SB 93: "An Act relating to the Arctic Winter Games Team Alaska trust; and providing for an effective date."
00 SENATE BILL NO. 93 01 "An Act relating to the Arctic Winter Games Team Alaska trust; and providing for an 02 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 7. Arctic Winter Games Team Alaska Trust. 06 Sec. 37.14.600. Arctic Winter Games Team Alaska trust established. (a) 07 The Arctic Winter Games Team Alaska trust is established as a separate endowment 08 trust of the state consisting of appropriations to the trust. 09 (b) The commissioner of revenue is the treasurer of the trust and has the power 10 and duty to 11 (1) act as official custodian of the cash and investments belonging to 12 the trust by securing adequate and safe custodial facilities; 13 (2) invest and reinvest the assets of the trust as provided for the 14 investment of funds under AS 14.25.180(c) and AS 37.14.170;
01 (3) maintain accounting records of the trust in accordance with 02 investment accounting principles; 03 (4) enter into and enforce contracts or agreements considered 04 necessary for the investment purposes of the trust; 05 (5) annually request an appropriation to the trust of income of the trust; 06 (6) report to the board of directors of the Arctic Winter Games Team 07 Alaska the condition and performance of the trust; 08 (7) monitor use of trust money by the Arctic Winter Games Team 09 Alaska; and 10 (8) do all acts that the commissioner of revenue considers necessary or 11 proper in administering the assets of the trust. 12 Sec. 37.14.610. Administrative expenses. (a) Each year, the commissioner 13 of revenue may request an appropriation from the Arctic Winter Games Team Alaska 14 trust for costs to the Department of Revenue of administering the trust. 15 (b) The Arctic Winter Games Team Alaska's board of directors shall notify the 16 commissioner of revenue of the amount needed for administrative expenses of the 17 Arctic Winter Games Team Alaska, a nonprofit corporation, and the commissioner 18 shall transfer that amount to the board within 30 days after receiving the notification. 19 Not more than $150,000 may be transferred to the board during a fiscal year under this 20 subsection. Amounts transferred for administrative expenses under this subsection 21 shall be included when calculating the total amount that may be transferred from the 22 trust during a fiscal year under AS 37.14.620. 23 Sec. 37.14.620. Transfers from the trust. (a) Except as provided under (b) 24 of this section, each fiscal year, the commissioner of revenue may transfer to the board 25 of directors of the Arctic Winter Games Team Alaska not more than five percent of 26 the balance on July 1 of that fiscal year in the Arctic Winter Games Team Alaska trust. 27 The commissioner shall make each transfer in the amount requested by the board of 28 directors within 30 days after receiving a transfer request. 29 (b) When the Arctic Winter Games are held in the state during a fiscal year, up 30 to 20 percent of the balance in the trust on July 1 of that fiscal year may be transferred 31 to the board of directors of the Arctic Winter Games Team Alaska.
01 Sec. 37.14.630. Use of trust money. Except for expenditures of money 02 received under AS 37.14.610(b), the board of directors may use money transferred 03 from the Arctic Winter Games Team Alaska trust only for 04 (1) equipment, uniforms, travel, and food and lodging for Arctic 05 Winter Games Team Alaska athletes, coaches, staff, and directors; 06 (2) staging tryouts for Arctic Winter Games Team Alaska in sporting 07 events; 08 (3) costs of athletic skill clinics; 09 (4) grants to youth sports organizations for equipment; 10 (5) providing for cultural performers and exhibitions to accompany the 11 Arctic Winter Games Team Alaska sports delegation; and 12 (6) costs incurred by the Arctic Winter Games Host Society for 13 expenses associated with holding the Arctic Winter Games in the state. 14 * Sec. 2. This Act takes effect July 1, 2001.