1997 Alaska Statutes
Title 37 PUBLIC FINANCE
Chapter 37.14. TRUST FUNDS
Sec. 37.14.240. Fund utilization.
(a) Except as provided in (d) of this section, the principal of the trust and any capital gains or losses realized on the principal shall be retained perpetually in the trust for investment as specified in AS 37.14.210, and may not be used for the awarding of grants.
(b) The net income of the trust may be appropriated only for the following purposes:
(1) the awarding of grants;
(2) obtaining private and federal grants for the trust;
(3) soliciting contributions, gifts, and bequests for the trust; and
(4) reimbursement to the Department of Revenue for the costs of establishing the trust.
(c) Realized net income that has not been appropriated, or that has been appropriated but not expended, shall be invested until appropriated and expended.
(d) Up to $150,000 per year may be appropriated from the principal of the trust for the administrative expenses of the board relating to AS 37.14.200 - 37.14.270.
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