CSSB 245(STA): "An Act relating to investments of the permanent fund involving equity interests in and debt obligations secured by mortgages on real estate; and providing for an effective date."
00CS FOR SENATE BILL NO. 245(STA) 01 "An Act relating to investments of the permanent fund involving equity interests 02 in and debt obligations secured by mortgages on real estate; and providing for 03 an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 37.13.120(g)(16) is amended to read: 06 (16) equity interests in, and debt obligations secured by mortgages 07 granting a first lien on, real estate improved by completed and substantially rented 08 buildings and located in the United States [,] if the total value held by the fund in 09 each investment does not exceed $50,000,000, and, if the total value held by the 10 fund in each investment exceeds $50,000,000, these investments are made 11 (A) in a corporation, partnership, trust, or other entity in which, 12 at the conclusion of each investment transaction, at least 33  percent of the 13 beneficial ownership interests are held by other institutional investors, and 14 which is organized and operated for the purpose of making real estate
01 investments by a bank, insurance company, or other manager of institutional 02 funds that has had at least five years of experience in the management of real 03 estate investments of institutional investors; or 04 (B) with corporations, partnerships, trusts, or entities in which, 05 at the conclusion of each investment transaction, at least 33  percent of the 06 beneficial ownership interests in the co-investing entity or entities as a whole 07 are held by institutional investors, and if 08 (i) at the time of investment the fund has no more than 09 a 67  percent beneficial ownership interest in the real estate 10 invested in as a whole; 11 (ii) the rights and obligations of the fund are 12 substantially similar to those of the other institutional investors, except 13 for the percentage interest in the property; and 14 (iii) the property is managed and operated by an entity 15 that has had at least five years of experience in the management of real 16 estate investments of institutional investors; 17 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).