HB 261 Summary

• Eliminates the requirement to maintain separate principal and income accounts for the public school trust fund, allowing deposits into a single fund account.

• Authorizes the commissioner of revenue to appropriate 5 percent of the fund's three-year average market value annually for public school program support and fund administration costs.

• Modifies investment language to authorize the commissioner to pursue capital appreciation in addition to income generation for current beneficiaries.

• Changes annual accounting requirements from reporting principal and income separately to providing a single annual accounting of the fund.

• Makes the act conditional on a final court judgment determining that implementation does not violate the state's trust duties regarding Alaska Statehood Act land grants for public schools.