Title 37 — Public Finance
17 chapters · 393 sections in this title.
AS 37.23.010 Investment pool participation.
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(a) Subject to this chapter, a public entity may enter into an agreement with other public entities to form and manage an investment pool under which funds of the participating public entities are administered and invested jointly. A public entity, by itself or with other public …
AS 37.23.020 Authorized investments.
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An investment pool may invest only in securities that have a final maturity date within 13 months after the date of purchase, except that floating rate securities with a final maturity date that is longer than 13 months may be purchased if they are subject to at least an annual r…
AS 37.23.030 Collateralization.
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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 n…
AS 37.23.035 Securities lending.
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Securities held by an investment pool may be loaned if the securities are fully collateralized and the collateral is, for safekeeping, in the possession of a person who is independent of the borrowers. The collateral must meet institutional and prudent investor standards. All poo…
AS 37.23.040 Portfolio restrictions.
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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 se…
AS 37.23.050 Investment management.
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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. 7…
AS 37.23.060 Investment responsibilities.
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The management and investment of assets by investment pools shall be done with the care, skill, prudence, and diligence under the circumstances then prevailing that an institutional investor would use in the conduct of an enterprise of a like character and with like aims.
AS 37.23.070 Reports; disclosure statement.
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(a) The manager of an investment pool shall provide to the participating public entities a monthly report on the allocation of income of investments of the pool and describing activities of the pool. At least annually, the manager of an investment pool shall provide a disclosure …
AS 37.23.080 Annual audit.
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By September 30 of each year, the manager of an investment pool shall submit to the participating public entities an audit of the pool's investments as of June 30 of that year. The audit must be performed by a certified public accountant licensed under AS 08.04 who is not (1) an …
AS 37.23.090 Limitation of liability.
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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 an…
AS 37.23.900 Definition of “public entity.”
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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.