HB 240: "An Act relating to endowments of and donations to the University of Alaska and to the University of Alaska endowment trust fund; and providing for an effective date."
00HOUSE BILL NO. 240 01 "An Act relating to endowments of and donations to the University of Alaska and 02 to the University of Alaska endowment trust fund; and providing for an effective 03 date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. FINDINGS. The legislature finds that it is in the best interest of efficient 06 administration to move the administration of the University of Alaska endowment trust fund 07 from the Department of Revenue to the University of Alaska, resulting in an integrated 08 management of the resources of the University of Alaska. 09 * Sec. 2. AS 14.40.280 is amended to read: 10 Sec. 14.40.280. ENDOWMENTS AND DONATIONS. All monetary gifts, 11 bequests, or endowments that are made to the University of Alaska for the purpose of 12 the separate trust fund created under AS 14.40.400 shall be held by the university. 13 The university [TRANSFERRED TO THE DEPARTMENT OF REVENUE. THE 14 DEPARTMENT OF REVENUE] shall manage that money in accordance with
01 AS 14.40.400. Title to and control or possession of land, personal property, and all 02 money [OTHER THAN] that [TRANSFERRED TO THE DEPARTMENT OF 03 REVENUE, WHICH] is devised, bequeathed, or given to the university shall be taken 04 by the university in its corporate capacity acting by and through the regents or an 05 authorized agent, and shall be entered in the perpetual inventory of the university. 06 * Sec. 3. AS 14.40.400(a) is amended to read: 07 (a) The University of Alaska [DEPARTMENT OF REVENUE] shall establish 08 a separate endowment trust fund in which all net income derived from the sale or lease 09 of the land granted under the Act of Congress approved January 21, 1929, and in 10 which all monetary gifts, bequests, or endowments made to the University of Alaska 11 for the purpose of the fund, shall be held in trust. 12 * Sec. 4. AS 14.40.400(b) is amended to read: 13 (b) The president of the University of Alaska [COMMISSIONER OF 14 REVENUE] is the fiduciary of the trust fund and shall account for and invest the fund 15 as set out for the commissioner of revenue in AS 37.14.110(c), 37.14.160, and 16 37.14.170, except that the president of the university [COMMISSIONER] shall report 17 the condition and investment performance of the fund to the Board of Regents and to 18 the legislature. 19 * Sec. 5. AS 36.30.850(b)(15) is amended to read: 20 (15) a contract that is a delegation, in whole or in part, of investment 21 powers held by the commissioner of revenue under [AS 14.40.400,] AS 14.42.200, 22 14.42.210, AS 18.56.095, AS 37.10.070, 37.10.071, or AS 37.14; 23 * Sec. 6. AS 14.40.400(e) is repealed. 24 * Sec. 7. TRANSITION. A contract, right, liability, or obligation in effect on the effective 25 date of this Act remains in effect notwithstanding the amendments to AS 14.40.280 or 26 14.40.400 made in secs. 2 - 4 and 6 of this Act. Assets and liabilities of the University of 27 Alaska endowment trust fund held by the Department of Revenue on the effective date of this 28 Act shall be transferred by the Department of Revenue to the University of Alaska to 29 implement this Act. 30 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).