Section 37.13.300. Corporation to manage certain assets of the mental health trust.

   (a) The corporation shall manage the mental health trust fund.
   (b) The corporation shall
        (1) hold and invest the mental health trust fund subject to AS 37.13.120;
        (2) at least quarterly, prepare, publish, and distribute to the Board of Trustees of the Alaska Mental Health Trust Authority a financial report showing investment revenue and expenditures, including the allocation of the cash assets of the mental health trust fund among investments;
        (3) annually prepare, publish, and distribute to the Board of Trustees of the Alaska Mental Health Trust Authority financial statements prepared in accordance with generally accepted accounting principles consistently applied, and an audit report prepared by a certified public accountant;
        (4) periodically advise the Board of Trustees of the Alaska Mental Health Trust Authority when revisions to long-range investment policy, including asset allocation changes, are contemplated, and provide an opportunity for consultation and comment on the changes before they are implemented; and
        (5) transfer to the mental health trust settlement income account the net income available for distribution attributable to the mental health trust fund at the end of each fiscal year.
   (c) Net income from the mental health trust fund may not be included in the computation of net income available for distribution under AS 37.13.140.

Authorities

37.14.033;37.14.035

Notes

Recent Bills that will modify this

HB 245 PERM. FUND:DEPOSITS;DIVIDEND;EARNINGS
HB 303 PERM FUND: EARNINGS, DEPOSITS, ACCOUNTS
HB5001 PERM. FUND:DEPOSITS;DIVIDEND;EARNINGS
SB 114 PERM FUND: EARNINGS, DEPOSITS, ACCOUNTS
SB 128 PERM. FUND:DEPOSITS;DIVIDEND;EARNINGS
SB5001 PERM. FUND:DEPOSITS;DIVIDEND;EARNINGS

References

AS 37.14.033 Management of trust fund.
AS 37.14.035 Trust fund utilization.

History

(Sec. 9 ch 66 SLA 1991; am Sec. 3 ch 5 FSSLA 1994)