00                            HOUSE BILL NO. 144                                                                          
01 "An Act creating the access-to-education trust as an endowment to fund the                                              
02 AlaskaAdvantage education grant program; 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 10. Access-to-Education Trust.                                                             
06            Sec. 37.14.900. Access-to-education trust established. (a) The access-to-                                  
07       education trust is established as an endowment trust of the state. The principal of the                           
08       trust consists of                                                                                                 
09                 (1)  legislative appropriations to the trust; and                                                       
10                 (2)  gifts, bequests, and contributions of cash or other assets from a                                  
11       person that are designated as being for the principal of the trust.                                               
12            (b)  Nothing in this section creates a dedicated fund.                                                       
13            Sec. 37.14.910. Net income account. (a) The net income account is                                          
14       established in the access-to-education trust. The net income account consists of                                  

01                 (1)  money or other assets given by persons to the trust whose                                          
02       placement in the principal of the trust is not required by AS 37.14.900(a)(2); and                                
03                 (2)  amounts earned on the principal of the trust as determined by the                                  
04       commissioner of revenue in accordance with investment accounting principles and in a                              
05       manner that preserves the distinction between principal and income.                                               
06            (b)  The net income account may be appropriated by the legislature to the                                    
07       Department of Education and Early Development for the purpose of funding the                                      
08       AlaskaAdvantage education grant program under AS 14.43.400 - 14.43.420 or for                                     
09       other public purposes.                                                                                            
10            (c)  Nothing in this section creates a dedicated fund.                                                       
11            Sec. 37.14.920. Powers and duties of the commissioner of revenue. (a) The                                  
12       commissioner of revenue shall manage the trust as an endowment with the goal of                                   
13       ensuring that the purchasing power of the trust will not diminish over time and without                           
14       regard to additional contributions that may be made to the trust.                                                 
15            (b)  In carrying out the investment duties under AS 37.14.900 - 37.14.930, the                               
16       commissioner of revenue has the powers and duties set out in AS 37.10.071.                                        
17            (c)  The commissioner of revenue shall report the condition and investment                                   
18       performance of the trust to the Alaska Commission on Postsecondary Education.                                     
19            Sec. 37.14.930. Definition. In AS 37.14.900 - 37.14.930, "trust" means the                                 
20       access-to-education trust established in AS 37.14.900.                                                            
21    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).