Alaska § 14.42.295 - Payment to state.
Full text of Alaska Alaska Statutes § 14.42.295 — Payment to state., with citation guidance and answers to common questions.
§ 14.42.295. Payment to state.
(a) The board may elect to pay the state a return of contributed capital, or a dividend, for each base fiscal year that the corporation's net income equals or exceeds $2,000,000. The payment may not be less than 10 percent nor more than 35 percent, as approved by the board, of the corporation's net income for the base fiscal year, and is subject to the provisions of any applicable bond indentures of the corporation. If a payment is authorized under this section, payment must be made available by the corporation before the end of the fiscal year in which payment has been authorized. The corporation shall notify the commissioner of revenue when the amount of the payment authorized under this section is available for appropriation.
(b) In this section, (1) “base fiscal year” means the fiscal year ending two years before the end of the fiscal year in which a payment under this section is to be made available;
(2) “contributed capital” means the assets appropriated by sec. 2, ch. 93, SLA 1987, in the form of unrestricted receipts of loans;
(3) “dividend” means return of surplus as reflected in the equity section of the corporation's audited financial statements for the education loan fund ( AS 14.42.210 );
(4) “net income” means the corporation's net income as set out in the audited financial statements of the corporation for the base fiscal year.
Frequently Asked Questions About Alaska § 14.42.295
What does Alaska Statutes § 14.42.295 cover?
Section 14.42.295 ("Payment to state.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 14.42.295?
A common citation format is "Alaska Statutes § 14.42.295" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 14.42.295 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.