Sec. 14.42.160. Executive officer.
The executive officer of the Commission on Postsecondary Education appointed under AS 14.42.040(a) shall serve as executive officer of the corporation. The board shall prescribe the duties of the executive officer.
Sec. 14.42.295. Payment to state.
(a) The board may elect to pay the state a return of contributed capital, or a dividend, for each base fiscal year that the corporation’s net income equals or exceeds $2,000,000. The payment may not be less than 10 percent nor more than 35 percent, as approved by the board, of the corporation’s net income […]
Sec. 14.42.170. Staff.
The employees of the Alaska Commission on Postsecondary Education shall serve as staff for the corporation.
Sec. 14.42.300. Operation of certain statutes excepted.
(a) The corporation is not a municipality as the term is defined in AS 01.10.060. Except as provided in AS 14.42.190, the corporation is not subject to AS 37. For all other purposes the corporation is a political subdivision and an instrumentality of the state. (b) The funds, income, and receipts of the corporation are […]
Sec. 14.42.190. Budget.
The operating budget of the corporation is subject to AS 37.07 (Executive Budget Act).
Sec. 14.42.310. Annual audit.
The financial records of the corporation shall be audited annually by the legislative auditor or by a certified public accountant approved by the legislative auditor. The legislative auditor may prescribe the form and content of the financial records of the corporation and shall have access to these records at any time.
Sec. 14.42.200. General powers.
In addition to other powers granted in this chapter, the corporation may (1) sue and be sued in its own name; (2) adopt an official seal; (3) adopt regulations under AS 44.62 (Administrative Procedure Act) to carry out the purposes of this chapter; (4) make and execute agreements, contracts, and other instruments necessary or convenient […]
Sec. 14.42.205. Supplemental education loans: financing program.
(a) The purpose of this section is to provide for supplemental education loan financing to assist qualified borrowers with unmet costs of attendance at a postsecondary institution approved by the commission. (b) The corporation may develop and establish a financing program for the Alaska supplemental education loan administered by the commission under AS 14.43.170 – […]
Sec. 14.42.210. Education loan fund and program administration.
(a) The education loan fund is established in the corporation. The education loan fund is a trust fund to be used to carry out the purposes of AS 14.42.100 – 14.42.990, AS 14.43.091 – 14.43.175, 14.43.600 – 14.43.700, 14.43.710 – 14.43.750, 14.43.990, and AS 14.44.025. The fund consists of money or assets appropriated or transferred […]
Sec. 14.42.215. Interest.
(a) The corporation shall set the interest rate on a loan financed by the corporation under AS 14.43.091 – 14.43.160, 14.43.170 – 14.43.175, 14.43.710 – 14.43.750, and AS 14.44.040. Interest on a loan accrues from the time the loan is disbursed. (b) A borrower may elect to make payments of interest that accrues during the […]