00Enrolled SB 34                                                                                                          
01 Relating to investment of the power cost equalization endowment fund; and providing for an                              
02 effective date.                                                                                                         
03                           _______________                                                                               
04    * Section 1. AS 42.45.080(a) is amended to read:                                                                   
05            (a)  The commissioner of revenue is the fiduciary of the fund. In managing the                               
06       fund, the commissioner shall                                                                                      
07                 (1)  have the same powers and duties as are provided in AS 37.10.071;                                   
08       and                                                                                                               
09                 (2)  invest the fund in a manner likely to achieve at least a four                                  
10       [SEVEN] percent nominal return over a five-year period to meet the objectives of                              
11       the power cost equalization and rural electric capitalization fund (AS 42.45.100)                             
12       [TIME].                                                                                                           
13    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).