Title 37 — Public Finance
17 chapters · 393 sections in this title.
AS 37.10.060 Department of Revenue to deposit money in state treasury.
0.2K chars
Article 3. Investment and Deposit of State Funds. All fees and receipts received by the Department of Revenue from any source shall be deposited in the state treasury at least once each month, and credited by the department to the proper fund.
AS 37.10.065 Investment of the Alaska Permanent Fund. [Repealed, § 10 ch 18 SLA 1980. For current law see AS 37.13.]
0.0K chars
[Repealed or reserved.]
AS 37.10.070 Investment of residual money.
0.8K chars
(a) The commissioner shall invest, as set out in AS 37.10.071, the money in the state treasury above an amount sufficient to meet immediate expenditure needs. In managing the invested assets, the commissioner shall (1) consider the status of the assets and liabilities on both a c…
AS 37.10.071 Investment powers and duties.
5.7K chars
(a) In making investments under this section, the fiduciary of a state fund shall (1) act as official custodian of cash and investments by securing adequate and safe custodial facilities for them; (2) receive all items of cash and investments; (3) collect and deposit the principa…
AS 37.10.075 Deposit of state funds.
1.5K chars
(a) When the commissioner of revenue determines that there are funds in the state treasury that are not being used for the purposes provided for in AS 37.10.070, they may be deposited in financial institutions. Collateral may be required by the commissioner to secure state deposi…
AS 37.10.078 Prohibited deposits and investments in certain banks.
0.3K chars
The commissioner of revenue may not make investments or deposits with a bank doing business in Alaska that has a general practice of (1) charging a fee for handling disbursements issued by the state; or (2) refusing to handle disbursements issued by the state.
AS 37.10.079 Secs. 37.10.079 , 37.10.080. Purchase and sale of bonds. [Repealed, § 33 ch 141 SLA 1988.]
0.0K chars
[Repealed or reserved.]
AS 37.10.085 Financial aid to corporations by state or political subdivision.
1.4K chars
(a) Except as provided in AS 14.40.458, (c) or (d) of this section, or AS 37.10.089, neither the state nor a political subdivision of the state may (1) make a subscription to the capital stock of a corporation; (2) lend its credit for the use of a corporation; or (3) borrow money…
AS 37.10.087 Loans to bond construction funds.
1.9K chars
(a) (1) When a construction fund or account established to receive the proceeds of state general obligation bonds is temporarily exhausted, the commissioner of administration on recommendation of the state bond committee may temporarily transfer money from the general fund to the…
AS 37.10.088 Department of Administration authorized to make advances to the University.
1.3K chars
(a) During any fiscal year the Department of Administration may make advances to the University of Alaska against verified receivables from appropriations for grants and contracts from federal or private sources of the university and upon condition that the university reimburse t…
AS 37.10.089 Loans to the education loan fund; bond purchase agreements and letters of credit.
3.0K chars
Article 4. Recovery of Money or Property Illegally Paid or Diverted. (a) If the education loan fund (AS 14.42.210) is unable to fully finance loan demand in a fiscal year, the commissioner may invest in the education loan fund for the purpose of financing education loans under AS…
AS 37.10.090 Action by attorney general.
0.5K chars
Whenever money, funds, or property of a city, school district, municipal government, or the state are illegally paid or are diverted for an illegal purpose, or paid to a person not authorized by law to receive them, they may be recovered by an action instituted by the attorney ge…
AS 37.10.100 Costs of action and disposition of amount recovered.
0.7K chars
Article 5. Vocational Education Account. (a) The necessary and reasonable costs of the suit and of the additional counsel shall be advanced by the state, and a sum recovered in the suit shall be deposited in the state treasury. (b) If the sum recovered as described in (a) of this…
AS 37.10.200 Vocational education account.
1.0K chars
Article 6. Alaska Retirement Management Board. (a) The vocational education account is created in the general fund. (b) The account consists of (1) appropriations made by the legislature to the account; (2) gifts, bequests, and contributions; and (3) income and earnings of the ac…
AS 37.10.210 Alaska Retirement Management Board.
3.8K chars
(a) The Alaska Retirement Management Board is established in the Department of Revenue. The board's primary mission is to serve as the trustee of the assets of the state's retirement systems, the State of Alaska Supplemental Annuity Plan, and the deferred compensation program for…
AS 37.10.215 Attorney general.
0.1K chars
The attorney general is the legal counsel for the board and shall advise the board and represent it in a legal proceeding.
AS 37.10.220 Powers and duties of the board.
5.4K chars
(a) The board shall (1) hold regular and special meetings at the call of the chair or of at least five members; meetings are open to the public, and the board shall keep a full record of all its proceedings; (2) after reviewing recommendations from the Department of Revenue, adop…
AS 37.10.230 Conflicts of interest.
0.6K chars
(a) Trustees are subject to the provisions of AS 39.50. (b) If a trustee acquires, owns, or controls an interest, direct or indirect, in an entity or project in which assets under the control of the board are invested, the trustee shall immediately disclose the interest to the bo…
AS 37.10.240 Regulations and open meetings.
2.0K chars
(a) The board may adopt regulations to implement AS 37.10.210 — 37.10.390. Regulations adopted by the board are not subject to the Administrative Procedure Act (AS 44.62). The board shall adopt regulations required by AS 36.30.015(f) relating to procurement. The board shall compl…
AS 37.10.250 Compensation of trustees.
0.9K chars
Trustees, other than trustees who are employees of the state, a political subdivision of the state, or a school district or regional educational attendance area in the state, receive an honorarium of $400 for each day spent at a meeting of the board or at a meeting of a subcommit…
AS 37.10.260 Staff.
0.3K chars
(a) The Department of Revenue shall provide staff for the board. (b) The board may designate a trustee or an officer or employee of the Department of Revenue to be responsible for signing on behalf of the board a deed, contract, or other document that must be executed by or on be…
AS 37.10.270 Investment advisory council.
1.1K chars
(a) The board may appoint an investment advisory council composed of at least three and not more than five members. Members of the council shall possess experience and expertise in financial investments and management of investment portfolios for public, corporate, or union pensi…
AS 37.10.280 Insurance.
0.5K chars
The board shall ensure that trusteed assets and its own services are protected. The board may purchase insurance or provide for self-insurance retention in amounts recommended by the commissioner of revenue and approved by the board to cover the acts, including fiduciary acts, er…
AS 37.10.290 Exemption from taxation.
0.4K chars
Except as provided in AS 29.45.030(a) for property acquired through foreclosure or deed in lieu of foreclosure, the board and all properties at any time owned by it, managed by it, or held by it in trust, and the income from those activities, are exempt from all taxes and assessm…
AS 37.10.300 Limitations.
0.3K chars
The board may not engage in commercial banking activity or private trust activity. The board may not act as a depository or trustee for a private person, association, or corporation. The board may not act as a lender to a private person, association, or corporation of money from …
AS 37.10.310 Pension forfeiture by public officers convicted of crimes involving corruption.
1.9K chars
(a) A public officer, as defined in AS 39.52.960, a legislator, or a person employed as a legislative director, as that term is defined in AS 24.60.990, who is convicted of a federal or state felony offense of bribery, receiving a bribe, perjury, subornation of perjury, scheme to…
AS 37.10.390 Definitions.
1.0K chars
Article 7. Constitutional Budget Reserve Fund. In AS 37.10.210 — 37.10.390, unless the context otherwise requires, (1) “board” means the board of trustees of the Alaska Retirement Management Board; (2) “fund” means the fund or funds composed of the assets of each of the retiremen…
AS 37.10.410 “Administrative proceedings involving taxes” defined.
1.3K chars
(a) The following money received by the state is considered to be received as a result of the termination of an administrative proceeding for purposes of applying art. IX, sec. 17(a), Constitution of the State of Alaska: (1) past due taxes that are received by the state for each …
AS 37.10.420 “Money available for appropriation” defined.
2.5K chars
(a) For purposes of applying art. IX, sec. 17(b), Constitution of the State of Alaska, (1) “the amount available for appropriation” or “funds available for appropriation” means (A) the unrestricted revenue accruing to the general fund during the fiscal year; (B) general fund prog…
AS 37.10.430 Management of the budget reserve fund.
1.3K chars
(a) The Department of Revenue may transfer management responsibility over all or a portion of the budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska) to the Alaska Permanent Fund Corporation. (b) By March 15 of each year, the Department of Revenue shall, a…
AS 37.13.010 Alaska permanent fund.
1.4K chars
(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.
0.7K chars
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.
0.2K chars
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.
0.4K chars
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.
0.7K chars
(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.
0.2K chars
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.
0.8K chars
(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.
0.2K chars
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.
0.3K chars
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.
0.4K chars
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.
0.5K chars
(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.
2.3K chars
(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.]
0.0K chars
[Repealed or reserved.]
AS 37.13.140 Income.
1.3K chars
(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.
2.8K chars
(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.
0.4K chars
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.
0.2K chars
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.
1.2K chars
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.
0.2K chars
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.
0.1K chars
The resources of the corporation or the fund may not be used to finance or influence political activities.