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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).