00 Enrolled SB 98 01 Requiring the Alaska Permanent Fund Corporation to manage the power cost equalization 02 endowment fund; requiring the Alaska Permanent Fund Corporation to publish certain reports 03 relating to the power cost equalization endowment fund; relating to the Alaska Permanent 04 Fund Corporation's management and investment of the power cost equalization endowment 05 fund; and providing for an effective date. 06 _______________ 07 * Section 1. AS 37.13 is amended by adding a new section to article 2 to read: 08 Sec. 37.13.310. Corporation to manage the power cost equalization 09 endowment fund. (a) The corporation shall manage the power cost equalization 10 endowment fund using the same investment objective and asset allocation as the 11 corporation uses in managing the Alaska permanent fund subject to AS 37.13.120. 12 (b) The corporation shall 13 (1) at least quarterly, prepare a financial report showing investment 01 revenue and expenditures, including the allocation of the cash assets of the power cost 02 equalization endowment fund among investments; and 03 (2) annually prepare financial statements in accordance with generally 04 accepted accounting principles consistently applied, and an audit report prepared by a 05 certified public accountant. 06 (c) After preparing a financial statement or report, the corporation shall 07 publish and deliver the financial statement or report to the Alaska Energy Authority, 08 the Department of Commerce, Community, and Economic Development, the senate 09 secretary, and the chief clerk of the house of representatives, and notify the legislature 10 that the financial statement or report is available. 11 (d) Net income from the power cost equalization endowment fund may not be 12 included in the computation of net income or market value available for distribution or 13 appropriation under AS 37.13.140. 14 * Sec. 2. AS 42.45.080(a) is repealed and reenacted to read: 15 (a) The power cost equalization endowment fund shall be managed by the 16 corporation under AS 37.13.310. 17 * Sec. 3. AS 42.45.080(c) is amended to read: 18 (c) On June 30 [JULY 1] of each year, the corporation [COMMISSIONER] 19 shall determine 20 (1) the [MONTHLY] average ending market value of the fund for the 21 previous three closed fiscal years; and 22 (2) the earnings of the fund for the previous closed fiscal year. 23 * Sec. 4. AS 42.45.085(a) is amended to read: 24 (a) Five percent of the amount determined by the corporation 25 [COMMISSIONER OF REVENUE ON JULY 1 OF] each year under 26 AS 42.45.080(c)(1) may be appropriated for the following purposes: 27 (1) funding the power cost equalization and rural electric capitalization 28 fund (AS 42.45.100); 29 (2) reimbursement to the corporation [DEPARTMENT OF 30 REVENUE] for the costs of [ESTABLISHING AND] managing the fund; and 31 (3) reimbursement of other costs of administration of the fund. 01 * Sec. 5. AS 42.45.099 is amended to read: 02 Sec. 42.45.099. Definitions [DEFINITION]. In AS 42.45.070 - 42.45.099, 03 (1) "corporation" means the Alaska Permanent Fund Corporation 04 established in AS 37.13.040; 05 (2) "fund" means the power cost equalization endowment fund 06 established in AS 42.45.070. 07 * Sec. 6. AS 42.45.080(b) is repealed. 08 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 09 read: 10 TRANSITION. On July 1, 2023, 11 (1) the commissioner of revenue shall transfer the balance of the power cost 12 equalization endowment fund established in AS 42.45.070 to the Alaska Permanent Fund 13 Corporation established in AS 37.13.040; and 14 (2) the corporation shall begin managing the fund. 15 * Sec. 8. This Act takes effect July 1, 2023.