(a) The Alaska Aerospace Corporation fund is established in the corporation. The fund consists of appropriations made to the fund by the legislature, and rents, fees, or other money or assets transferred to the fund by the corporation. Amounts deposited in the fund may be pledged to the payment of bonds of the corporation or expended for the purposes of the corporation under this chapter.

Terms Used In Alaska Statutes 26.27.050

  • 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.
  • 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.
  • Fiduciary: A trustee, executor, or administrator.
  • 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) The corporation shall have custody of the fund and shall be responsible for its management. The corporation is the fiduciary of the fund under Alaska Stat. § 37.10.071 and may invest amounts in the fund in accordance with an investment policy adopted by the corporation. Notwithstanding Alaska Stat. § 37.10.010 – 37.10.050, the corporation may make disbursements from the fund in accordance with Alaska Stat. § 37.25.050. Notwithstanding Alaska Stat. § 37.05.130 and 37.05.140, the corporation shall report disbursements from the fund annually in accordance with Alaska Stat. § 26.27.100(b)(1). An appropriation made to the fund by the legislature shall be transferred from the state treasury to the corporation for deposit in the fund.
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