(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.

Terms Used In Alaska Statutes 14.42.295

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • board: means the state Board of Education and Early Development. See Alaska Statutes 14.60.010
  • commissioner: means the commissioner of education and early development. See Alaska Statutes 14.60.010
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(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 of loans;
(3) “dividend” means return of surplus as reflected in the equity section of the corporation’s audited financial statements for the education loan fund (Alaska Stat. § 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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