00                       CS FOR HOUSE BILL NO. 48(STA)                                                                     
01 "An Act amending the powers of the board of trustees of the Alaska Retirement                                           
02 Management Board to authorize purchase and sale of transferable tax credit certificates                                 
03 issued in conjunction with the production tax on oil and gas; and providing for an                                      
04 effective date."                                                                                                        
05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
06    * Section 1. AS 37.10.220(b) is amended to read:                                                                   
07            (b)  The board may                                                                                           
08                 (1)  employ outside investment advisors to review investment policies;                                  
09                 (2)  enter into an agreement with the fiduciary of another state fund in                                
10       order to assume the management and investment of those assets;                                                    
11                 (3)  contract for other services necessary to execute the board's powers                                
12       and duties;                                                                                                       
13                 (4)  enter into confidentiality agreements that would exempt records                                    
14       from AS 40.25.110 and 40.25.120 if the records contain information that could affect                              
01       the value of investment by the board or that could impair the ability of the board to                             
02       acquire, maintain, or dispose of investments;                                                                 
03                 (5)  purchase transferable tax credit certificates issued under                                     
04       AS 43.55.023 and 43.55.025 for 92 percent of the face value of a certificate, and                             
05       sell transferable tax credit certificates to the Department of Revenue under                                  
06       AS 43.55.023(f) and 43.55.025 for a cash refund of the full face value of the                                 
07       certificate; under this paragraph, the board                                                                  
08                      (A)  may                                                                                       
09                           (i)  engage in the purchase and sale of transferable                                      
10                 tax credits notwithstanding AS 43.55.023(f) requiring written                                       
11                 application for a cash refund by the person to whom a transferable                                  
12                 tax credit certificate has been issued under AS 43.55.023(d) before                                 
13                 the department issues the cash refund for a certificate; and                                        
14                           (ii)  sell a transferable tax credit certificate only if the                              
15                 commissioner of revenue determines that economic conditions are                                     
16                 acceptable for the state to purchase and pay for the credit; and                                    
17                      (B)  shall apply the proceeds from a sale made under this                                      
18            paragraph to defray the unfunded pension liabilities of the systems for                                  
19            which the board has responsibility.                                                                      
20    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).