(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) The commissioner of revenue shall determine the net income of the fund in accordance with investment accounting principles and in a manner that preserves the distinction between principal and income and that excludes capital gains or losses realized on principal. The principal of the fund and the capital gains or losses realized on principal shall be perpetually retained in the fund for investment purposes.
Section: 37.14.110 37.14.120 37.14.130 37.14.140 37.14.150 37.14.160 37.14.170 NextLast modified: November 15, 2016