Enrolled SB 98 LAWS OF ALASKA
2023
AN ACT
Requiring the Alaska Permanent Fund Corporation to manage the power cost equalization endowment fund; requiring the Alaska Permanent Fund Corporation to publish certain reports relating to the power cost equalization endowment fund; relating to the Alaska Permanent Fund Corporation's management and investment of the power cost equalization endowment fund; and providing for an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
THE ACT FOLLOWS ON PAGE 1
AN ACT
Requiring the Alaska Permanent Fund Corporation to manage the power cost equalization endowment fund; requiring the Alaska Permanent Fund Corporation to publish certain reports relating to the power cost equalization endowment fund; relating to the Alaska Permanent Fund Corporation's management and investment of the power cost equalization endowment fund; and providing for an effective date.
- Section 1: The Alaska Permanent Fund Corporation will manage the power cost equalization endowment fund with the same investment objective and asset allocation as they use for the Alaska permanent fund.
- Section 2: The power cost equalization endowment fund will be managed by the corporation under specific laws.
- Section 3: The corporation will determine the average ending market value of the fund and the earnings of the fund each year.
- Section 4: Five percent of the determined amount each year may be appropriated for funding the power cost equalization and rural electric capitalization fund, reimbursing the corporation for managing the fund, and reimbursing other costs of administration of the fund.
- Section 5: Definitions of "corporation" and "fund" for the purposes of the mentioned laws.
- Section 6: Repealing a specific section of law.
- Section 7: Transition provision for transferring the balance of the power cost equalization endowment fund to the Alaska Permanent Fund Corporation and starting their management of the fund.
- Section 8: The Act takes effect on July 1, 2023.
Effective Date:
July 1, 2023