CSSB 93(FIN): "An Act relating to the Arctic Winter Games Team Alaska trust; and providing for an effective date."
00 CS FOR SENATE BILL NO. 93(FIN) 01 "An Act relating to the Arctic Winter Games Team Alaska trust; and providing for an 02 effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 37.14 is amended by adding new sections to read: 05 Article 7. Arctic Winter Games Team Alaska Trust. 06 Sec. 37.14.600. Arctic Winter Games Team Alaska trust fund established. 07 (a) The Arctic Winter Games Team Alaska trust fund is established as a separate 08 endowment trust of the state consisting of 09 (1) appropriations to the trust; 10 (2) donations to the trust; and 11 (3) income earned on investments of trust assets. 12 (b) The commissioner of revenue shall manage the trust as an endowment, 13 with the goal of ensuring that the purchasing power of the trust will not diminish over 14 time without regard to additional contributions that may be made to the trust.
01 (c) Nothing in this section creates a dedicated fund. 02 Sec. 37.14.610. Duties of the commissioner. The commissioner of revenue 03 has the power and duty to 04 (1) act as official custodian of the cash and investments belonging to 05 the Arctic Winter Games Team Alaska trust by securing adequate and safe custodial 06 facilities; 07 (2) exercise the same powers and duties as those established for the 08 Alaska State Pension Investment Board in AS 14.25.180(b) and (c); 09 (3) invest the assets of the trust in a manner likely to yield at least five 10 percent real rate of return over time; 11 (4) maintain accounting records of the trust in accordance with 12 investment accounting principles; 13 (5) enter into and enforce contracts or agreements considered 14 necessary for the investment purposes of the trust; 15 (6) report to the board of directors of the Arctic Winter Games Team 16 Alaska the condition and performance of the trust; 17 (7) monitor use of trust money by the Arctic Winter Games Team 18 Alaska; and 19 (8) do all acts that the commissioner of revenue considers necessary or 20 proper in administering the assets of the trust. 21 Sec. 37.14.620. Transfers from the trust fund. (a) As soon as practicable 22 after July 1 of each year, the commissioner of revenue shall determine the average 23 month-end market value of the Arctic Winter Games Team Alaska trust fund for the 24 immediately preceding three fiscal years. Five percent of that amount shall be 25 identified by the commissioner as available for appropriation to the Department of 26 Revenue for 27 (1) costs to the department of administering the trust; and 28 (2) transfers to Arctic Winter Games Team Alaska, a nonprofit 29 corporation, in amounts requested by the corporation for purposes authorized in 30 AS 37.14.630. 31 (b) As soon as practicable after July 1 of each fiscal year that the Arctic
01 Winter Games are held in the state, the commissioner of revenue shall determine 02 whether more money may be made available to support the state's participation in the 03 games from the Arctic Winter Games Team Alaska trust fund than the amount 04 determined under (a) of this section. The determination of the amount of additional 05 money available shall be based on consideration of AS 37.14.600(b) and any amounts 06 identified during prior fiscal years as available for appropriation under (a) of this 07 section that were never transferred from the trust fund. The additional amount shall be 08 identified by the commissioner and is available for appropriation to the Department of 09 Revenue for transfers to Arctic Winter Games Team Alaska. 10 Sec. 37.14.630. Use of trust money. The board of directors of the Arctic 11 Winter Games Team Alaska may use money transferred from the Arctic Winter 12 Games Team Alaska trust fund only for 13 (1) equipment, uniforms, travel, and food and lodging for Arctic 14 Winter Games Team Alaska athletes, coaches, staff, and directors; 15 (2) staging tryouts for Arctic Winter Games Team Alaska in events; 16 (3) costs of athletic skill clinics; 17 (4) grants to youth sports organizations for equipment; 18 (5) providing for cultural performers and exhibitions to accompany the 19 Arctic Winter Games Team Alaska sports delegation; 20 (6) costs incurred by the Arctic Winter Games Host Society for 21 expenses associated with holding the Arctic Winter Games in the state; and 22 (7) administrative expenses related solely to the state's participation in 23 the Arctic Winter Games. 24 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 25 read: 26 TRANSITION. (a) Notwithstanding AS 37.14.620(a), enacted by sec. 1 of this Act, 27 the commissioner of revenue shall identify five percent of the balance of the Arctic Winter 28 Games Team Alaska trust fund on July 1, 2001, as available for appropriation to support the 29 state's participation in the Arctic Winter Games for fiscal year 2002. 30 (b) Notwithstanding the requirement under AS 37.14.620(a), enacted by sec. 1 of this 31 Act, that the commissioner of revenue make a determination based on the market value of the
01 Arctic Winter Games Team Alaska trust fund for the immediately preceding three years, the 02 commissioner of revenue shall make the determination under AS 37.14.620(a) based on the 03 average ending balance in the fund 04 (1) from July 31, 2001, to June 30, 2002, for fiscal year 2003; 05 (2) from July 31, 2001, to June 30, 2003, for fiscal year 2004; 06 (3) from July 31, 2001, to June 30, 2004, for fiscal year 2005. 07 * Sec. 3. This Act takes effect July 1, 2001.