CSSB 34(FIN): "An Act relating to investment of the power cost equalization endowment fund; and providing for an effective date."
00 CS FOR SENATE BILL NO. 34(FIN) 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 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).