Sec. 42.45.070. Power cost equalization endowment fund established.
(a) The power cost equalization endowment fund is established as a separate fund of the authority. The fund consists of (1) legislative appropriations to the fund that are not designated for annual expenditure for the purpose of power cost equalization; (2) accumulated earnings of the fund; (3) gifts, bequests, contributions of money and other assets, […]
Sec. 42.45.080. Powers and duties of the commissioner of revenue.
(a) The commissioner of revenue is the fiduciary of the fund. In managing the fund, the commissioner shall (1) have the same powers and duties as are provided in AS 37.10.071; and (2) apply the prudent-investor rule when investing the fund; the “prudent-investor rule” as applied to investment activity of the fund means exercising the […]
Sec. 42.45.085. Use of the power cost equalization endowment fund.
(a) Five percent of the amount determined by the commissioner of revenue on July 1 of each year under AS 42.45.080(c)(1) may be appropriated for the following purposes: (1) funding the power cost equalization and rural electric capitalization fund (AS 42.45.100); (2) reimbursement to the Department of Revenue for the costs of establishing and managing […]
Sec. 42.45.099. Definition.
In AS 42.45.070 – 42.45.099, “fund” means the power cost equalization endowment fund established in AS 42.45.070.