00                      CS FOR SENATE BILL NO. 34(FIN)                                                                    
01 "An Act relating to investment of the power cost equalization endowment fund; and                                       
02 providing for an effective date."                                                                                       
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 42.45.080(a) is amended to read:                                                                   
05            (a)  The commissioner of revenue is the fiduciary of the fund. In managing the                               
06       fund, the commissioner shall                                                                                      
07                 (1)  have the same powers and duties as are provided in AS 37.10.071;                                   
08       and                                                                                                               
09                 (2)  invest the fund in a manner likely to achieve at least a four                                  
10       [SEVEN] percent nominal return over a five-year period to meet the objectives of                              
11       the power cost equalization and rural electric capitalization fund (AS 42.45.100)                             
12       [TIME].                                                                                                           
13    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).