Section 37.14.110. Public school trust fund established.

   (a) There is established as a separate endowment trust fund the public school trust fund.
   (b) The principal of the fund established in (a) of this section consists of
        (1) the balance of the public school permanent fund on July 1, 1978; and
        (2) sums transferred under AS 37.14.150.
   (c) The commissioner of revenue shall determine the net income of the fund in accordance with investment accounting principles and in a manner that preserves the distinction between principal and income and that excludes capital gains or losses realized on principal. The principal of the fund and the capital gains or losses realized on principal shall be perpetually retained in the fund for investment purposes.

Authorities

37.05.146;37.05.530;37.10.071;37.14.130;37.14.150;37.14.160

Notes

Recent Bills that will modify this

HB 261 INVEST/APPROP/ADMIN PUB SCHOOL TRUST FUND
SB 146 INVEST/APPROP/ADMIN PUB SCHOOL TRUST FUND

References

AS 37.05.146 Definition of program receipts and non-general fund program receipts.
AS 37.05.530 National Petroleum Reserve - Alaska special revenue fund.
AS 37.10.071 Investment powers and duties.
AS 37.14.130 Powers and duties of board.
AS 37.14.150 Contributions.
AS 37.14.160 Duties of the commissioner of revenue.

History

(Sec. 4 ch 182 SLA 1978; am Sec. 21, 22 ch 141 SLA 1988)