Sponsor Statement for SB 161

By: Senator Bert Sharp

This legislation authorizes the Permanent Fund Corporation to manage the assets of a municipal savings or investment account.

The paramenter of a management agreement starts on page 1, line 9 throuhg the remainder of the bill.

These were set by the Permanent Fund's Corporation as conditions they could accomodate without compromising their mission.

This offers municipalities the option of investment management services within Alaska and one in which the average citizen has confidence.

Management costs are totally reimbursable to the Permanent Fund Corporation by municipalities.