SB 34: "An Act relating to investment of the power cost equalization endowment fund; and providing for an effective date."
00 SENATE BILL NO. 34 01 "An Act relating to investment of the power cost equalization endowment fund; and 02 providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 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 10 [SEVEN PERCENT] nominal return over time to meet the objectives of the power 11 cost equalization and rural electric capitalization fund (AS 42.45.100). 12 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c)