Title 37, Public Finance

The Alaska Children's Trust Board is established in the Office of the Governor. The board is composed of (1) the governor or a designee of the governor; (2) the commissioner of family and community services or the commissioner's designee; (3) the commissioner of education and ear…

(a) The board shall (1) hold regular and special meetings it considers necessary; the board may hold meetings by teleconference; (2) award grants from the grant account to community-based programs that the board finds will aid in the prevention of child abuse and neglect; (3) mon…

(a) The board may adopt regulations to implement AS 37.14.200 — 37.14.270. Regulations adopted by the board are not subject to AS 44.62 (Administrative Procedure Act). The board shall comply with the requirements of AS 44.62.310 and 44.62.312. (b) Notwithstanding (a) of this sect…

In AS 37.14.200 — 37.14.270, unless the context otherwise requires, (1) “board” means the Alaska Children's Trust Board; (2) “grant account” means the Alaska children's trust grant account established in AS 37.14.205; (3) “private restricted-use donation” means a donation related…

(a) There is established as a separate fund in the state treasury the investment loss trust fund. The trust fund consists of money appropriated to it by the legislature. The Department of Revenue is the custodian of the trust fund and shall invest the trust fund in accordance wit…

The trust established under the Memorandum of Agreement and Consent Decree entered into by the United States and the state in settlement of claims to money received for injury, loss, or destruction of the natural resources affected by the March 24, 1989, Exxon Valdez oil spill, a…

(a) Notwithstanding any other provision of law, a state agency may not expend money received from the trust unless the expenditure is in accordance with an appropriation made by law. (b) Appropriations made to satisfy the requirement of (a) of this section may be made by general …

(a) Amounts received by the state as reimbursement for expenses related to the Exxon Valdez oil spill incurred by the state on or before December 31, 1992, shall be deposited in the general fund and, except as required under (b) of this section, may not be credited to an oil and …

The state trustees shall (1) submit to the governor and the legislature by December 15 of each year a report setting out, for each object or purpose of expenditure, the amounts approved for expenditure from the trust during the preceding fiscal year and the amounts actually expen…

The state trustees may not agree to an expenditure of money from the trust to a person or entity other than an agency of the state or federal government unless the expenditure is for administrative expenses of the trust and is consistent with the competitive principles of AS 36.3…

For purposes of AS 40.25.120, records of the trust in the custody of or subject to the control of state officers and agencies are public records.

(a) The provisions of AS 44.62.310 — 44.62.319 (Open Meetings Act) apply to a meeting related to the trust in which (1) one or more of the state trustees and one or more of the federal trustees participate, except to the extent that applicable federal law conflicts with AS 44.62.…

In AS 37.14.400 — 37.14.450, (1) “federal trustee” means a person appointed by the President of the United States to serve as a co-trustee of the trust; (2) “state trustee” means a state officer designated by the governor to serve as a co-trustee of the trust; (3) “trust” means t…

The Alaska heritage endowment fund is established as a separate endowment trust fund of the state. The principal of the fund consists of (1) legislative appropriations to the fund; and (2) gifts, bequests, and contributions of cash or other assets made by a person who has specifi…

(a) The net income account is established in the Alaska heritage endowment fund. The net income account of the fund consists of (1) money and other assets given by persons to the fund whose placement in the principal of the fund is not required by AS 37.14.500(2); and (2) amounts…

The commissioner of revenue is the treasurer of the fund and has the power and duty to (1) act as official custodian of the cash and investments belonging to the fund by securing adequate and safe custodial facilities; (2) receive all items of cash and investments belonging to th…

(a) The principal of the fund and any capital gains or losses realized on the principal shall be retained perpetually in the fund for investment as specified in AS 37.14.520. (b) The net income account of the fund may be appropriated for the following purposes: (1) reimbursement …

In AS 37.14.500 — 37.14.540, “fund” means the Alaska heritage endowment fund established by AS 37.14.500.

(a) The Arctic Winter Games Team Alaska trust fund is established as a separate endowment trust of the state consisting of (1) appropriations to the trust; (2) donations to the trust; and (3) income earned on investments of trust assets. (b) The commissioner of revenue shall mana…

The commissioner of revenue has the power and duty to (1) act as official custodian of the cash and investments belonging to the Arctic Winter Games Team Alaska trust by securing adequate and safe custodial facilities; (2) exercise the same powers and duties as those established …

(a) As soon as practicable after July 1 of each year, the commissioner of revenue shall determine the average month-end market value of the Arctic Winter Games Team Alaska trust fund for the immediately preceding three fiscal years. Five percent of that amount shall be identified…

The board of directors of the Arctic Winter Games Team Alaska may use money transferred from the Arctic Winter Games Team Alaska trust fund only for (1) equipment, uniforms, travel, and food and lodging for Arctic Winter Games Team Alaska athletes, coaches, staff, and directors; …

(a) The Alaska veterans' memorial endowment fund is established as a separate endowment trust fund of the state. The fund consists of (1) appropriations to the fund; (2) donations to the fund; and (3) income earned on investments of fund assets. (b) The commissioner of revenue sh…

In carrying out the investment duties under AS 37.14.700 — 37.14.740, the commissioner of revenue has the powers and duties set out in AS 37.10.071. The commissioner shall provide reports to the adjutant general of the Department of Military and Veterans' Affairs on the condition…

(a) As soon as practicable after July 1 of each year, the commissioner of revenue shall determine the average month-end market value of the fund for the immediately preceding three fiscal years. The commissioner shall identify five percent of that amount as available for appropri…

In AS 37.14.700 — 37.14.740, “fund” means the Alaska veterans' memorial endowment fund established in AS 37.14.700.

(a) The Alaska higher education investment fund is established as a separate fund in the state treasury for the purpose of making grants awarded under AS 14.43.400 — 14.43.420 by appropriation to the account established under AS 14.43.915(a), making scholarship payments to qualif…

(a) The mine reclamation trust fund is established as a separate trust fund of the state. The principal and earnings of the fund shall be held by the state for the purpose of protecting the public interest in reclaiming mine sites in the state. The fund is composed of the mine re…

The commissioner of revenue is a fiduciary to the fund. The commissioner shall manage both the mine reclamation trust fund income account and the mine reclamation trust fund operating account and shall invest their assets in accordance with AS 37.10.071.

(a) The commissioner of natural resources may make expenditures from the mine reclamation trust fund operating account for the following purposes: (1) reclamation of mining operations for which a payment or deposit has been made into the fund; (2) maintenance of dams and other pe…

The commissioner of natural resources may adopt regulations necessary to carry out the purposes of AS 37.14.800 and 37.14.820 — 37.14.840.

Unless the context otherwise requires, in AS 37.14.800 — 37.14.840, “fund” means the mine reclamation trust fund established in AS 37.14.800.

(a) The carbon storage closure trust fund is established as a separate trust fund of the state outside and separate from the general fund. The legislature may appropriate the principal and earnings of the fund for the purpose of protecting the public interest in maintaining and c…

The full faith, credit, and resources of the state are hereby pledged to the payment of the principal of and interest and redemption premium, if any, on all general obligation bonds of the state authorized pursuant to art. IX, § 8 of the constitution.

(a) The Alaska debt retirement fund is established as a separate fund in the general fund. The fund consists of all money appropriated to it. (b) The Alaska debt retirement fund shall be invested by the Department of Revenue so as to yield competitive market rates, as provided in…

The amounts required annually to pay the principal, interest, and redemption premium on all issued and outstanding general obligation bonds of the state are appropriated each fiscal year from the Alaska debt retirement fund to the state bond committee to make all required payment…

(a) Before a general or special election in which a bond issue is offered for ratification, the state bond committee shall publish a notice of existing state bonded indebtedness at least once a week for three consecutive weeks in a newspaper of general circulation in each of the …

The state bond committee shall sell the bonds of each authorization in the amounts or series and at the times which it finds are for the best interests of the state and its inhabitants.

Each issue or series of bonds must bear interest at an effective rate over the life of the bonds not to exceed 11 percent a year or that rate of interest that is 110 percent of the rate of the Bond Buyer Index of 20 Municipal Bond Average Yields for the week previous to the date …

Before selling an issue or series of bonds, the state bond committee shall give notice inviting sealed bids in a manner that it may prescribe. If satisfactory bids are received, the bonds offered for sale shall be awarded to the highest responsible bidder. If the state bond commi…

The state bond committee may determine whether the bonds are subject to redemption before their fixed maturities and may fix the premium for and all other terms of the redemption. A bond is not subject to redemption before its fixed maturity date unless the right to so redeem the…

An issue or series of bonds may be issued in coupon form payable to bearer or in fully registered form, and bonds in coupon form may be made registrable as to principal or principal and interest, as determined by the state bond committee.

The state bond committee may fix the place or places of payment of the principal, interest and redemption premium, if any.

(a) Each bond shall be signed on behalf of the state by the governor and attested by the lieutenant governor, which signatures may be facsimile signatures. The seal of the state shall be impressed, imprinted or otherwise reproduced on each bond. Each interest coupon attached to t…

Each issue or series of bonds shall be issued under and subject to the terms, conditions, and covenants providing for the payment of the principal and the interest and other terms, conditions, covenants, and protective provisions safeguarding the payment as found reasonably neces…

If the state bond committee finds it necessary to accomplish the most advantageous sale of the bonds, the committee shall select a trustee for the owners and holders of the bonds or for the safeguarding and disbursement of the proceeds of the sale of the bonds for the use and pur…