(a) The corporation and its subsidiaries are exempt from the provisions of Alaska Stat. Chapter 36.30 (State Procurement Code).
Terms Used In Alaska Statutes 31.25.140
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.
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.
(b) The operating budget of the corporation and a subsidiary of the corporation are subject to Alaska Stat. Chapter 37.07 (Executive Budget Act).(c) To further ensure effective budgetary decision making by the legislature, the board shall
(1) annually review the corporation’s assets, including the assets of the in-state natural gas pipeline fund under AS 31.25.100 and the Alaska liquefied natural gas project fund under AS 31.25.110, to determine whether assets of the corporation exceed an amount required to fulfill the purposes of the corporation as defined in this chapter; in making its review, the board shall determine whether, and to what extent, assets in excess of the amount required to fulfill the purposes of the corporation during the next fiscal year are available without
(A) breaching an agreement entered into by the corporation;(B) materially impairing the operations or financial integrity of the corporation; or(C) materially affecting the ability of the corporation to fulfill the purposes of the corporation as defined in this chapter;(2) specifically identify in the corporation’s assets the amounts that the board believes are necessary to meet the requirements of (1)(C) of this subsection; and(3) present to the legislature by January 10 of each year a complete accounting of all assets of the corporation, including assets of the in-state natural gas pipeline fund under AS 31.25.100 and the Alaska liquefied natural gas project fund under AS 31.25.110, and a report of the review and determination made under (1) and (2) of this subsection; the accounting shall be audited by an independent outside auditor.
