AK SB5

Alaska Permanent Fund Corporation may manage municipal savings or investment accounts if the municipality's governing body directs it by resolution.

Eligible accounts must be established under municipal ordinance or charter, consist only of cash or financial assets, and have at least $50,000,000 in assets.

Corporation must provide quarterly financial reports showing investment revenue, expenditures, and asset allocation, plus annual audited financial statements prepared by a certified public accountant.

Corporation must periodically consult with the municipality before implementing changes to long-range investment policy or asset allocation.

Municipalities must reimburse the corporation for management costs, and net income from managed municipal assets cannot be included in Permanent Fund distributions under AS 37.13.140.