Enrolled SB 34: Relating to investment of the power cost equalization endowment fund; and providing for an effective date.
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).