Sec. 14.42.295. Payment to state.
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Sec. 14.42.295. Payment to state.
(a)The board may elect to pay the state a return of contributed capital, or a dividend, for each base fiscal year that the corporation's net income equals or exceeds $2,000,000. The payment may not be less than 10 percent nor more than 35 percent, as approved by the board, of the corporation's net income for the base fiscal year, and is subject to the provisions of any applicable bond indentures of the corporation. If a payment is authorized under this section, payment must be made available by the corporation before the end of the fiscal year in which payment has been authorized. The corporation shall notify the commissioner of revenue when the amount of the payment authorized under this section is available for appropriation.
(b)In this section,
(1)“base fiscal year” means the fiscal year ending two years before the end of the fiscal year in which a payment under this section is to be made available;
(2)“contributed capital” means the assets appropriated by sec. 2, ch. 93, SLA 1987, in the form of unrestricted receipts of loans;
(3)“dividend” means return of surplus as reflected in the equity section of the corporation's audited financial statements for the education loan fund ( AS 14.42.210 );
(4)“net income” means the corporation's net income as set out in the audited financial statements of the corporation for the base fiscal year.