SB 326: "An Act relating to investments of Alaska permanent fund assets; and providing for an effective date."
00 SENATE BILL NO. 326 01 "An Act relating to investments of Alaska permanent fund assets; and providing for an 02 effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 37.13.120(e) is amended to read: 05 (e) The corporation may not borrow money or guarantee from principal of the 06 fund the obligations of others except as provided in this subsection. With respect to 07 [REAL PROPERTY] investments of the fund, the corporation may, through an entity 08 in which the investment is made, borrow money if the borrowing is without recourse 09 to the corporation and the fund. 10 * Sec. 2. AS 37.13.120(k) is amended to read: 11 (k) The board shall establish and from time to time as necessary modify 12 guidelines for the investment of the assets of the fund. Before adoption of any 13 guidelines, the guidelines shall be reported to the Legislative Budget and Audit 14 Committee for review and comment. Notwithstanding (g), (h), and (j) of this section
01 or the percentage investment limitations under (i) of this section and so long as doing 02 so satisfies the prudent-investor rule under (a) of this section, the board may invest up 03 to 15 [FIVE] percent of the total assets of the fund in either or a combination of the 04 following: 05 (1) other types of investments not specifically listed in (g) of this 06 section; 07 (2) categories of investment subject to the percentage investment 08 limitations established in (i) of this section, even though investing additional assets in 09 a category will cause the aggregate investment in the category to exceed the applicable 10 percentage limitation. 11 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).