00SENATE BILL NO. 270                                                                                                   
01 "An Act relating to return of contributed capital, or payment of a dividend, to                                         
02 the state by the Alaska Student Loan Corporation; and providing for an effective                                        
03 date."                                                                                                                  
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
05    * Section 1.  AS 14.42 is amended by adding a new section to read:                                                 
06  Sec. 14.42.295.  Payment to state.  (a)  The board may elect to pay the state                                       
07 a return of contributed capital, or a dividend, for each base fiscal year that the                                      
08 corporation's net income equals or exceeds $2,000,000.  The payment may not be less                                     
09 than 10 percent nor more than 35 percent, as approved by the board, of the                                              
10 corporation's net income for the base fiscal year, and is subject to the provisions of                                  
11 any applicable bond indentures of the corporation.  If a payment is authorized under                                    
12 this section, payment must be made available by the corporation before the end of the                                   
13 fiscal year in which payment has been authorized.  The corporation shall notify the                                     
14 commissioner of revenue when the amount of the payment authorized under this                                            

01 section is available for appropriation.                                                                                 
02  (b)  In this section,                                                                                                 
03   (1)  "base fiscal year" means the fiscal year ending two years before the                                            
04 end of the fiscal year in which a payment under this section is to be made available;                                   
05   (2)  "contributed capital" means the assets appropriated by sec. 2,                                                  
06 ch. 93, SLA 1987, in the form of unrestricted receipts of loans;                                                        
07   (3)  "dividend" means return of surplus as reflected in the equity section                                           
08 of the corporation's audited financial statements for the student loan fund                                             
09 (AS 14.42.210);                                                                                                         
10   (4)  "net income" means the corporation's net income as set out in the                                               
11 audited financial statements of the corporation for the base fiscal year.                                               
12    * Sec. 2.  This Act takes effect July 1, 2000.