CSSB 245(L&C): "An Act relating to the board of trustees of the Alaska Permanent Fund Corporation, 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(L&C) 01 "An Act relating to the board of trustees of the Alaska Permanent Fund 02 Corporation, investments of the permanent fund involving equity interests in, and 03 debt obligations secured by, mortgages on real estate; and providing for an 04 effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. AS 37.13.040 is amended to read: 07 Sec. 37.13.040. ALASKA PERMANENT FUND CORPORATION. There is 08 established the Alaska Permanent Fund Corporation. The corporation is a public 09 corporation and government instrumentality in the Department of Revenue managed 10 by the board of trustees, who have fiduciary responsibility to the people of the state. 11 The purpose of the corporation is to manage and invest the assets of the permanent 12 fund and other funds designated by law in accordance with this chapter. 13 * Sec. 2. AS 37.13.120(g)(16) is amended to read: 14 (16) equity interests in, and debt obligations secured by mortgages
01 granting a first lien on, real estate improved by completed and substantially rented 02 buildings and located in the United States [,] if the total value held by the fund in 03 each investment does not exceed $100,000,000, and, if the total value held by the 04 fund in each investment exceeds $100,000,000, these investments are made 05 (A) in a corporation, partnership, trust, or other entity in which, 06 at the conclusion of each investment transaction, at least 33  percent of the 07 beneficial ownership interests are held by other institutional investors, and 08 which is organized and operated for the purpose of making real estate 09 investments by a bank, insurance company, or other manager of institutional 10 funds that has had at least five years of experience in the management of real 11 estate investments of institutional investors; or 12 (B) with corporations, partnerships, trusts, or entities in which, 13 at the conclusion of each investment transaction, at least 33  percent of the 14 beneficial ownership interests in the co-investing entity or entities as a whole 15 are held by institutional investors, and if 16 (i) at the time of investment the fund has no more than 17 a 67  percent beneficial ownership interest in the real estate 18 invested in as a whole; 19 (ii) the rights and obligations of the fund are 20 substantially similar to those of the other institutional investors, except 21 for the percentage interest in the property; and 22 (iii) the property is managed and operated by an entity 23 that has had at least five years of experience in the management of real 24 estate investments of institutional investors; 25 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).