SB 303: "An Act relating to management of the budget reserve fund; and providing for an effective date."
00SENATE BILL NO. 303 01 "An Act relating to management of the budget reserve fund; and providing for 02 an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 37.10 is amended by adding a new section to read: 05 Sec. 37.10.430. MANAGEMENT OF THE BUDGET RESERVE FUND. The 06 budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska) shall be held 07 and managed by the Alaska Permanent Fund Corporation. Money in the fund shall be 08 invested by the corporation so as to yield competitive market rates to the fund. 09 * Sec. 2. AS 44.25.020 is amended to read: 10 Sec. 44.25.020. DUTIES OF DEPARTMENT. The Department of Revenue 11 shall 12 (1) enforce the tax laws of the state; 13 (2) collect, account for, have custody of, invest, and manage all state 14 funds and all revenues of the state except revenues incidental to a program of licensing
01 and regulation carried on by another state department, [AND] funds managed and 02 invested by the Alaska State Pension Investment Board, and as otherwise provided 03 by law; 04 (3) register cattle brands; 05 (4) supply necessary clerical and administrative services for the 06 Alcoholic Beverage Control Board; 07 (5) invest and manage the balance of the power development fund in 08 accordance with AS 44.83.386; 09 (6) in accordance with the policies established by the board of trustees 10 of the Alaska State Pension Investment Board, collect, account for, have custody of, 11 invest, and manage the state funds for which the board is responsible; 12 (7) administer the surety bond program for licensure as a fish processor 13 or primary fish buyer. 14 * Sec. 3. This Act takes effect July 1, 1996.