mental health trust settlement income account; and
(E) obtain the approval of the authority before exchanging mental health trust land under AS 38.05.801(b)(2); and
(3) shall contract with Alaska Permanent Fund Corporation for management of the mental health trust fund.
(b) [Repealed, § 39 ch 5 FSSLA 1994.]
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 1. Mental Health Trust. › Sec. 37.14.031. Trust fund established.

(a) The mental health trust fund is established as a separate fund of the Alaska Mental Health Trust Authority.
(b) The fund consists of the cash assets of the principal of the trust, and includes
(1) money appropriated to the fund;
(2) the proceeds of sale or other disposals of mental health trust land, and the fees, charges, income earned, royalty proceeds, and other money received from the management of mental health trust land attributable to principal; and
(3) gifts, bequests, and contributions from other sources.
(c) The net income of the fund shall be determined by the Alaska Permanent Fund Corporation in the same manner the corporation determines the net income of the Alaska permanent fund under AS 37.13.140.
(d) The authority shall adopt regulations providing for the determination of amounts attributable to principal under (b)(2) of this section. The regulations must provide for the allocation between principal and income of money received from the management of mental health trust land, and the manner of allocation must be in the long-term best interest of the trust and its beneficiaries.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 1. Mental Health Trust. › Sec. 37.14.035. Trust fund utilization.

(a) The cash principal of the mental health trust fund shall be retained perpetually in the fund for investment by the Alaska Permanent Fund Corporation, as specified in AS 37.13.300.
(b) The net income of the fund shall be transferred by the corporation to the mental health trust settlement income account at the end of each fiscal year.
(c) The net income of the fund may only be utilized by the Alaska Mental Health Trust Authority for the purposes listed in AS 37.14.041.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 1. Mental Health Trust. › Sec. 37.14.036. Trust settlement income account established.

(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.]
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 1. Mental Health Trust. › Sec. 37.14.039. Trust settlement income account administration.

(a) The mental health trust settlement income account shall be administered by the Alaska Mental Health Trust Authority.
(b) If the authority determines that there is a surplus of money in the account above the amount sufficient to meet current and projected cash expenditure needs of the authority, the surplus shall be invested by the authority as provided in AS 37.10.071 for the making of investments by the fiduciary of a state fund. Income earned on investments made under this subsection may be retained by the authority and expended under AS 37.14.041.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 1. Mental Health Trust. › Sec. 37.14.041. Use of trust settlement income account.

(a) Money in the mental health trust settlement income account may only be used for the following purposes:
(1) the awarding of grants and contracts in fulfillment of the authority's purpose to ensure an integrated comprehensive mental health program for the state;
(2) obtaining private and federal grants for a purpose described in (1) of this subsection;
(3) soliciting gifts, bequests, and contributions for a purpose described in (1) of this subsection;
(4) reimbursement to
(A) the Alaska Permanent Fund Corporation for the costs of managing the principal of the mental health trust fund; and
(B) the Department of Natural Resources for the cost of managing mental health trust land;
(5) offsetting the effect of inflation on the value of the principal of the mental health trust fund; and
(6) subject to AS 37.07 (Executive Budget Act), meeting the necessary administrative expenses of the authority that are required for it to properly discharge its responsibilities.
(b) If money in the mental health trust settlement income account is not needed to meet the necessary expenses of the state's integrated comprehensive mental health program, the authority shall transfer the money to the unrestricted general fund for expenditure through legislative appropriation for other public purposes.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 1. Mental Health Trust. › Sec. 37.14.045. Limitation on grants and contracts paid for from mental health trust settlement income account.

(a) The authority may award grants and contracts that are paid for from money in the mental health trust settlement income account only in furtherance of its purpose to ensure an integrated comprehensive mental health program.
(b) In awarding grants and contracts that are paid for from money in the mental health trust settlement income account, the authority shall consider proposals only from applicants submitting a detailed proposal in the form prescribed by the authority.
(c) The authority may not award a grant or contract that is to be paid for from money in the mental health trust settlement income account unless the authority makes written findings explaining that
(1) the grant or contract awarded will further the authority's purpose to ensure an integrated comprehensive mental health program;
(2) the applicant has submitted an adequate plan for project implementation, including both financial feasibility and project effectiveness;
(3) the applicant has demonstrated that sufficient expertise is available to accomplish the objectives of the proposed program or project; and
(4) the applicant has identified operating, maintenance, and other costs associated with the project, including those ancillary to the project, and future obligations associated with the project.
(d) The authority may establish other requirements for the award of grants and contracts under this section to ensure an integrated comprehensive mental health program.
(e) The authority shall award grants and contracts that are paid for from money in the mental health trust settlement income account in amounts that
(1) are appropriate to the conditions of the applicant and the proposed program or project; and
(2) will make the most effective use of the funds in the mental health trust settlement income account that are available for expenditure.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 1. Mental Health Trust. › Sec. 37.14.099. Definitions.

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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 2. Public School Trust Fund. › Sec. 37.14.110. Public school trust fund established.

(a) There is established as a separate endowment trust fund the public school trust fund.
(b) The principal of the fund established in (a) of this section consists of
(1) the balance of the public school permanent fund on July 1, 1978; and
(2) sums transferred under AS 37.14.150.
(c) [Repealed § 9 ch 80 SLA 2018.]
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 2. Public School Trust Fund. › Sec. 37.14.120. Public School Fund Advisory Board created.

(a) There is created in the Department of Revenue the Public School Fund Advisory Board composed of the commissioner of education and early development, three members elected by the Board of Education and Early Development from among its membership, and the commissioner of revenue.
(b) The board created in (a) of this section shall elect a chairman from the membership of the board. Members serve without compensation but are entitled to per diem and travel expenses authorized by law for other boards.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 2. Public School Trust Fund. › Sec. 37.14.130. Powers and duties of board.

The board created in AS 37.14.120 has the following powers and duties:
(1) to hold regular meetings and special meetings considered necessary; and
(2) to have prepared an annual accounting of the principal and income of the fund established in AS 37.14.110.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 2. Public School Trust Fund. › Sec. 37.14.150. Contributions.

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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 2. Public School Trust Fund. › Sec. 37.14.160. Duties of the commissioner of revenue.

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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 2. Public School Trust Fund. › Sec. 37.14.165. Use of the public school trust fund.

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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 2. Public School Trust Fund. › Sec. 37.14.170. Investments.

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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 3. Alaska Children's Trust. › Sec. 37.14.200. Alaska children's trust established.

(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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 3. Alaska Children's Trust. › Sec. 37.14.205. Alaska children's trust grant account.

(a) The Alaska children's trust grant account is established as an account in the general fund. The legislature may appropriate funds to the grant account from
(1) the trust account in the amount described in AS 37.14.200(e);
(2) program receipts from special request Alaska children's trust plates under AS 28.10.421(d)(14);
(3) program receipts from birth certificates under AS 18.50.225;
(4) program receipts from certificates of marriage under AS 18.50.272;
(5) private restricted-use donations; and
(6) any other source.
(b) The board may use money in the grant account for the following purposes and without further appropriation:
(1) to make grants under AS 37.14.230;
(2) to obtain private and federal grants for the trust and the grant account;
(3) to solicit contributions, gifts, and bequests for the trust and the grant account;
(4) to expend private restricted-use donations in conformity with the donor's restrictions.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 3. Alaska Children's Trust. › Sec. 37.14.225. Trust board established.

The Alaska Children's Trust Board is established in the Office of the Governor. The board is composed of
(1) the governor or a designee of the governor;
(2) the commissioner of family and community services or the commissioner's designee;
(3) the commissioner of education and early development or the commissioner's designee; and
(4) four public members appointed by the governor who have experience and expertise in
(A) children's or prevention programs, including child abuse and neglect prevention programs; or
(B) private sector finance.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 3. Alaska Children's Trust. › Sec. 37.14.230. Powers and duties of the board.

(a) The board shall
(1) hold regular and special meetings it considers necessary; the board may hold meetings by teleconference;
(2) award grants from the grant account to community-based programs that the board finds will aid in the prevention of child abuse and neglect;
(3) monitor approved programs for compliance with AS 37.14.200 - 37.14.270 and specified grant conditions;
(4) maintain records for all donations to the trust and the grant account; the records must reflect the amount of the donation, the date of the donation, the donor's intent, if any, with respect to how the donation is to be used, the account into which the donation was deposited, and the manner in which the donation was expended;
(5) apply for and use funds from the grant account to obtain private and federal grants for the prevention of child abuse and neglect;
(6) solicit contributions, gifts, and bequests to the trust and the grant account;
(7) keep electronic recordings of each meeting of the board to be made available on request;
(8) submit to the governor and make available to the legislature by February 1 each year a report describing
(A) the child abuse and neglect prevention services that were provided by the programs to which the board awarded grants; and
(B) the annual level of contributions, income, and expenses of the trust and the grant account;
(9) make arrangements with the commissioner or a financial depository to manage private restricted-use donations that are not fully expended and account for any interest earned on the donations.
(b) The board may enter into joint arrangements with a private nonprofit entity or entities for the purpose of making grants and fundraising for the support of child abuse and neglect prevention programs. In entering into a joint arrangement, the board may not delegate its duties or authority under AS 37.14.200 - 37.14.270.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 3. Alaska Children's Trust. › Sec. 37.14.245. Regulations.

(a) The board may adopt regulations to implement AS 37.14.200 - 37.14.270. Regulations adopted by the board are not subject to AS 44.62 (Administrative Procedure Act). The board shall comply with the requirements of AS 44.62.310 and 44.62.312.
(b) Notwithstanding (a) of this section, a regulation adopted under AS 37.14.200 - 37.14.270 shall be published in the Alaska Administrative Register and Alaska Administrative Code for informational purposes. A regulation adopted under this section shall conform to the style and format requirements of the drafting manual for administrative regulations that is published under AS 44.62.050.
(c) At least 30 days before the adoption, amendment, or repeal of a regulation under this section, the board shall provide notice of the action that is being considered. The notice must include publication in a newspaper of general circulation in the state.
(d) A regulation adopted under this section takes effect 30 days after adoption by the board unless a later effective date is stated in the regulation.
(e) Notwithstanding the other provisions of this section, a regulation may be adopted, amended, or repealed, effective immediately, as an emergency regulation. For an emergency regulation to be effective, the board must find that the immediate adoption, amendment, or repeal of the regulation is necessary. The board shall, within 10 days after adoption of an emergency regulation, give notice of the adoption under (c) of this section. An emergency regulation adopted under this subsection may not remain in effect past the date of the next regular meeting of the board unless the board complies with the procedures set out in this section and adopts the regulation as a permanent regulation.
(f) In this section, “regulation” has the meaning given in AS 44.62.640(a).
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 3. Alaska Children's Trust. › Sec. 37.14.270. Definitions.

In AS 37.14.200 - 37.14.270, unless the context otherwise requires,
(1) “board” means the Alaska Children's Trust Board;
(2) “grant account” means the Alaska children's trust grant account established in AS 37.14.205;
(3) “private restricted-use donation” means a donation related to the prevention of child abuse and neglect where a donor specifies in writing that the donation be used for any purpose other than to be placed in the corpus of the trust and invested with trust assets;
(4) “trust” means the Alaska children's trust established in AS 37.14.200.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 5. Exxon Valdez Oil Spill Trust. › Sec. 37.14.400. Trust recognized.

The trust established under the Memorandum of Agreement and Consent Decree entered into by the United States and the state in settlement of claims to money received for injury, loss, or destruction of the natural resources affected by the March 24, 1989, Exxon Valdez oil spill, and approved by the United States District Court on August 28, 1991, is recognized. It shall be managed as provided in the Memorandum of Agreement and Consent Decree that established it.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 5. Exxon Valdez Oil Spill Trust. › Sec. 37.14.405. Appropriations required.

(a) Notwithstanding any other provision of law, a state agency may not expend money received from the trust unless the expenditure is in accordance with an appropriation made by law.
(b) Appropriations made to satisfy the requirement of (a) of this section may be made by general appropriations of program receipts conditioned on compliance with the program review provisions of AS 37.07.080(h).
(c) The provisions of (b) of this section do not apply to amounts paid as reimbursements to the state, as authorized by the Memorandum of Agreement and Consent Decree establishing the trust, for expenses that are
(1) related to the Exxon Valdez oil spill; and
(2) incurred by the state on or before December 31, 1992.