Title 37 — Public Finance
17 chapters · 393 sections in this title.
AS 37.13.010 Alaska permanent fund.
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(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) a…
AS 37.13.020 Findings.
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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 legis…
AS 37.13.030 Purpose.
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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.
AS 37.13.040 Alaska Permanent Fund Corporation.
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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 fun…
AS 37.13.050 Composition and qualifications of board of trustees.
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(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 b…
AS 37.13.060 Term of office.
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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.
AS 37.13.070 Removal and vacancies.
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(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 pu…
AS 37.13.080 Quorum and voting.
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Four members of the board constitute a quorum for the transaction of business and the exercise of the powers and duties of the board. Action may be taken only upon affirmative vote of a majority of the full membership of the board.
AS 37.13.090 Compensation of board members.
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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 pr…
AS 37.13.100 Corporation staff.
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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.…
AS 37.13.110 Conflicts of interest.
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(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 proj…
AS 37.13.120 Investment responsibilities.
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(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 …
AS 37.13.130 Gains and losses. [Repealed, § 13 ch 81 SLA 1982.]
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[Repealed or reserved.]
AS 37.13.140 Income.
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(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…
AS 37.13.145 Disposition of income.
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(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 th…
AS 37.13.150 Corporation budget.
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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…
AS 37.13.160 Audits.
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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.
AS 37.13.170 Reports and publications.
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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 …
AS 37.13.180 Tax exemption.
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The corporation and the fund are exempt from all taxes and assessments in the state. All security instruments issued by the corporation or the fund, their transfer, and their income are exempt from all taxes and assessments in the state.
AS 37.13.190 Political activities.
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The resources of the corporation or the fund may not be used to finance or influence political activities.
AS 37.13.200 Public access to information.
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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 fo…
AS 37.13.205 Regulations. [Repealed, § 3 ch 46 SLA 2005.]
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[Repealed or reserved.]
AS 37.13.206 Regulations.
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(a) The board may adopt regulations to carry out the purposes of this chapter and shall adopt regulations under AS 37.13.120(a). The provisions of AS 44.62 (Administrative Procedure Act) regarding the adoption of regulations do not apply to regulations of the corporation. (b) The…
AS 37.13.210 [Renumbered as AS 37.13.900.]
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Article 2. Management of Other Assets.
AS 37.13.300 Corporation to manage certain assets of the mental health trust.
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(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 A…
AS 37.13.310 Corporation to manage the power cost equalization endowment fund.
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Article 3. General Provisions. (a) The corporation shall manage the power cost equalization endowment fund using the same investment objective and asset allocation as the corporation uses in managing the Alaska permanent fund subject to AS 37.13.120. (b) The corporation shall (1)…
AS 37.13.900 Definitions.
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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.…