Title 14, Education, Libraries, and Museums

(a) The commission has the following functions, advisory to the governing boards of institutions of public and private higher education in this state, to the governor, the legislature, and to other appropriate state and federal officials: (1) coordinate the development of compreh…

The commission shall enter into agreements with government or postsecondary education officials of this state or other states to provide postsecondary educational services and programs to Alaska residents pursuing a medical education degree sufficient to accommodate at least 20 n…

(a) The commission may require the institutions of public and private higher education and other institutions of postsecondary education in the state to submit data on costs, selection, and retention of students, enrollments, education outcomes, plant capacities and use, and othe…

(a) The commission may appoint an executive director as the commission's executive officer. The executive officer is a member of the exempt service under AS 39.25.110, serves at the pleasure of the commission, and receives compensation fixed by the commission. The executive offic…

Members of the commission serve without compensation but are entitled to per diem and travel expenses as may be authorized by law for boards and commissions.

(a) The attorney general is legal counsel for the commission. The attorney general shall advise the commission in legal matters arising in the discharge of its duties and represent the commission in actions to which it is a party. If, in the opinion of the commission, the public …

All parties that are signatory to a consortium agreement between the University of Alaska and a private university or college must abide by a decision rendered by the commission when disagreements arise or exist between the parties. For purposes of this section and AS 14.42.030, …

There is created the Alaska Student Loan Corporation. The corporation is a public corporation and government instrumentality within the Department of Education and Early Development but having a legal existence independent of and separate from the state. The corporation may not b…

(a) The corporation shall be governed by a board of directors appointed by the governor consisting of two members of the Alaska Commission on Postsecondary Education, each of whom is selected for the commission under AS 14.42.015(a)(1) — (2), (4) — (6), (8), or (9) and the commis…

(a) The board shall meet at the call of its chairman and at other times as the board may determine in accordance with its regulations. (b) Public notice of a meeting of the board at which the issuance of corporation bonds is authorized shall be provided at least 24 hours before t…

The board shall keep minutes of each meeting and send a certified copy to the governor and to the Legislative Budget and Audit Committee.

The board shall manage the assets and business of the corporation and may adopt bylaws and regulations, in accordance with AS 44.62 (Administrative Procedure Act), governing the manner in which the business of the corporation is conducted and the manner in which its powers are ex…

The executive officer of the Alaska Commission on Postsecondary Education appointed under AS 14.42.040(a) shall serve as executive officer of the corporation. The board shall prescribe the duties of the executive officer.

The employees of the Alaska Commission on Postsecondary Education shall serve as staff for the corporation.

The operating budget of the corporation is subject to AS 37.07 (Executive Budget Act).

In addition to other powers granted in this chapter, the corporation may (1) sue and be sued in its own name; (2) adopt an official seal; (3) adopt regulations under AS 44.62 (Administrative Procedure Act) to carry out the purposes of this chapter; (4) make and execute agreements…

(a) The purpose of this section is to provide for supplemental education loan financing to assist qualified borrowers with unmet costs of attendance at a postsecondary institution approved by the commission. (b) The corporation may develop and establish a financing program for th…

(a) The education loan fund is established in the corporation. The education loan fund is a trust fund to be used to carry out the purposes of AS 14.42.100 — 14.42.990, AS 14.43.091 — 14.43.175, 14.43.600 — 14.43.700, 14.43.710 — 14.43.750, 14.43.990, and AS 14.44.025. The fund c…

(a) The corporation shall set the interest rate on a loan financed by the corporation under AS 14.43.091 — 14.43.160, 14.43.170 — 14.43.175, 14.43.710 — 14.43.750, and AS 14.44.040. Interest on a loan accrues from the time the loan is disbursed. (b) A borrower may elect to make p…

(a) The corporation may borrow money and may issue bonds, on which the principal and interest are payable from its income and receipts or other assets or a designated part or parts of them. The corporation may use the proceeds of its bonds for any purposes that the corporation co…

An issue of bonds by the corporation may be secured by a trust indenture or trust agreement between the corporation and a corporate trustee, which may be a trust company, bank, or national banking association, with corporate trust powers, located inside or outside the state, or b…

(a) For the purpose of securing one or more issues of bonds of the corporation, the board may establish one or more special funds, called “capital reserve funds,” and may pay into those capital reserve funds the proceeds of the sale of bonds and other money available to the corpo…

It is the intention of the legislature that a pledge made in respect to bonds of the corporation shall be valid, perfected, and binding from the time the pledge is made; that the money or property so pledged and thereafter received by the corporation shall immediately be subject …

(a) The members of the board and individuals executing the bonds of the corporation are not liable personally on the bonds or subject to personal liability or accountability by reason of the issuance of the bonds. (b) The bonds issued by the corporation do not constitute an indeb…

The board may select one or more underwriters for its bonds in accordance with procedures (1) for the award of a contract under AS 36.30.200 — 36.30.260; or (2) adopted by regulations of the board that are based on the competitive principles of AS 36.30.200 — 36.30.260 and are ad…

The state pledges to and agrees with holders of bonds issued by the corporation that the state will not limit or alter the rights and powers vested in the corporation under AS 14.42.100 — 14.42.990 to fulfill the terms of a contract made by the corporation with the bondholders or…

The real and personal property of the corporation and its assets, income, and receipts are declared to be the property of a political subdivision of the state and devoted to an essential public and governmental function and purpose, and the property, assets, income, receipts, and…

The bonds of the corporation are securities in which public officers and bodies of the state, municipalities, insurance companies, insurance associations, other persons carrying on an insurance business, banks, bankers, trust companies, savings banks, savings associations, buildi…

(a) The board may elect to pay the state a return of contributed capital, or a dividend, for each base fiscal year that the corporation's net income equals or exceeds $2,000,000. The payment may not be less than 10 percent nor more than 35 percent, as approved by the board, of th…

(a) The corporation is not a municipality as the term is defined in AS 01.10.060. Except as provided in AS 14.42.190, the corporation is not subject to AS 37. For all other purposes the corporation is a political subdivision and an instrumentality of the state. (b) The funds, inc…

The financial records of the corporation shall be audited annually by the legislative auditor or by a certified public accountant approved by the legislative auditor. The legislative auditor may prescribe the form and content of the financial records of the corporation and shall …

In this chapter, unless the context requires otherwise, (1) “board” means the board of directors of the corporation; (2) “commission” means the Alaska Commission on Postsecondary Education created in AS 14.42.015; (3) “corporation” means the Alaska Student Loan Corporation create…