CSHB 371(STA): "An Act establishing and relating to the Alaska veterans' memorial endowment fund; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 371(STA) 01 "An Act establishing and relating to the Alaska veterans' memorial endowment fund; 02 and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 37.14 is amended by adding new sections to read: 05 Article 8. Alaska Veterans' Memorial Endowment Fund. 06 Sec. 37.14.700. Alaska veterans' memorial endowment fund established. 07 (a) The Alaska veterans' memorial endowment fund is established as a separate 08 endowment trust fund of the state. The fund consists of 09 (1) appropriations to the fund; 10 (2) donations to the fund; and 11 (3) income earned on investments of fund assets. 12 (b) The commissioner of revenue shall manage the fund as an endowment, 13 with the goal that the purchasing power of the fund will not diminish over time 14 without regard to additional contributions that may be made to the fund. The
01 commissioner shall invest the assets of the fund in a manner likely to yield at least a 02 five percent real rate of return over time. 03 (c) Nothing in this section creates a dedicated fund. 04 Sec. 37.14.720. Powers and duties of the commissioner of revenue. In 05 carrying out the investment duties under AS 37.14.700 - 37.14.740, the commissioner 06 of revenue has the powers and duties set out in AS 37.10.071. The commissioner shall 07 provide reports to the adjutant general of the Department of Military and Veterans' 08 Affairs on the condition and investment performance of the fund. 09 Sec. 37.14.730. Use of fund. (a) As soon as practicable after July 1 of each 10 year, the commissioner of revenue shall determine the average month-end market 11 value of the fund for the immediately preceding three fiscal years. The commissioner 12 shall identify five percent of that amount as available for appropriation by the 13 legislature for uses described in (b) of this section. 14 (b) Appropriations of the amount identified in (a) of this section may be used 15 for the following purposes: 16 (1) grants for the maintenance, repair, replacement, and enhancement 17 of, or addition to, veterans' memorials or monuments to the military; 18 (2) grants for the development and construction of new veterans' 19 memorials or monuments to the military if the adjutant general determines that the 20 purposes set out in (1) of this subsection have been met in a fiscal year; 21 (3) reimbursement of the costs of establishment, management, and 22 administration of the fund. 23 (c) After consultation with appropriate veterans' organizations, the adjutant 24 general of the Department of Military and Veterans' Affairs shall administer the grant 25 program and award grants from the money appropriated from the fund. The adjutant 26 general may adopt regulations under AS 44.62 (Administrative Procedure Act) to 27 establish procedures and standards to administer the grant program and for the award 28 of grants. The standards may include requirements for recipients to match grant 29 awards, if appropriate. 30 Sec. 37.14.740. Definition. In AS 37.14.700 - 37.14.740, "fund" means the 31 Alaska veterans' memorial endowment fund established in AS 37.14.700.
01 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 02 read: 03 TRANSITION: AMOUNT AVAILABLE FOR APPROPRIATION. (a) 04 Notwithstanding AS 37.14.730(a), enacted by sec. 1 of this Act, the commissioner of revenue 05 shall identify five percent of the balance of the Alaska veterans' memorial endowment fund on 06 July 1, 2002, as being the amount available for appropriation to support efforts authorized by 07 this Act for fiscal year 2003. 08 (b) Notwithstanding the requirement in AS 37.14.730(a), enacted by sec. 1 of this 09 Act, that the commissioner of revenue make a determination based on the market value of the 10 fund for the immediately preceding three fiscal years, the commissioner of revenue shall 11 make the determination under AS 37.14.730(a) based on the average ending balance in the 12 fund 13 (1) from July 31, 2002, to June 30, 2003, for fiscal year 2004; 14 (2) from July 31, 2002, to June 30, 2004, for fiscal year 2005; 15 (3) from July 31, 2002, to June 30, 2005, for fiscal year 2006. 16 (c) In this section, 17 (1) "Alaska veterans' memorial endowment fund" means the fund established 18 in AS 37.14.700, enacted by sec. 1 of this Act; 19 (2) "fund" means the Alaska veterans' memorial endowment fund. 20 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).