Sec. 37.14.510. Net income account.

168 words·~1 min read·/ak/title-37/chapter-14/37-14-510

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The net income account is established in the Alaska heritage endowment fund. The net income account of the fund consists of

(1)money and other assets given by persons to the fund whose placement in the principal of the fund is not required by AS 37.14.500 (2); and

(2)amounts earned on the investment of gifts, bequests, and contributions of cash or other assets whose placement in the principal of the fund is required under AS 37.14.500 (2).

(b)The legislature may appropriate from the net income account to the principal of the fund under AS 37.14.500 (1).

(c)The net income of the fund shall be determined by the commissioner of revenue in accordance with investment accounting principles and in a manner that preserves the distinction between principal and income.

(d)Unless otherwise provided by the act making an appropriation under

(b)of this section, an amount appropriated to the net income account under

(b)of this section does not lapse.