(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 comingle 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.
Section: 37.14.200 37.14.205 37.14.210 37.14.220 37.14.225 37.14.230 37.14.240 37.14.245 37.14.250 37.14.270 NextLast modified: November 15, 2016