00 Enrolled SB 326                                                                                                         
01 Relating to investments of Alaska permanent fund assets; and providing for an effective date.                           
02                           _______________                                                                               
03    * Section 1.  AS 37.13.120(e) is amended to read:                                                                  
04            (e)  The corporation may not borrow money or guarantee from principal of the                                 
05       fund the obligations of others except as provided in this subsection.  With respect to                            
06       [REAL PROPERTY] investments of the fund, the corporation may, through an entity                                   
07       in which the investment is made, borrow money if the borrowing is without recourse                                
08       to the corporation and the fund.                                                                                  
09    * Sec. 2.  AS 37.13.120(k) is amended to read:                                                                     
10            (k)  The board shall establish and from time to time as necessary modify                                     
11       guidelines for the investment of the assets of the fund.  Before adoption of any                                  
12       guidelines, the guidelines shall be reported to the Legislative Budget and Audit                                  
13       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 10 [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).