04/16/2010 09:00 AM Senate FINANCE

HOUSE BILL NO. 416                                                                                                            
                                                                                                                                
     "An Act adopting and relating to the Uniform Prudent                                                                       
     Management of Institutional Funds Act; relating to the                                                                     
     investment of money for charitable purposes by                                                                             
     institutions, including governmental institutions; and                                                                     
     relating to the University of Alaska."                                                                                     
                                                                                                                                
Co-Chair Stedman said it was  the first hearing on the bill.                                                                    
He noted two  zero fiscal notes, one from  the Department of                                                                    
Law and one from the University.                                                                                                
                                                                                                                                
CONRAD  JACKSON, STAFF,  REPRESENTATIVE KURT  OLSON, updated                                                                    
the committee  on the  bill which would  allow the  state to                                                                    
adopt the Uniform Prudent  Management of Institutional Funds                                                                    
Act  (UPMIFA),  which  builds  on almost  35  years  of  the                                                                    
institutional  fund management  program.  Almost all  states                                                                    
have adopted  UPMIFA; only  six states  have not.  He termed                                                                    
the bill  a definite benefit  to Alaska. He called  the bill                                                                    
"default  legislation".  If  a  fund is  governed  by  other                                                                    
provisions  such  as  a  donor  agreement,  if  there  is  a                                                                    
conflict, UPMIFA takes a back seat.                                                                                             
                                                                                                                                
HB  416  was  heard  and   HELD  in  Committee  for  further                                                                    
consideration.                                                                                                                  
                                                                                                                                
10:01:39 AM