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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 803. Alaska Advance College Tuition Savings Fund.
previous: Section 802
. Alaska Higher Education Savings Trust.
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. Powers and Duties of the Commissioner of Revenue. [Repealed, Sec. 14 Ch 3 SLA 2000].
AS 14.40.803. Alaska Advance College Tuition Savings Fund.
- (a) The Alaska advance college tuition savings fund is established as a nonlapsing fund of the University of Alaska. The
purpose of the fund is to secure obligations to participants under a postsecondary education savings program operated
by the University of Alaska and to enhance the ability of the university to provide (1) higher education for the people
of the state; (2) wide and affordable access to higher education for residents and their children; (3) an incentive for
residents to achieve higher academic standards in grades 7 - 12; and (4) an incentive for residents to continue and
complete secondary and postsecondary education. The fund may be divided into separate accounts for accounting purposes.
- (b) The fund consists of
- (1) permanent fund dividend and cash contributions made under AS 14.40.807 under the terms of an advance college tuition
- (2) appropriations, gifts, bequests, and contributions; and
- (3) income and earnings of the fund.
- (c) Assets of the fund shall be expended to make payments to the university and other eligible educational institutions,
including payments for refunds, redemptions, and awards under a savings contract or scholarships, costs of
administration, and other obligations of the fund.
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