Sec. 37.14.620. Transfers from the trust fund.

231 words·~1 min read·/ak/title-37/chapter-14/37-14-620

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

(a)As soon as practicable after July 1 of each year, the commissioner of revenue shall determine the average month-end market value of the Arctic Winter Games Team Alaska trust fund for the immediately preceding three fiscal years. Five percent of that amount shall be identified by the commissioner as available for appropriation to the Department of Revenue for

(1)costs to the department of administering the trust; and

(2)transfers to Arctic Winter Games Team Alaska, a nonprofit corporation, in amounts requested by the corporation for purposes authorized in AS 37.14.630 .

(b)As soon as practicable after July 1 of each fiscal year that the Arctic Winter Games are held in the state, the commissioner of revenue shall determine whether more money may be made available to support the state's participation in the games from the Arctic Winter Games Team Alaska trust fund than the amount determined under

(a)of this section. The determination of the amount of additional money available shall be based on consideration of AS 37.14.600

(b)and any amounts identified during prior fiscal years as available for appropriation under

(a)of this section that were never transferred from the trust fund. The additional amount shall be identified by the commissioner and is available for appropriation to the Department of Revenue for transfers to Arctic Winter Games Team Alaska.