SB 221 AK

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Home Bill & Laws Bills SB 221 Detail FullText txt

SB 221: "An Act restricting a fiduciary of a state fund, the Alaska Retirement Management Board, and the Alaska Permanent Fund Corporation Board from investing or doing business with DigitalBridge Group, Inc., or an affiliate of DigitalBridge Group, Inc." 00 SENATE BILL NO. 221 01 "An Act restricting a fiduciary of a state fund, the Alaska Retirement Management 02 Board, and the Alaska Permanent Fund Corporation Board from investing or doing 03 business with DigitalBridge Group, Inc., or an affiliate of DigitalBridge Group, Inc." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 37.10.071 is amended by adding a new subsection to read: 06 (g) The fiduciary of a state fund may not invest state funds with or do business 07 in its fiduciary capacity with DigitalBridge Group, Inc., or an affiliate of DigitalBridge 08 Group, Inc. 09 * Sec. 2. AS 37.10.220 is amended by adding a new subsection to read: 10 (d) The board may not invest state funds or do business with DigitalBridge 11 Group, Inc., or an affiliate of DigitalBridge Group, Inc. 12 * Sec. 3. AS 37.10.430 (c) is amended to read: 13 (c) A special subaccount is established in the budget reserve fund (art. IX, sec. 14 17, Constitution of the State of Alaska). Money in the subaccount shall be invested to

01 yield higher returns than might be feasible to obtain with other money in the budget 02 reserve fund. In establishing or modifying the investment policy for the subaccount in 03 the constitutional budget reserve fund, the commissioner of revenue shall assume that 04 those funds will not be needed for at least five years. The commissioner of revenue 05 may not invest money in the subaccount with DigitalBridge Group, Inc., or an 06 affiliate of DigitalBridge Group, Inc. Income earned on money in the subaccount 07 shall be retained in the subaccount by the department. 08 * Sec. 4. AS 37.13.120 is amended by adding a new subsection to read: 09 (f) The board may not invest state funds or do business with DigitalBridge 10 Group, Inc., or an affiliate of DigitalBridge Group, Inc.

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