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- Alaska Statutes.
- Title 14. Education, Libraries, and Museums
- Chapter 40. The University of Alaska, the Community Colleges, and the Alaska Aerospace Development Corporation
- Section 400. Fund For Money From Sale or Lease of Land Granted By Act of Congress.
previous: Section 390
. Federal Land Grants to Agricultural College and School of Mines Reaccepted For University.
next: Section 410
. Federal Grants of Money to Establish Agricultural Experiment Stations.
AS 14.40.400. Fund For Money From Sale or Lease of Land Granted By Act of Congress.
- (a) The Board of Regents shall establish a separate endowment trust fund in which shall be held in
trust in perpetuity all
- (1) net income derived from the sale or lease of the land granted under the Act of Congress approved January 21, 1929, as
- (2) net income derived from the sale, lease, or management of the land conveyed to the Board of Regents in trust for the University of
Alaska under AS 14.40.365; however, the amount deposited in the
endowment trust fund under this paragraph resulting from mineral lease royalties and royalty sales proceeds may not be less than 25
percent of all such mineral lease royalties and royalty sales proceeds received by the university; and
- (3) monetary gifts, bequests, or endowments made to the University of Alaska for the purpose of the fund.
- (b) The Board of Regents is the fiduciary of the fund. The Board of Regents shall account for and invest the fund. In
carrying out its investment responsibilities under this subsection, the Board of Regents has the same powers and duties
with respect to the fund as are provided to and required of the Alaska Retirement Management Board under AS 37.10.220.
- (c) The total return from the fund shall be used exclusively for the University of Alaska, as the successor under AS 14.40.030
of the Agricultural College and School of Mines.
- (d) The proceeds arising from the sale or disposal of land granted under the Act of Congress approved January 21, 1929, as
amended, may not be used for the support of a sectarian or denominational college or school.
- (e) [Repealed, Sec. 14 ch 9 SLA 1997].
- (f) In this section,
- (1) "fund" means the separate endowment trust fund established under (a) of this section;
- (2) "total return" means the total earning of the fund, including current yield, gains, and capital appreciation, less all
costs, expenses, losses, and capital depreciation.
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