00HOUSE BILL NO. 240                                                                                                      
01 "An Act relating to endowments of and donations to the University of Alaska and                                         
02 to the University of Alaska endowment trust fund; and providing for an effective                                        
03 date."                                                                                                                  
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  FINDINGS.  The legislature finds that it is in the best interest of efficient                          
06 administration to move the administration of the University of Alaska endowment trust fund                              
07 from the Department of Revenue to the University of Alaska, resulting in an integrated                                  
08 management of the resources of the University of Alaska.                                                                
09    * Sec. 2.  AS 14.40.280 is amended to read:                                                                          
10  Sec. 14.40.280.  ENDOWMENTS AND DONATIONS.  All monetary gifts,                                                       
11 bequests, or endowments that are made to the University of Alaska for the purpose of                                    
12 the separate trust fund created under AS 14.40.400 shall be held by the university.                                    
13 The university [TRANSFERRED TO THE DEPARTMENT OF REVENUE.  THE                                                         
14 DEPARTMENT OF REVENUE] shall manage that money in accordance with                                                       

01 AS 14.40.400.  Title to and control or possession of land, personal property, and all                                   
02 money [OTHER THAN] that [TRANSFERRED TO THE DEPARTMENT OF                                                               
03 REVENUE, WHICH] is devised, bequeathed, or given to the university shall be taken                                     
04 by the university in its corporate capacity acting by and through the regents or an                                     
05 authorized agent, and shall be entered in the perpetual inventory of the university.                                    
06    * Sec. 3.  AS 14.40.400(a) is amended to read:                                                                       
07  (a)  The University of Alaska [DEPARTMENT OF REVENUE] shall establish                                               
08 a separate endowment trust fund in which all net income derived from the sale or lease                                  
09 of the land granted under the Act of Congress approved January 21, 1929, and in                                         
10 which all monetary gifts, bequests, or endowments made to the University of Alaska                                    
11 for the purpose of the fund, shall be held in trust.                                                                    
12    * Sec. 4.  AS 14.40.400(b) is amended to read:                                                                       
13  (b)  The president of the University of Alaska [COMMISSIONER OF                                                     
14 REVENUE] is the fiduciary of the trust fund and shall account for and invest the fund                                   
15 as set out for the commissioner of revenue in AS 37.14.110(c), 37.14.160, and                                         
16 37.14.170, except that the president of the university [COMMISSIONER] shall report                                    
17 the condition and investment performance of the fund to the Board of Regents and to                                    
18 the legislature.                                                                                                       
19    * Sec. 5.  AS 36.30.850(b)(15) is amended to read:                                                                   
20   (15)  a contract that is a delegation, in whole or in part, of investment                                            
21 powers held by the commissioner of revenue under [AS 14.40.400,] AS 14.42.200,                                          
22 14.42.210, AS 18.56.095, AS 37.10.070, 37.10.071, or AS 37.14;                                                          
23    * Sec. 6.  AS 14.40.400(e) is repealed.                                                                              
24    * Sec. 7.  TRANSITION.  A contract, right, liability, or obligation in effect on the effective                       
25 date of this Act remains in effect notwithstanding the amendments to AS 14.40.280 or                                    
26 14.40.400 made in secs. 2 - 4 and 6 of this Act.  Assets and liabilities of the University of                           
27 Alaska endowment trust fund held by the Department of Revenue on the effective date of this                             
28 Act shall be transferred by the Department of Revenue to the University of Alaska to                                    
29 implement this Act.                                                                                                     
30    * Sec. 8.  This Act takes effect immediately under AS 01.10.070(c).