Alaska Statutes 14.40.400 – Fund for money from sale or lease of land granted by Act of Congress

(a) The Board of Regents shall establish a separate endowment trust fund in which shall be held in trust in perpetuity all

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Terms Used In Alaska Statutes 14.40.400

board: means the state Board of Education and Early Development. See Alaska Statutes 14.60.010
Fiduciary: A trustee, executor, or administrator.
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}

(1) net income derived from the sale or lease of the land granted under the Act of Congress approved January 21, 1929, as amended;

(2) net income derived from the sale, lease, or management of the land conveyed to the Board of Regents in trust for the University of Alaska under Alaska Stat. § 14.40.365; however, the amount deposited in the endowment trust fund under this paragraph resulting from mineral lease royalties and royalty sales proceeds may not be less than 25 percent of all such mineral lease royalties and royalty sales proceeds received by the university; and

(3) monetary gifts, bequests, or endowments made to the University of Alaska for the purpose of the fund.

(b) The Board of Regents is the fiduciary of the fund. The Board of Regents shall account for and invest the fund. In carrying out its investment responsibilities under this subsection, the Board of Regents has the same powers and duties with respect to the fund as are provided or required under Alaska Stat. § 37.10.071 and Alaska Stat. Chapter 13.65 (Uniform Prudent Management of Institutional Funds Act). Notwithstanding any other provision of law, Alaska Stat. § 37.10.071 governs the investment responsibilities established under this subsection if

(1) both Alaska Stat. § 37.10.071 and Alaska Stat. Chapter 13.65 apply to the investment responsibilities established under this subsection; and

(2)Alaska Stat. § 37.10.071 conflicts with Alaska Stat. Chapter 13.65.

(c) The total return from the fund shall be used exclusively for the University of Alaska, as the successor under Alaska Stat. § 14.40.030 of the Agricultural College and School of Mines.

(d) The proceeds arising from the sale or disposal of land granted under the Act of Congress approved January 21, 1929, as amended, may not be used for the support of a sectarian or denominational college or school.

(e)[Repealed, Sec. 14 ch 9 SLA 1997].

(f) In this section,

(1) “fund” means the separate endowment trust fund established under (a) of this section;

(2) “total return” means the total earning of the fund, including current yield, gains, and capital appreciation, less all costs, expenses, losses, and capital depreciation.

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