(a) The mine reclamation trust fund is established as a separate trust fund of the state. The principal and earnings of the fund shall be held by the state for the purpose of protecting the public interest in reclaiming mine sites in the state. The fund is composed of the mine reclamation trust fund income account and the mine reclamation trust fund operating account.
Terms Used In Alaska Statutes 37.14.800
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
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 mine reclamation trust fund income account consists of payments and deposits made by miners to satisfy the miners’ reclamation bonding or financial assurance obligation under Alaska Stat. § 27.19.040 or Alaska Stat. § 27.21.160 and earnings on the income account. The mine reclamation trust fund operating account consists of appropriations by the legislature of the annual balance of the mine reclamation trust fund income account and any earnings on those appropriations while in the operating account.(c) Before payments are accepted into the mine reclamation trust fund income account for a particular mining operation, the commissioner of natural resources and the miner may execute a memorandum of understanding that outlines a schedule of expected payments into the trust fund and the relationship of the payments and accumulated earnings in the trust fund to reclamation obligations of the miner under Alaska Stat. § 27.19.040 or Alaska Stat. § 27.21.160. The memorandum of understanding may also address expected use of the fund under Alaska Stat. § 37.14.820. If the memorandum of understanding addresses investment of the fund with respect to payments made by the miner, the commissioner of revenue must also sign the memorandum.(d) Nothing in this section creates a dedicated fund.
