(a) The commissioner of revenue is the fiduciary of the fund. In managing the fund, the commissioner shall

lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Alaska Statutes 42.45.080

  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • power: includes electrical energy generated, distributed, bought, or sold for lighting, heating, power, and every other useful purpose. See Alaska Statutes 42.45.990
(1) have the same powers and duties as are provided in Alaska Stat. § 37.10.071; and
(2) apply the prudent-investor rule when investing the fund; the “prudent-investor rule” as applied to investment activity of the fund means exercising the judgment and care under the circumstances then prevailing that an institutional investor of ordinary prudence, discretion, and intelligence exercises in the designation and management of large investments entrusted to it, not in regard to speculation, but in regard to the permanent disposition of funds, considering preservation of the purchasing power of the fund over time while maximizing the expected total return from both income and the appreciation of capital.
(b) In managing the fund, the commissioner shall

(1) consider the status of the fund’s capital and the income generated on both current and probable future bases;
(2) determine the appropriate investment objectives;
(3) establish investment policies to achieve the objectives; and
(4) act only in regard to the best financial interests of the fund.
(c) On July 1 of each year, the commissioner shall determine

(1) the monthly average market value of the fund for the previous three closed fiscal years; and
(2) the earnings of the fund for the previous closed fiscal year.
  Previous section
Next section  
 Article 2 Contents