(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 (c) [Repealed § 9 ch 80 […]
(a) There is created in the Department of Revenue the Public School Fund Advisory Board composed of the commissioner of education and early development, three members elected by the Board of Education and Early Development from among its membership, and the commissioner of revenue. (b) The board created in (a) of this section shall elect […]
The board created in AS 37.14.120 has the following powers and duties: (1) to hold regular meetings and special meetings considered necessary; and (2) to have prepared an annual accounting of the principal and income of the fund established in AS 37.14.110.
During each fiscal year the commissioner of revenue shall transfer to the fund created in AS 37.14.110 a sum equal to one-half of one percent of the total receipts derived from the management of state land, including amounts paid to the state as proceeds of sale or annual rent of surface rights, mineral lease rentals, […]
The commissioner of revenue is the treasurer of the trust fund created in AS 37.14.110 and shall (1) in carrying out investment duties under this section, exercise the same powers and duties established for the Alaska Retirement Management Board in AS 37.10.220; (2) deposit the principal and income from investments into the fund; (3) invest […]
Each year, the legislature may appropriate not more than five percent of the amount determined by the commissioner of revenue under AS 37.14.160(5) for the following purposes: (1) funding support of the state public school program; and (2) reimbursement of the costs of administration of the fund.
The commissioner of revenue is the fiduciary of the trust fund and shall invest the fund to provide increasing returns from capital appreciation and net income over long-term periods to the fund’s current beneficiaries. The commissioner may invest the money in the fund on the basis of probable total rate of return to promote the […]
