20 AAC 40.700. Real property development accounts

(a) From time to time, the board may determine that it is in the interest of the trust and its beneficiaries to use receipts from the management of trust land to

(1) acquire for the trust new trust land; or

(2) improve or develop existing trust land.

(b) The board will make a decision under (a) of this section in accordance with the applicable provisions of the Asset Management Policy Statement adopted by reference in 20 AAC 40.600.

(c) If the board decides under (a) of this section to acquire new trust land or to improve or develop existing trust land, the authority will establish a development account for the purpose of monitoring and accounting for the receipts used and the costs incurred by the trust to carry out that acquisition, improvement, or development project.

(d) The authority will maintain a development account established under (c) of this section until the project for which the account was established has been completed.

History: Eff. 10/24/2004, Register 172

Authority: AS 37.14.007

AS 37.14.009

AS 37.30.031

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