HCS CSSB 250(FIN) AM H: "An Act relating to the University of Alaska and to assets of the University of Alaska; authorizing the University of Alaska to select additional state public domain land, designating that land as `university trust land,' and describing the principles applicable to the land's management and the development of its resources; and defining the net income from the University of Alaska's endowment trust fund as `university receipts' subject to prior legislative appropriation."
00HOUSE CS FOR CS FOR SENATE BILL NO. 250(FIN) am H 01 "An Act relating to the University of Alaska and to assets of the University 02 of Alaska; authorizing the University of Alaska to select additional state public 03 domain land, designating that land as `university trust land,' and describing the 04 principles applicable to the land's management and the development of its 05 resources; and defining the net income from the University of Alaska's 06 endowment trust fund as `university receipts' subject to prior legislative 07 appropriation." 08 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 09 * Section 1. FINDINGS AND PURPOSE. The legislature finds that 10 (1) as the beneficiary under the provisions of the Acts of August 30, 1890, and 11 March 4, 1907, designating the Alaska Agricultural College and School of Mines as 12 beneficiary, and of March 4, 1915, 38 Stat. 1214, transferring certain land for its location and 13 support, the University of Alaska is a land grant university; 14 (2) under the Acts of March 4, 1915, 38 Stat. 1214, and January 21, 1929, 45
01 Stat. 1091, the Congress of the United States granted to the Territory of Alaska certain federal 02 land to be held in trust for the benefit of the predecessor of the University of Alaska; 03 (3) the Territory was unable to receive most of the land conveyed by the Act 04 of March 4, 1915, before repeal of that Act by Sec. 6(k) of the Alaska Statehood Act (P.L. 05 85-508, 72 Stat. 339); 06 (4) the Congress of the United States granted the State of Alaska the right to 07 select 102,500,000 acres of federal land under Sec. 6(b) of the Alaska Statehood Act; 08 (5) the land selection rights embodied in the Alaska Statehood Act reflect in 09 part congressional recognition that the state would need the land to support its government and 10 programs, and the Congress assumed that the State of Alaska would in turn devote some of 11 the land or the income from it for the use and benefit of the University of Alaska; 12 (6) most land grant colleges in the western United States have obtained a larger 13 land grant from the federal government than the University of Alaska has received; 14 (7) an academically strong and financially secure state university system is a 15 cornerstone to the long-term development of a stable population and to a healthy, diverse 16 economy in the state; 17 (8) it is in the best interests of the state and the University of Alaska that the 18 university take ownership of a significant and substantial portfolio of income producing land 19 in order to provide income for the support of public higher education in the state; and 20 (9) renewable resources should be managed on a sustained yield basis, taking 21 into account the total land grant. 22 * Sec. 2. LEGISLATIVE INTENT. It is the intent of the legislature that the University 23 of Alaska encourage the development of in-state value-added industries to the maximum extent 24 feasible when developing land conveyed under AS 14.40.365. 25 * Sec. 3. AS 14.40.170(a) is amended to read: 26 (a) The Board of Regents shall 27 (1) appoint the president of the university by a majority vote of the 28 whole board, and the president may attend meetings of the board; 29 (2) fix the compensation of the president of the university, all heads of 30 departments, professors, teachers, instructors, and other officers; 31 (3) confer such appropriate degrees as it may determine and prescribe;
01 (4) have the care, control, and management of 02 (A) all the real and personal property of the university; and 03 (B) land 04 (i) conveyed to the Board of Regents by the 05 commissioner of natural resources in the settlement of the claim of the 06 University of Alaska to land granted to the state in accordance with the 07 Act of March 4, 1915 (38 Stat. 1214), as amended, and in accordance 08 with the Act of January 21, 1929 (45 Stat. 1091), as amended; and 09 (ii) conveyed to the Board of Regents by the 10 commissioner of natural resources under AS 14.40.365, except as 11 provided in AS 14.40.368(a)(2); 12 (5) keep a correct and easily understood record of the minutes of every 13 meeting and all acts done by it in pursuance of its duties; 14 (6) under procedures to be established by the commissioner of 15 administration, and in accordance with existing procedures for other state agencies, 16 have the care, control, and management of all money of the university and keep a 17 complete record of all money received and disbursed; 18 (7) adopt reasonable rules for the prudent trust management and the 19 long-term financial benefit to the university of the land of the university; 20 (8) provide public notice of sales, leases, exchanges, and transfers of 21 the land of the university or of interests in land of the university; 22 (9) report each year within the first 10 days of the convening of a 23 regular session of the legislature on the expenditures made during the preceding fiscal 24 year from the funds of the University of Alaska that are derived from sales, leases, 25 exchanges, or transfers of the land of the university or of interests in land of the 26 university 27 (A) that were conveyed to the University of Alaska in 28 settlement of the claim of the University of Alaska to land granted to the state 29 in accordance with the Act of March 4, 1915 (38 Stat. 1214), as amended, and 30 in accordance with the Act of January 21, 1929 (45 Stat. 1091), as amended; 31 and
01 (B) that were conveyed to the University of Alaska under 02 AS 14.40.365. 03 * Sec. 4. AS 14.40.190 is amended to read: 04 Sec. 14.40.190. REPORT. (a) The Board of Regents shall prepare a written 05 report at the beginning of each first regular session of the legislature of 06 (1) the condition of [THE] university property; 07 (2) [, OF] all receipts and expenditures, including the administration 08 and disposition of appropriated and restricted funds; 09 (3) the management of university trust land under 10 AS 14.40.366(a)(1) and (2); and 11 (4) [, AND OF] the educational and other work performed during the 12 preceding two fiscal years. 13 (b) The board shall notify the legislature that the report is available. 14 * Sec. 5. AS 14.40.280 is amended to read: 15 Sec. 14.40.280. ENDOWMENTS AND DONATIONS. All monetary gifts, 16 bequests, or endowments that are made to the University of Alaska for the purpose of 17 the separate trust fund created under AS 14.40.400 shall be held by the university. 18 The university [TRANSFERRED TO THE DEPARTMENT OF REVENUE. THE 19 DEPARTMENT OF REVENUE] shall manage that money in accordance with 20 AS 14.40.400. Title to and control or possession of land, personal property, and all 21 money [OTHER THAN] that [TRANSFERRED TO THE DEPARTMENT OF 22 REVENUE, WHICH] is devised, bequeathed, or given to the university for the 23 purpose of the endowment trust fund established by AS 14.40.400(a) shall be taken 24 by the university in its corporate capacity acting by and through the regents or an 25 authorized agent, and shall be entered in the perpetual inventory of the university. 26 * Sec. 6. AS 14.40.291 is amended to read: 27 Sec. 14.40.291. LAND OF THE UNIVERSITY OF ALASKA [NOT PUBLIC 28 DOMAIN] LAND SALE CONTRACTS; CONFIDENTIAL INFORMATION. (a) 29 Notwithstanding any other provision of law, university-grant land, state replacement 30 land that becomes university-grant land on conveyance to the university, land 31 conveyed to the University of Alaska under AS 14.40.365, and any other land owned
01 by the University of Alaska is not and may not be treated as state public domain land. 02 (b) Land conveyed to the University of Alaska under AS 14.40.365 is 03 designated as university trust land. 04 (c) Title to or interest in [TO] land described in (a) of this section may not 05 be acquired by adverse possession, prescription, or in any other manner except by 06 conveyance from the university. 07 (d) The land described in (a) of this section is subject to condemnation for 08 public purpose in accordance with law. 09 * Sec. 7. AS 14.40.291 is amended by adding new subsections to read: 10 (e) If a contract for a sale of land of the university is breached, the president 11 of the university or the president's designee, in addition to other remedies available 12 under the law, may issue a decision to foreclose and terminate the contract at any time 13 31 days after delivering by certified mail a written notice of the breach to the address 14 of record of the purchaser. The purchaser may cure a breach caused by the failure to 15 make payments required by the contract within 30 days after the notice of the breach 16 has been received by the purchaser by payment of the sum in default together with the 17 larger of a fee of $50 or five percent of the sum in default. If there are material facts 18 in dispute between the university and the purchaser, the purchaser may submit a 19 written request to the president or the president's designee for the review of the facts 20 within 30 days after the notice of the breach has been received. 21 (f) On a determination that there has been a breach of the contract based on 22 the administrative record, the president of the university or the president's designee 23 shall issue a decision foreclosing the interest of the purchaser and terminating the 24 contract. The obligation to make payments under the contract continues through the 25 date of the decision to foreclose. 26 (g) The president of the university or the president's designee shall deliver the 27 decision to foreclose and terminate, either by personal delivery to the purchaser or by 28 certified mail, return receipt requested, to the address of record of the purchaser. If 29 the breach is a failure to make payments required by the contract, the decision must 30 include a notice to the purchaser that, if within 30 days the purchaser pays to the 31 university the full amount of the unpaid contract price, including all accrued interest
01 and any fees assessed under (e) of this section, the university shall issue to the 02 purchaser a deed to the land. If full payment is not made within 30 days or the breach 03 is for other than failure to make payment, the decision forecloses and terminates all 04 legal and equitable rights the purchaser has in the land. 05 (h) Notwithstanding AS 09.25.100 - 09.25.220, on a determination that it is 06 in the best interest of the university or on the request of the person who has provided 07 the information, the president may keep the following confidential: 08 (1) the names of a person applying for the sale, lease, or other disposal 09 of university land or an interest in university land; 10 (2) before the announced time of opening of an offer to purchase, lease, 11 or obtain a disposal of university land, the names of the participants and the terms of 12 their offers; 13 (3) all geological, geophysical, engineering, architectural, sales, 14 appraisal, gross receipts, net receipts, or other financial information relating to 15 university land or an interest in university land considered for or offered for disposal 16 or currently subject to a contract; 17 (4) cost data and financial information submitted by an applicant in 18 support of applications for bonds, leases, or other information in offerings and ongoing 19 operations relating to management of university land; 20 (5) applications for rights-of-way or easements across university land; 21 and 22 (6) requests for information about or applications by public agencies 23 for university land that is being considered for use for a public purpose. 24 * Sec. 8. AS 14.40 is amended by adding a new section to read: 25 Sec. 14.40.365. SELECTION AND CONVEYANCE OF STATE LAND TO 26 THE UNIVERSITY OF ALASKA. (a) For the purposes of providing support to the 27 state's public higher education system and for the purpose of generating responsible 28 and appropriate development of the state's land and resources, the University of Alaska 29 is authorized to receive the conveyance of 350,000 acres of land that, on the effective 30 date of this section, is owned by the state, or has been tentatively approved or selected 31 by the state under the Alaska Statehood Act and that has not been reserved by law
01 from the state public domain land and designated as part of a state park, state forest, 02 state game refuge, state wildlife refuge, state game sanctuary, state recreational area, 03 state recreational river, state wilderness park, state marine park, state special 04 management area, state public use area, critical habitat area, bald eagle preserve, bison 05 range, or moose range. 06 (b) For purposes of making the selection and conveyance of state land to the 07 university under (a) of this section, the director of the division of land, Department of 08 Natural Resources, and the director of the University of Alaska's land management 09 office shall compile and maintain and may revise a list of the land to be conveyed to 10 the university under this section. The list shall be maintained at the Anchorage office 11 of the director of the division of land. The list may not include the valid existing 12 selections of a municipality to which the municipality is entitled under AS 29.65.010 - 13 29.65.140, may not include the valid existing selections of the Alaska Mental Health 14 Trust Authority made for the purpose of reconstituting the mental health trust 15 established under the Alaska Mental Health Enabling Act, P.L. 84-830, 70 Stat. 709 16 (1956) that become subject to management under AS 38.05.801, and may not include 17 land whose management by the University of Alaska would be inconsistent with the 18 provisions of law providing for reconstitution of that mental health trust. If there is 19 a disagreement between the university and the Department of Natural Resources about 20 the land to be placed on the list, the disagreement must be submitted to the governor, 21 who shall make the final decision. The governor, upon the recommendation of the 22 director of the division of land and the director of the university's land management 23 office, shall periodically submit to the legislature, within 30 days of the beginning of 24 a regular legislative session, a list of land proposed to be conveyed by the state to the 25 University of Alaska under this section. Each list must contain not less than 25,000 26 acres of land, or the remaining entitlement under (a) of this section, whichever is less. 27 A list may identify land in excess of the amount of acreage set out in (a) of this 28 section, but the amount of land identified on the list may not exceed by more than 25 29 percent in total acreage the amount of acreage to which, on the date of submission of 30 the list to the legislature, the university has not received title under this section. If, on 31 a list presented to the legislature under this section, the amount of land to be conveyed
01 exceeds the balance due the university under this section, the university shall set out 02 the land to be conveyed in priority order, and thereafter, when the university receives 03 conveyance of title to land, the commissioner shall reduce the excess acreage by 04 striking from the list the land that has the lowest priority, and shall continue to strike 05 acreage from the list until the list of land to be conveyed does not exceed by more 06 than 25 percent in total acreage the amount of acreage to which the university has not 07 received title under this section. The legislature must approve or disapprove a list of 08 land to be conveyed by the end of the regular legislative session following the 09 submission of the list. The legislature may approve some, or all, of the land proposed 10 for conveyance. 11 (c) Notwithstanding any other provision of law, on land approved by the 12 legislature for conveyance under (b) of this section but not yet conveyed by quitclaim 13 deed to the University of Alaska or for which a document of interim conveyance has 14 not been issued to the University of Alaska under this section, 15 (1) the state is authorized to enter into contracts and grant leases, 16 licenses, claims, prospecting sites, sales, permits, rights-of-way, or easements, and any 17 interim conveyance or quitclaim deed shall be subject to the contract, lease, license, 18 claim, prospecting site, sale, permit, right-of-way, or easement, except that the 19 authority granted the state by this subsection 20 (A) is the authority that the state otherwise would have had 21 under existing laws and regulations had the land not been approved by the 22 legislature for conveyance under (b) of this section; and 23 (B) may be exercised only if the University of Alaska has 24 concurred before the action is taken by the state; 25 (2) after approval of a list by the legislature under (b) of this section, 26 and until the land has been conveyed by quitclaim deed or by a document of interim 27 conveyance, 90 percent of the proceeds derived from contracts, leases, licenses, claims, 28 prospecting sites, sales, permits, rights-of-way, or easements, or from trespasses, 29 originating after the date of submission of the list to the legislature under (b) of this 30 section shall be held by the state; upon the issuance of a document of interim 31 conveyance or a quitclaim deed, the state shall pay to the University of Alaska the
01 proceeds held by the state under this paragraph, and subsequent to the issuance of a 02 document of interim conveyance or a quitclaim deed, the University of Alaska shall 03 receive all of the proceeds derived from the contracts, leases, licenses, claims, 04 prospecting sites, sales, permits, rights-of-way, or easements, or from trespasses; 05 (3) responsibility for management of contracts, leases, licenses, claims, 06 prospecting sites, sales, permits, rights-of-way, or easements, vests with the University 07 of Alaska upon issuance of a quitclaim deed or a document of interim conveyance. 08 (d) When land is conveyed to the University of Alaska under this section, it 09 shall be conveyed in fee simple. The state may convey to the university any tideland 10 or submerged land adjacent to the land conveyed under this section. The University 11 of Alaska takes the land subject to any possessory interest held by another person on 12 the effective date of the conveyance and subject to the terms and conditions of 13 conveyance and the provisions of AS 14.40.365 - 14.40.400. Except as provided in 14 AS 14.40.368(a)(1), the University of Alaska is entitled to receive the consideration 15 due under that possessory interest for the duration of the possessory interest. 16 (e) In conveying land to the University of Alaska under this section, the 17 commissioner of natural resources shall give public notice under AS 38.05.945(b) and 18 (c) and provide for access under AS 38.05.127, but other provisions of AS 38.04 and 19 AS 38.05 do not apply. 20 (f) Land transferred or conveyed to the University of Alaska under this section 21 (1) is subject to 22 (A) Sec. 6(i) of the Alaska Statehood Act (P.L. 85-508, 72 Stat. 23 339); 24 (B) art. IX of the state constitution; 25 (C) AS 19.10.010; 26 (D) payment to the Alaska permanent fund of the amounts 27 required by AS 37.13.010(a) and (b); and 28 (E) the rights of the state under former 43 U.S.C. 932 (sec. 8, 29 Act of July 26, 1866, 14 Stat. 253); 30 (2) excludes any interest transferred to the state by quitclaim deed dated 31 June 30, 1959, under authority of the Alaska Omnibus Act, P.L. 86-70, 73 Stat. 141.
01 (g) The University of Alaska shall bear all costs of selection, platting, 02 surveying, and, except for a cost specified in (i) of this section, conveyance of the land 03 that it selects under this section and, subject to appropriation, shall reimburse the 04 Department of Natural Resources for the reasonable costs incurred by that department 05 relating to that selection, platting, surveying, and conveyance. Under this subsection, 06 (1) if the land has been surveyed, 07 (A) the boundaries of the land conveyed must conform to the 08 public land subdivisions established by the approved survey; and 09 (B) the commissioner shall issue a quitclaim deed to the land 10 within one year of receiving a request for the land's conveyance from the 11 university; 12 (2) if the land is unsurveyed, the commissioner shall 13 (A) survey the exterior boundaries of the land to be conveyed 14 without interior subdivision; and 15 (B) issue a quitclaim deed to the land in terms of the exterior 16 boundary survey within one year of receiving a request for the land's 17 conveyance by the university. 18 (h) For land due the University of Alaska under this section that is unsurveyed, 19 pending the survey of exterior boundaries and issuance of a quitclaim deed, the 20 commissioner of natural resources shall, within one year of request by the university, 21 prepare and provide to the University of Alaska a document of interim conveyance for 22 the land to be conveyed. 23 (i) Except as provided in AS 14.40.368(a)(2), management of land conveyed 24 to the University of Alaska by a quitclaim deed or by a document of interim 25 conveyance vests with the University of Alaska from the date of recording of the 26 quitclaim deed or document of interim conveyance. The state shall pay the cost of 27 recording all quitclaim deeds and documents of interim conveyance. 28 (j) The University of Alaska may not make a land selection under this section 29 after December 31, 2003. 30 * Sec. 9. AS 14.40 is amended by adding new sections to read: 31 Sec. 14.40.366. MANAGEMENT AND DISPOSITION OF UNIVERSITY
01 TRUST LAND. (a) University trust land conveyed under AS 14.40.365 shall be 02 conveyed to the Board of Regents and held by the Board of Regents in trust for the 03 University of Alaska. Tideland and submerged land that is conveyed to the University 04 of Alaska under AS 14.40.365(d) may not, after its conveyance, be sold. The 05 University of Alaska 06 (1) shall manage university trust land in accordance with applicable 07 trust management principles subject to the terms and conditions of conveyance and the 08 provisions of AS 14.40.365 - 14.40.400; 09 (2) shall manage university trust land under provisions of law 10 applicable to other university land; and 11 (3) may exchange other state land for university trust land under the 12 procedures set out in AS 38.50. 13 (b) The University of Alaska shall establish 14 (1) policies to provide for public notice and comment on proposals for development, exchange, or sale of 15 university trust land conveyed under AS 14.40.365; (2) procedures for mineral entry or location and mineral 16 leasing, and 17 shall adopt rent and royalty schedules, on university trust land conveyed under 18 AS 14.40.365 that are substantially similar to mineral entry, location, and leasing 19 procedures, and rent and royalty schedules, for state land under AS 38.05.185 - 20 38.05.275. 21 (c) The Board of Regents shall adopt policies that provide that the university 22 shall every second year prepare a plan for management and disposition of university 23 trust land conveyed under AS 14.40.365 and shall, not less than 60 days before 24 scheduled approval by the Board of Regents of the plan, 25 (1) make copies of the plan available at all legislative information 26 offices and at such other locations as the university may designate; 27 (2) publish a notice in newspapers of general circulation in the state 28 that provides the public with information on the locations where the plan is available 29 for public inspection; 30 (3) give notice to all legislators and to local governments with 31 jurisdiction over the land affected by the plan; and
01 (4) seek public comment on the plan prior to action by the Board of 02 Regents approving the plan. 03 (d) The policy set out in AS 44.99.100(b)(5) applies to management of the resources of university trust land 04 conveyed under AS 14.40.365. In carrying out this 05 policy, the Board of Regents shall ensure that the provisions of AS 44.99.100(b)(5) 06 apply to the development of the resources of university trust land. 07 (e) To the extent consistent with law, in contracts for the harvest or removal 08 of timber from university trust land conveyed under AS 14.40.365, the Board of 09 Regents shall require the primary manufacture of the timber before the timber is 10 exported from the state. 11 Sec. 14.40.368. MANAGEMENT AND DISPOSITION OF INCOME FROM 12 EXISTING ENCUMBRANCES ON UNIVERSITY TRUST LAND. (a) For the land 13 conveyed to the University of Alaska under AS 14.40.365 that is, as of the effective 14 date of the conveyance, subject to a lease, license, contract, claim, prospecting site, 15 sale, permit, or right-of-way 16 (1) the state is entitled to receive 50 percent of the income obtained 17 from the lease, license, contract, claim, prospecting site, sale, permit, or right-of-way 18 for the duration of the term of the lease, contract, claim, prospecting site, sale, permit, 19 or right-of-way, and during any renewal of it that is authorized by the lease, license, 20 contract, claim, prospecting site, sale, permit, or right-of-way, or by law; 21 (2) the responsibility for the management of the land vests with the 22 University of Alaska only upon conclusion of the term, including any renewals, of the 23 lease, license, contract, claim, prospecting site, sale, permit, or right-of-way that is 24 authorized by law. 25 (b) If the state and the university mutually agree that the responsibility for the 26 management of land may be transferred to the university at a date earlier than the date 27 described in (a)(2) of this section, then, notwithstanding (a)(1) of this section, the 28 university is entitled to receive all income described in (a)(1) of this section on or after 29 the effective date of the transfer of the management responsibility. 30 Sec. 14.40.369. CUSTOMARY AND TRADITIONAL USES TO BE 31 CONTINUED. (a) For land conveyed to the University of Alaska under
01 AS 14.40.365, the University of Alaska shall, before conveying or disposing of an 02 interest in the land to a third party, manage the land in a manner that permits 03 customary and traditional uses of the resources, including hunting, fishing, and 04 recreational opportunities, of that land to the maximum extent possible. 05 (b) The provisions of (a) of this section do not apply to authorize the 06 commercial harvest of timber from the land conveyed to the university. 07 * Sec. 10. AS 14.40 is amended by adding a new section to read: 08 Sec. 14.40.375. TORT IMMUNITY FOR PERSONAL INJURIES, DEATH, 09 OR PROPERTY DAMAGE OCCURRING ON UNIVERSITY LAND. (a) 10 Notwithstanding AS 09.65.200 and except as provided in (b) of this section, the 11 University of Alaska is not liable in tort, except for an affirmative act that constitutes 12 gross negligence or reckless or intentional misconduct, for damages for the injury to 13 or death of a person, or for property damage to the property of a person, who enters 14 onto or remains on land owned by the University of Alaska. 15 (b) The provisions of (a) of this section do not apply to damages for injury to 16 or death of a person, or for property damage to the property of a person, that occurs 17 on land of the University of Alaska that, after receipt of title to the land by the 18 University of Alaska, has been improved and is actively maintained by the University 19 of Alaska. 20 * Sec. 11. AS 14.40.400(a) is amended to read: 21 (a) The University of Alaska [DEPARTMENT OF REVENUE] shall establish 22 a separate endowment trust fund in which all net income derived from the sale or lease 23 of the land granted under the Act of Congress approved January 21, 1929, and the 24 land conveyed to the University of Alaska under AS 14.40.365 that under 25 AS 14.40.291(b) is designated university trust land, and in which all monetary gifts, 26 bequests, or endowments made to the University of Alaska for the purpose of the fund 27 [,] shall be held in trust. 28 * Sec. 12. AS 14.40.400(b) is amended to read: 29 (b) The president of the University of Alaska [COMMISSIONER OF 30 REVENUE] is the fiduciary of the trust fund and shall account for and invest the fund 31 as set out for the commissioner of revenue in AS 37.14.110(c), 37.14.160, and
01 37.14.170, except that the president of the university [COMMISSIONER] shall report 02 the condition and investment performance of the fund to the Board of Regents and to 03 the legislature. 04 * Sec. 13. AS 14.40.491 is amended to read: 05 Sec. 14.40.491. DEFINITION OF UNIVERSITY RECEIPTS. In 06 AS 14.40.120 - 14.40.491, "university receipts" includes 07 (1) student fees, including tuition; 08 (2) receipts from university auxiliary services; 09 (3) recovery of indirect costs of university activities; 10 (4) the net income of the trust fund established in AS 14.40.400 and 11 receipts from sales and rentals of university property; 12 (5) federal receipts; 13 (6) gifts, grants, and contracts; and 14 (7) receipts from sales, rentals, and the provision of services of 15 educational activities. 16 * Sec. 14. AS 29.45.030(a) is amended to read: 17 (a) The following property is exempt from general taxation: 18 (1) municipal property, including property held by a public corporation 19 of a municipality, [OR] state property, or property of the University of Alaska, 20 except that 21 (A) a private leasehold, contract, or other interest in the 22 property is taxable to the extent of the interest; 23 (B) notwithstanding any other provision of law, property 24 acquired by an agency, corporation, or other entity of the state through 25 foreclosure or deed in lieu of foreclosure and retained as an investment of a 26 state entity is taxable; this subparagraph does not apply to federal land granted 27 to the University of Alaska under AS 14.40.380 or 14.40.390, [OR] to other 28 land granted to the university by the state to replace land that had been granted 29 under AS 14.40.380 or 14.40.390, or to land conveyed by the state to the 30 University of Alaska under AS 14.40.365; 31 (C) an ownership interest of a municipality in real property
01 located outside the municipality acquired after December 31, 1990, is taxable 02 by another municipality; however, a borough may not tax an interest in real 03 property located in the borough and owned by a city in that borough; 04 (2) household furniture and personal effects of members of a 05 household; 06 (3) property used exclusively for nonprofit religious, charitable, 07 cemetery, hospital, or educational purposes; 08 (4) property of a nonbusiness organization composed entirely of persons 09 with 90 days or more of active service in the armed forces of the United States whose 10 conditions of service and separation were other than dishonorable, or the property of 11 an auxiliary of that organization; 12 (5) money on deposit; 13 (6) the real property of certain residents of the state to the extent and 14 subject to the conditions provided in (e) of this section; 15 (7) real property or an interest in real property that is exempt from 16 taxation under 43 U.S.C. 1620(d), as amended; 17 (8) property of a political subdivision, agency, corporation, or other 18 entity of the United States to the extent required by federal law; except that a private 19 leasehold, contract, or other interest in the property is taxable to the extent of that 20 interest; 21 (9) natural resources in place including coal, ore bodies, mineral 22 deposits, and other proven and unproven deposits of valuable materials laid down by 23 natural processes, unharvested aquatic plants and animals, and timber. 24 * Sec. 15. AS 36.30.850(b)(15) is amended to read: 25 (15) a contract that is a delegation, in whole or in part, of investment 26 powers held by the commissioner of revenue under [AS 14.40.400,] AS 14.42.200, 27 14.42.210, AS 18.56.095, AS 37.10.070, 37.10.071, or AS 37.14; 28 * Sec. 16. AS 14.40.400(e) is repealed. 29 * Sec. 17. UNIVERSITY OF ALASKA ENDOWMENT TRUST FUND: TRANSITION. 30 A contract, right, liability, or obligation in effect on the effective date of this Act remains in 31 effect notwithstanding the amendments to AS 14.40.280 or 14.40.400 made in secs. 5, 11,
01 12, and 16 of this Act. Assets and liabilities of the University of Alaska endowment trust 02 fund held by the Department of Revenue on the effective date of this Act shall be transferred 03 by the Department of Revenue to the University of Alaska to implement this Act. 04 * Sec. 18. APPLICABILITY OF LAND SALE CONTRACT REMEDY PROVISIONS. 05 AS 14.40.291(e) - (g), added by sec. 7 of this Act, apply to land sale contracts entered into 06 by the University of Alaska on or after the effective date of this Act. 07 * Sec. 19. APPLICABILITY OF PROVISION AUTHORIZING SELECTION BY AND 08 CONVEYANCE TO UNIVERSITY OF ALASKA OF TRUST LAND TO MEMORANDUM 09 OF AGREEMENT OF DECEMBER 2, 1994, SETTLING CERTAIN LITIGATION. Nothing 10 in AS 14.40.365, added by sec. 8 of this Act, shall operate contrary to the purposes of the 11 Memorandum of Agreement entered into on December 2, 1994, between the university, the 12 state, and various other parties in settlement of litigation in Consolidated Case No. 1JU-88-271 13 Civil.