Section 44.88.088. Payment of dividend to state.

   (a) The authority shall adopt a policy for payment of a dividend from the revolving fund, the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund (AS 44.88.660), and the Arctic infrastructure development fund (AS 44.88.810) to the state each fiscal year. The dividends for a fiscal year shall be made available by the authority before the end of that fiscal year. The authority shall notify the commissioner of revenue when the dividends for a fiscal year are available for appropriation. The amount of the dividend payable from the
        (1) revolving fund for a fiscal year may not be less than 25 percent nor more than 50 percent of the net income of the revolving fund for the base fiscal year; however, in no event, may the dividend payable from the revolving fund for a fiscal year exceed the total unrestricted net income of the revolving fund for the base year;
        (2) Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund (AS 44.88.660) for a fiscal year may not be less than 25 percent nor more than 50 percent of the net income of the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund for the base fiscal year; however, the dividend payable from the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund for a fiscal year may not exceed the total unrestricted net income of the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund for the base year;
        (3) Arctic infrastructure development fund (AS 44.88.810) for a fiscal year may not be less than 25 percent nor more than 50 percent of the net income of the Arctic infrastructure development fund for the base fiscal year; however, the dividend payable from the Arctic infrastructure development fund for a fiscal year may not exceed the total unrestricted net income of the Arctic infrastructure development fund for the base year.
   (b) In this section,
        (1) "base fiscal year" means the fiscal year ending two years before the end of the fiscal year in which the payment is made;
        (2) "net income" means the change in net position, or the equivalent term under generally accepted accounting principles, of the revolving fund, the change in net position of the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund (AS 44.88.660), or the change in net position of the Arctic infrastructure development fund (AS 44.88.810) as set out in the audited financial statements of the authority for the base fiscal year, excluding amounts attributable to intergovernmental transfers, capital contributions, grants, or impairment losses on development projects financed under AS 44.88.172;
        (3) "unrestricted net income" means the unrestricted change in net position, or the equivalent term under generally accepted accounting principles, of the revolving fund, the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund (AS 44.88.660), or the Arctic infrastructure development fund (AS 44.88.810) as set out in the audited financial statements of the authority for the base fiscal year, excluding amounts attributable to intergovernmental transfers, capital contributions, grants, or impairment losses on development projects financed under AS 44.88.172.

Notes

Recent Bills that will modify this

HB 246 AIDEA: FUNDS; LOANS; PROGRAMS; DIVIDEND
HB 268 AIDEA:DIVIDEND TO STATE;INCOME;VALUATION
SB 129 AIDEA: FUNDS; LOANS; PROGRAMS; DIVIDEND
SB 149 AIDEA:DIVIDEND TO STATE;INCOME;VALUATION

History

(Sec. 3 ch 111 SLA 1996; am Sec. 2, 3 ch 121 SLA 2002; am Sec. 1, 2 ch 75 SLA 2003; am Sec. 4 - 6 ch 26 SLA 2013; am Sec. 1 - 3 ch 93 SLA 2014)