Title 37 — Public Finance
17 chapters · 393 sections in this title.
AS 37.14.410 Reimbursed expenditures.
0.9K chars
(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 …
AS 37.14.415 Budget and reports.
1.0K chars
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…
AS 37.14.420 Payments to persons other than governments.
0.5K chars
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…
AS 37.14.425 Public records.
0.1K chars
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.
AS 37.14.430 Applicability of open meetings law.
1.3K chars
(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.…
AS 37.14.450 Definitions.
0.7K chars
Article 6. Alaska Heritage Endowment Fund. 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 c…
AS 37.14.500 Alaska heritage endowment fund established.
0.3K chars
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…
AS 37.14.510 Net income account.
1.0K chars
(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…
AS 37.14.520 Powers and duties of the commissioner of revenue.
1.4K chars
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…
AS 37.14.530 Use of fund.
0.9K chars
(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 …
AS 37.14.540 Definition.
0.2K chars
Article 7. Arctic Winter Games Team Alaska Trust. In AS 37.14.500 — 37.14.540, “fund” means the Alaska heritage endowment fund established by AS 37.14.500.
AS 37.14.600 Arctic Winter Games Team Alaska trust fund established.
0.5K chars
(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…
AS 37.14.610 Duties of the commissioner.
1.0K chars
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 …
AS 37.14.620 Transfers from the trust fund.
1.4K chars
(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…
AS 37.14.630 Use of trust money.
0.9K chars
Article 8. Alaska Veterans' Memorial Endowment Fund. 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 …
AS 37.14.700 Alaska veterans' memorial endowment fund established.
0.7K chars
(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…
AS 37.14.720 Powers and duties of the commissioner of revenue.
0.3K chars
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…
AS 37.14.730 Use of fund.
1.4K chars
(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…
AS 37.14.740 Definition.
0.2K chars
Article 9. Alaska Higher Education Investment Fund. In AS 37.14.700 — 37.14.740, “fund” means the Alaska veterans' memorial endowment fund established in AS 37.14.700.
AS 37.14.750 Alaska higher education investment fund established.
1.7K chars
Article 10. Mine Reclamation Trust Fund. (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(…
AS 37.14.800 Mine reclamation trust fund established.
1.6K chars
(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…
AS 37.14.810 Powers and duties of the commissioner of revenue.
0.3K chars
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.
AS 37.14.820 Use of the mine reclamation trust fund operating account.
1.5K chars
(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…
AS 37.14.830 Regulations.
0.1K chars
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.
AS 37.14.840 Definition.
0.2K chars
Article 11. Carbon Storage Closure Trust Fund. 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.
AS 37.14.850 Carbon storage closure trust fund.
1.5K chars
(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…
AS 37.15.010 Full faith and credit for general obligation bonds.
0.3K chars
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.
AS 37.15.011 Alaska debt retirement fund.
0.7K chars
(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…
AS 37.15.012 Continuing debt service appropriation.
0.6K chars
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…
AS 37.15.015 Notice before election.
1.2K chars
(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 …
AS 37.15.020 Manner and amounts of sale.
0.2K chars
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.
AS 37.15.030 Interest rate and maturity.
0.5K chars
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 …
AS 37.15.040 Sale of bonds.
0.4K chars
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…
AS 37.15.050 Redemption.
0.3K chars
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…
AS 37.15.060 Form and registration of bonds.
0.2K chars
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.
AS 37.15.070 Place of payment.
0.1K chars
The state bond committee may fix the place or places of payment of the principal, interest and redemption premium, if any.
AS 37.15.080 Signatures and seal.
0.7K chars
(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…
AS 37.15.090 Terms and conditions.
0.5K chars
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…
AS 37.15.100 Trustee.
0.4K chars
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…
AS 37.15.110 Creation and membership of state bond committee.
0.4K chars
There is created a committee known as the “state bond committee,” the members of which are the commissioner of commerce, community, and economic development, the commissioner of administration, and the commissioner of revenue. If a member of the committee is absent or otherwise u…
AS 37.15.120 Regulations.
0.3K chars
The state bond committee may adopt regulations for the performance of its duties and may designate by resolution one of its members to perform any act necessary to effectuate its duties not required by statute to be performed by the state bond committee in meeting or by resolutio…
AS 37.15.130 Officers, records, and proceedings.
0.4K chars
The commissioner of commerce, community, and economic development is the chairman of the state bond committee and the commissioner of revenue is the secretary. A majority of the members of the committee constitute a quorum. The committee shall keep a full, complete, and permanent…
AS 37.15.140 Duties of state bond committee.
0.1K chars
The state bond committee shall adopt the resolution and prepare the documents necessary for the issuance, sale, and delivery of bonds.
AS 37.15.150 Committee may employ special services.
0.4K chars
If the state bond committee considers it necessary and advisable, it may procure architectural or engineering, fiscal agent or municipal investment, legal and other expert or specialized services at reasonable and customary fees to assist it in accomplishing the most advantageous…
AS 37.15.155 Prohibited bidding on bonds and anticipation notes.
0.7K chars
(a) A person who provides financial programming or marketing assistance to the state bond committee in connection with the issuance or sale of general obligation bonds, revenue bonds, or bond anticipation notes of the state may not bid on the bonds. (b) The sale of general obliga…
AS 37.15.160 Contents of resolution.
0.4K chars
The resolution adopted by the state bond committee must (1) fix the principal amount, denominations, date, maturities, place of payment, terms, right of redemption if any, form, conditions, and covenants of the bonds; (2) fix the date of sale and the form of the notice of sale; a…
AS 37.15.170 State bond committee to certify annual principal, interest, and reserve requirements.
1.0K chars
(a) Before December 1 of each year after bonds are issued, the state bond committee shall certify to the commissioner of administration the amount needed for the following calendar year to meet principal, interest, and reserve requirements on all bonds or issues or series of bond…
AS 37.15.180 Remedies of bondholders.
0.2K chars
The owner and holder of each bond or the trustee may by appropriate proceeding require and compel the transfer and payment of money as directed by this chapter.
AS 37.15.190 Negotiability.
0.1K chars
General obligation bonds of the state and the coupons attached to the bonds are negotiable instruments.
AS 37.15.200 Bonds as legal investments.
0.2K chars
General obligation bonds of the state are legal investments for all state funds, or for funds under state control, and for all funds of a political subdivision of the state.