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- Alaska Statutes.
- Title 14. Education, Libraries, and Museums
- Chapter 42. Postsecondary Education
- Section 295. Payment to State.
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. Bonds Legal Investments For Fiduciaries.
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. Operation of Certain Statutes Excepted.
AS 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
- (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.
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