AS Title 14, Chapter 40: The University of Alaska and the Community Colleges

Article 1. Establishment, Organization, and Programs of the University of Alaska. Chapter 40. The University of Alaska and the Community Colleges. Sec. 14.40.010. University of Alaska. The University of Alaska consists of the College of Agriculture, the School of Mines, the Department of Agricultural Experiment Station, the Department of Agricultural Extension Work, and other colleges and departments that may be established, including departments of anthropology, archaeology, ethnology, museum, natural history, and palaeontology. Sec. 14.40.020. Site of university. The University of Alaska is the beneficiary under the provisions of the Act of Congress approved August 30, 1890, designating the Alaska Agricultural College and School of Mines as beneficiary and the four sections of land specified by the Act of Congress approved March 4, 1915, and used as a site for the Alaska Agricultural College and School of Mines are the site for the University of Alaska. Sec. 14.40.030. Transfer of powers, duties, and obligations of Agricultural College and School of Mines under Acts of Congress. All powers, duties, and obligations devolving upon the Alaska Agricultural College and School of Mines in connection with or by reason of Acts of Congress, past or future, in relation to agricultural colleges and agricultural or mining experiment stations, extension work in agriculture, and instruction and extension work in the mechanic arts granted to and imposed upon the Alaska Agricultural College and School of Mines are granted and conveyed to and imposed upon the University of Alaska, and beginning with the first day of July, 1935, the University of Alaska is designated to receive all money, appropriations, and grants to the state for the purposes set forth in this chapter. The comptroller of the University of Alaska is designated and appointed to receive directly and to disburse all funds that the state is entitled to receive under the Act of Congress of May 8, 1914 (38 Stat. 372), as amended by the Act of June 26, 1953 (67 Stat. 83; 7 U.S.C. 341 — 348). Sec. 14.40.040. General powers and duties of the university. (a) There is created and established a corporation to be called the University of Alaska. It may in that name (1) sue and be sued; (2) receive and hold real and personal property; (3) contract and be contracted with; a contract entered into by the University of Alaska for the (A) rent or lease of premises for use and occupancy by the University of Alaska is subject to AS 36.30.080 (c); however, notwithstanding the limitation imposed by AS 36.30.080 (c)(2), the Board of Regents of the University of Alaska (i) may enter into a lease with a term described in (ii) of this subparagraph if the rent under the lease will be paid solely from a grant or contract made by the federal government or an agency of the federal government, and the grant or contract contains a firm commitment of not more than two years, or if the rent payable under the lease will be paid solely from university receipts as that term is defined in AS 14.40.491 ; and (ii) when authorized by (i) of this subparagraph, may enter into a lease with an initial term equal to the period of the firm commitment of the grant or contract, or with an initial term not to exceed two years when the rent is payable from university receipts; the lease may contain one or more optional renewal periods, but the total of all optional renewal periods may not exceed an additional five years; (B) acquisition of property by a lease-purchase or lease-financing agreement for the benefit of the University of Alaska is subject to AS 36.30.085 ; (4) adopt, use, and alter a corporate seal; (5) borrow money, issue debt, or enter into long-term obligations for the purchase of facilities, goods, or services; the obligations may secure, in whole or in part, debt issued by another party; (6) do and have done all matters necessary for the purpose of any function set out in this chapter. (b) The Board of Regents of the University of Alaska shall provide scholarship information to school districts as required by AS 14.43.930 (a). Sec. 14.40.043. University of Alaska office of public safety. The Board of Regents may establish an office of public safety and prescribe the conditions of employment of public safety officers employed by the office. University of Alaska public safety officers have general police powers to enforce state and local laws in connection with offenses committed on property of the university. Sec. 14.40.045. Religious or partisan instruction, tests, and appointments. No instruction either sectarian in religion or partisan in politics shall be permitted in any department of the University of Alaska and no sectarian or partisan test shall be allowed or exercised in the appointment of regents, instructors, or other officers of the University of Alaska or in the admission of students or for any purpose. Sec. 14.40.050. Discrimination because of sex, color, or nationality prohibited. A person may not be deprived of the privileges of the University of Alaska because of sex, color, or nationality. Sec. 14.40.055. Educational expansion program. To expand educational and cultural opportunities in the state, to keep pace with the expansion of the state in other fields, and to provide educational facilities of particular interest to residents of the state, the Board of Regents shall (1) make a study of the principles and applicability of the junior college to the state; (2) establish additional extension courses and such other expansion of accredited courses for students as it considers advisable; (3) provide facilities suitable for carrying out a university program; (4) employ personnel; (5) procure supplies; (6) take all other appropriate measures to carry out the intent and purpose set forth in this section; and (7) develop and offer at one or more of the senior college or community college campuses a continuing professional education program for architects, engineers, building officials, and officers and employees of financial institutions on alternative energy systems and on energy conservation and solar design and construction methods applicable to the state. Sec. 14.40.057. Extension of compliance acts. Laws of the state designed to meet requirements of the United States government for the state's acceptance of federal grants and allotments for educational and kindred purposes are extended to cover the establishment and operation of the university expansion program set forth in AS 14.40.055 . Sec. 14.40.060. University curriculum. The University of Alaska shall use the property and funds acquired for the purpose of conducting a college where the leading objects shall be, without excluding other scientific and classical studies and including military tactics, to teach branches of learning related to agriculture, the mechanic arts, and household economics in order to promote a liberal and practical education. Sec. 14.40.065. Student practicums immunity. A person is not considered to be an employer of a student of the University of Alaska in a civil action based on the vicarious liability of an employer for the acts or omissions of an employee if the person (1) has agreed to allow the student to gain practical work experience with the person in a practicum that is part of the student's curriculum; and (2) pays no compensation to the student. Sec. 14.40.070. Collection of fossil remains authorized. The University of Alaska may collect and store the bones and other remains of the mammoth, mastodon, horse, bison, and other fossil remains of these and other extinct animals found in the state in mining and other excavations. Sec. 14.40.075. Alaska Earthquake and Volcanic Hazards Assessment Project; state seismologist. (a) The University of Alaska shall establish an Alaska Earthquake and Volcano Hazards Assessment Project within the seismology program of the geophysical institute. The project shall (1) collect, record, process, and archive seismic data on earthquakes and volcanic eruptions in the state; (2) conduct seismological studies relating to earthquake and volcano hazards assessment; (3) evaluate earthquake and volcanic seismic data to assist in the identification and assessment of earthquake and volcanic hazards that may pose a significant risk to lives and property in the state; (4) inform public officials, industry, and private citizens of potential earthquake or volcanic risks and assist in planning to reduce risks to lives and property; and (5) coordinate its activities with other organizations and agencies that monitor, collect, assess, and conduct research on earthquake and volcano hazards in order to avoid duplication of effort. (b) The administration and management of the project are under a university employee designated the state seismologist. The state seismologist shall provide timely information concerning earthquake and volcano hazards to public officials, industry, and private citizens and serve as liaison to state and federal agencies in the event of emergencies due to seismic and volcanic activities. Sec. 14.40.080. Establishment of Institute of Marine Sciences. The University of Alaska may establish an Institute of Marine Sciences to provide a program of education and research in physical, chemical, and biological oceanography, and related fields. When established, the Institute of Marine Sciences shall be maintained and operated as an integral part of the University of Alaska, at one or more sites determined by the Board of Regents. The powers, duties, and functions of the Board of Regents pertaining to the University of Alaska extend to the Institute of Marine Sciences in the same manner as to other departments or institutes of the university. Sec. 14.40.082. Unmanned aircraft system training. The University of Alaska may establish a training program in the operation of unmanned aircraft systems. Sec. 14.40.085. Alaska State Climate Center; state climatologist. (a) The University of Alaska shall establish an Alaska State Climate Center within an appropriate unit of the university. The administration and management of the center is under the direction of a university employee designated the “state climatologist.” (b) The Alaska State Climate Center shall (1) prepare and update on a biennial basis a plan for the systematic acquisition and dissemination of climate-related information; the plan must include (A) an assessment of weather and climate information needs in Alaska; (B) a reasonable basis for setting priorities among these needs; and (C) a program for coordinating the activities of all available sources of weather- and climate-related information sources in order to meet the highest priority needs and to carry out the provisions of this section; (2) establish a state climate planning advisory group composed of at least three members from organizations that provide climate-related information, and at least three members from organizations that use climate-related information on a regular basis or from the general public; (3) solicit and consider the advice and recommendations of the state climate planning advisory group in preparing and updating the biennial plan for acquisition and dissemination of climate-related information; (4) operate and maintain a central repository and archive for reports, books, maps, and other records, and publications relating to weather and climatological information; (5) provide for public access to weather and climatological information and technical advisory services; and (6) enter into cooperative agreements, on behalf of the state and the university, in order to achieve intergovernmental climate program participation by the United States and the state; these agreements must be consistent with the provisions of 15 U.S.C. 2901 — 2908 (National Climate Program Act). (c) The Alaska State Climate Center may (1) investigate, describe, and interpret the characteristics of the weather and climate of the state, including their hazards and limitations; (2) coordinate with state and federal agencies in matters concerning weather data acquisition, collection, integration, and storage; (3) monitor federal weather-related activities to assure that the interests of the state are being served; (4) conduct research activities on the availability of solar, wind, and water resources that assess the impact of climate fluctuations on these resources; (5) publish bulletins, circulars, maps, or reports of the results of all research and investigations undertaken by the climate center, and distribute them to state agencies, government officials, industry, and the public; (6) provide lectures, talks, displays, and exhibits on the climate of the state for the general education of the public; and (7) enter into cooperative arrangements with local, state, and federal government agencies; foundations; universities; businesses; and other organizations engaged in climate-related research and services. Sec. 14.40.087. Alaska Center for International Business. [Repealed, § 3 ch 43 SLA 1987.] Sec. 14.40.088. Establishment of Institute for Circumpolar Health Studies. (a) The University of Alaska shall establish an Institute for Circumpolar Health Studies in an appropriate unit of the university at its Anchorage campus. The institute shall consist of a research and instruction branch and an administration and information branch. (b) The institute shall (1) encourage international cooperation, especially among circumpolar nations, with regard to research, studies, information, and instruction relating to circumpolar health issues; (2) serve as a center for the collection and exchange of information and medical and health sciences data relating to circumpolar health issues; (3) provide a mechanism for communication and cooperation between the university and the commissioner of health in addressing the needs of Alaskans for health care services, opportunities for education in medical and health sciences, and other mutual concerns of the university and the department; and (4) conduct research and provide instruction and other services consistent with the mission and goals of the University of Alaska. Sec. 14.40.090. Correspondence courses for prospectors and miners. (a) The University of Alaska shall establish and offer to bona fide Alaska prospectors and miners in the state a correspondence course equal and parallel to the mining extension course being taught at present. (b) The University of Alaska may establish the minimum charge necessary to defray costs of material, books, and postage used in the course. Sec. 14.40.095. Establishment of a Center for Information Technology at University of Alaska Anchorage. (a) The University of Alaska may establish a Center for Information Technology at the University of Alaska Anchorage with major components at the University of Alaska Fairbanks and the University of Alaska Southeast. The center may charge fees for the services it provides. The university shall account for all fees collected under this section. The annual estimated balance in the account may be used by the legislature to make appropriations to the university to carry out the purposes of this section. (b) The center may (1) provide support for education, training, and research in information technologies to students, professionals, and the general public; (2) support research on the applications, effects, and management of information technologies and provide research results to the general public; (3) maintain an inventory of telecommunication research in the state; (4) develop and maintain a collection that includes state documents, research reports, and other telecommunication applications materials including videotapes, software, lesson plans, and scripts; (5) support the development and expansion of the geographic information system curriculum of the University of Alaska, including the possible establishment of undergraduate and masters programs; (6) develop and sponsor land record and geographic information system training workshops and continuing education seminars in cooperation with the appropriate departments of the university; (7) support or undertake research projects that apply geographic information technology to state issues and problems; (8) provide information on the availability of federal, state, municipal, and other sources of geographic information, including aerial photography and digital data bases related to surveying and land records, natural resource inventories, and related data; (9) prepare and publish on a regular basis research findings and periodicals relating to the center's activities; (10) assist state agencies and municipalities in the development of policies, procedures, and capabilities for public access to automated geographic information; (11) recommend, in consultation with the commissioner of administration and affected state and local agencies and advisory boards, model standards and strategies relating to the implementation, indexing, documentation, mapping, data exchange, and other aspects of land records management and geographic information system development. (c) The university shall include in its annual report a summary of the center's revenue and expenditures during the preceding two years. Sec. 14.40.100. College extension service. The Board of Regents may conduct a college extension service, the leading object of which is to carry information on rural life subjects to the people of the state. Sec. 14.40.110. Establishment of Business, Economics, and Public Administration Research Program. The University of Alaska may establish a Business, Economics, and Public Administration Research Program for the purpose of developing and publishing statistics and other information regarding the economy, government, and resources of the state. Sec. 14.40.112. Course materials. Sec. 14.40.115. Establishment of Mineral Industry Research Program. The University of Alaska shall establish a Mineral Industry Research Program and coordinate with state and federal mineral agencies to implement the program by (1) using the laboratory facilities and staff of the College of Earth Sciences and Mineral Industry to initiate applied and appropriate basic research in the areas of mineral beneficiation, mine and mill design, new mineral product development, and improvement of exploration methods, such as geochemical and geophysical prospecting; (2) making the facilities of the program available for research on mineral deposits in the state; (3) making studies on specific problems relative to Alaska's mineral industry upon request. Sec. 14.40.117. Establishment of Alaska Native Language Center. The University of Alaska shall establish an Alaska Native Language Center, the purposes of which are to (1) study languages native to Alaska; (2) develop literacy materials; (3) assist in the translation of important documents; (4) provide for the development and dissemination of Alaska Native literature; and (5) train Alaska Native language speakers to work as teachers and aides in bilingual classrooms. Article 2. Board of Regents and President of the University of Alaska. Sec. 14.40.120. University governed by Board of Regents. The University of Alaska shall be governed by a Board of Regents consisting of 11 regents. Sec. 14.40.130. Qualifications of regents; special provisions relating to student regent. (a) Each regent shall be a citizen of the United States and a resident of the state. (b) In addition to satisfying the requirements of (a) of this section, the regent appointed under AS 14.40.150 (b) must (1) be enrolled as a full-time student at the University of Alaska at the time of appointment; (2) remain a full-time student while serving. (c) Failure of the regent appointed under AS 14.40.150 (b) to remain enrolled as a full-time student at the University of Alaska during the term for which the regent was appointed results in forfeiture of that office. (d) The governor shall appoint a successor from those students appearing upon the list of nominees submitted under AS 14.40.150 (b) within 60 days of a forfeiture or vacancy in the office. (e) For purposes of this section, the term “full-time student” is defined as provided in the University of Alaska Academic Regulations. Sec. 14.40.140. Term of office. Except for a student regent as specified in AS 14.40.150 (b), the term of office of a regent is eight years. The term of office begins on the first Monday in February of the year in which the appointment is made. Each regent serves until a successor is appointed and qualifies. Sec. 14.40.150. Appointment of regents. (a) The governor shall appoint the regents subject to confirmation by a majority of all the members of the legislature in joint session. The names of those appointed shall be sent to the legislature within five days after the opening of the session, for confirmation or rejection. If a person appointed is not confirmed by a majority vote of all the members of the legislature, the appointment ceases and the name of another person shall be submitted within three days after the rejection. If the legislature adjourns without confirming the nominee, or if an interim vacancy occurs, the governor may appoint a qualified person to fill the vacancy. However, the person who has failed to be confirmed may not be appointed. The term of office of the appointee expires on the fifth day of the session of the legislature following the appointment. (b) At least one member of the Board of Regents must be a student. The student shall be appointed from a list of nominees submitted to the governor. The governor shall make the appointment from the list within 60 days after it is submitted. The list shall consist of the names of two students from each campus of the University of Alaska after an election is held at each campus. Elections shall be conducted under rules established by the Office of the Governor. The term of office of the regent appointed from the general student body, University of Alaska, is for two years. The term of office begins June 1 of the year in which the appointment is made. An appointment made under AS 14.40.130 (d) shall be for the unexpired term of the original appointee. The term “campus” used in this subsection means a portion of the University of Alaska designated as a “campus” by the Board of Regents. Sec. 14.40.155. Suspension and removal of regents. (a) The governor may, after providing notice and an opportunity for a hearing, suspend a member of the Board of Regents while a final disposition is pending on (1) a criminal complaint, presentment, information, or indictment involving a felony in any jurisdiction; (2) an information or formal criminal charges of a misdemeanor described under (g)(3) of this section; (3) a probable cause determination of a knowing ethics violation under AS 39.52 that results in an accusation under consideration before the personnel board; (4) a written complaint under consideration before the governor, signed under oath by the person making the complaint, that alleges malfeasance or nonfeasance in office as described in (g)(4) of this section, if the governor determines, after an investigation, that there is probable cause to believe that malfeasance or nonfeasance in office has occurred; a determination of probable cause under this paragraph (A) must specify with particularity the factual basis for the determination; (B) must include objective evidence of substantial and material malfeasance or nonfeasance; and (C) may not be based on political differences or the discretionary performance of a lawful act or a prescribed duty; or (5) a formal allegation or charge by a professional or occupational licensing body alleging or finding a violation of licensing statutes or regulations that is related to the regent's ability or fitness to serve as a regent. (b) The governor may remove a member of the Board of Regents for good cause by providing to the member an accusation and an opportunity for a hearing and judicial review. (c) Notwithstanding the procedure under AS 44.62.390 , a regent who has been suspended under (a) of this section may, at any time, request a hearing to (1) defend against the grounds for the suspension stated in the accusation; or (2) lift the suspension. (d) If a hearing is to be held under this section, the governor shall delegate the conduct of the hearing to the office of administrative hearings under AS 44.64.030 (b). If a hearing is requested, the hearing officer shall prepare a proposed decision under AS 44.62.500 (b) (1) to remove a regent based on clear and convincing evidence of good cause for removal; (2) not to remove a regent; or (3) to continue a suspension or lift a suspension of a regent. (e) AS 44.62.330 — 44.62.630 apply to all proceedings under this section. (f) After a final decision by the governor that suspends a regent under (a) of this section or removes a regent for good cause under (b) of this section, the governor shall file with the lieutenant governor a copy of the allegations made against the former regent, the governor's findings on each of the allegations, and a complete record of the suspension or removal proceedings. (g) In this section, “good cause” means (1) a violation of AS 39.52 (Alaska Executive Branch Ethics Act) that results in a recommendation of removal under AS 39.52.410 (b)(3); (2) a conviction of a felony in any jurisdiction; (3) a conviction of a misdemeanor in any jurisdiction if the misdemeanor involves (A) dishonesty; (B) breach of trust; or (C) the University of Alaska; (4) substantial and material malfeasance or nonfeasance in office that is not based on political differences or the discretionary performance of a lawful act or prescribed duty; in this paragraph “malfeasance or nonfeasance in office” includes (A) misconduct in office; (B) an inability to serve for an extended period of time; (C) neglect of duty; (D) incompetence; (E) unjustified failure to perform the duties of the Board of Regents; (5) a violation of a professional or occupational licensing statute or regulation that is related to the regent's fitness to serve as a regent, resulting in the revocation or suspension of a professional or occupational license issued under state law; or (6) a failure to possess the qualifications of a regent under AS 14.40.130 . Sec. 14.40.160. Board meetings public; meeting notice; public facilities. (a) The provisions of AS 44.62.310 apply to meetings of the Board of Regents. All meetings of the board, its committees or subcommittees, are open to the public and press except as otherwise provided in AS 44.62.310 (c). The findings of an executive session shall be made a part of the record of the proceedings of the Board of Regents. All records of the meetings and proceedings shall be open to inspection by the public and the press at reasonable times. (b) The Board of Regents may determine the time and place of its meetings. However, 30 days notice is required for all regular meetings and 10 days notice is required for special meetings of the Board of Regents, its committees or subcommittees called under the bylaws or rules or procedure of the Board of Regents. Emergency meetings may be called without notice. (c) The Board of Regents shall provide adequate facilities for members of the public to attend the meetings of the board, its committees or subcommittees. Sec. 14.40.170. Duties and powers of Board of Regents. (a) The Board of Regents shall (1) appoint the president of the university by a majority vote of the whole board, and the president may attend meetings of the board; (2) fix the compensation of the president of the university, all heads of departments, professors, teachers, instructors, and other officers; (3) confer appropriate degrees as it may determine and prescribe; (4) have the care, control, and management of (A) all the real and personal property of the university; and (B) land (i) conveyed to the Board of Regents by the commissioner of natural resources in the settlement of the claim of the University of Alaska to land granted to the state in accordance with the Act of March 4, 1915 (38 Stat. 1214), as amended, and in accordance with the Act of January 21, 1929 (45 Stat. 1091), as amended; and (ii) conveyed to the Board of Regents in trust for the University of Alaska by the commissioner of natural resources under AS 14.40.365 ; (5) keep a correct and easily understood record of the minutes of every meeting and all acts done by it in pursuance of its duties; (6) under procedures to be established by the commissioner of administration, and in accordance with existing procedures for other state agencies, have the care, control, and management of all money of the university and keep a complete record of all money received and disbursed; (7) adopt reasonable rules for the prudent trust management and the long-term financial benefit to the university of the land of the university; (8) provide public notice of sales, leases, exchanges, and transfers of the land of the university or of interests in land of the university; (9) administer, manage, market, and promote an education savings program, including the Education Trust of Alaska under AS 14.40.802 and the Alaska advance college tuition savings fund under AS 14.40.803 — 14.40.817; (10) designate buildings owned by the university as covered buildings for purposes of paying the costs of use, management, operation, maintenance, and depreciation from the fund established under AS 37.05.555 . (b) The Board of Regents may (1) adopt reasonable rules, orders, and plans with reasonable penalties for the good government of the university and for the regulation of the Board of Regents; (2) determine and regulate the course of instruction in the university with the advice of the president; (3) set student tuition and fees; (4) receive university receipts and, subject to legislative appropriation, expend university receipts in accordance with AS 37.07 (Executive Budget Act); (5) apply for and use the proceeds of a loan from the Alaska energy efficiency revolving loan fund ( AS 18.56.855 ). Sec. 14.40.175. Indemnification. The Board of Regents shall insure or indemnify and protect the Board of Regents, any member of the Board of Regents, or any agent or employee of the University of Alaska or of the Board of Regents against financial loss and expense, including reasonable legal fees and costs arising out of any claim, demand, suit, or judgment by reason of alleged negligence, alleged violation of civil rights, or alleged wrongful act resulting in death or bodily injury to any person or accidental damage to or destruction of property, inside or outside the university premises, if the Board of Regents member, agent or employee, at the time of the occurrence, was acting under the direction of the Board of Regents within the course or scope of the duties of the member, agent, or employee. Sec. 14.40.180. [Renumbered as AS 14.40.045 .] Sec. 14.40.190. Report. (a) The Board of Regents shall prepare a written report at the beginning of each regular session of the legislature of the condition of the university property, of all receipts and expenditures, including the administration and disposition of appropriated and restricted funds and information required under AS 37.25.010 (d), and of the educational and other work performed during the preceding fiscal year. The board shall notify the legislature that the report is available. (b) In addition to the report required under (a) of this section, the Board of Regents shall prepare and present to the legislative committees having jurisdiction over education a biennial report, not later than the 30th legislative day of the first session of each legislature, titled “Alaska's University for Alaska's Schools” that describes the efforts of the university to attract, train, and retain qualified public school teachers. The report must include an outline of the university's current and future plans to close the gap between known teacher employment vacancies in the state and the number of state residents who complete teacher training. The information reported under this subsection may also include short-term and five-year strategies with accompanying fiscal notes and outcome measures. Sec. 14.40.200. Quorum. Corporate business may not be transacted at any meeting of the Board of Regents unless at least six regents are present, the majority of the whole board to approve the same. Sec. 14.40.210. Powers and duties of president of the university; research and development. (a) The president of the University of Alaska may (1) give general direction to the work of the University of Alaska in all its departments subject to the approval of the Board of Regents; (2) appoint the deans, heads of departments, professors, assistants, instructors, tutors, and other officers of the University of Alaska to the positions established by the Board of Regents; (3) establish procedures for receipt, expenditure, and fiscal year reporting of university receipts; (4) approve a contract between the University of Alaska and an employee that authorizes the employee to conduct research or other development of intellectual property and to develop, operate, or own a business related to or resulting from the research conducted during the employment; a business described under this paragraph may be jointly owned by the employee and the University of Alaska. (b) The president of the University of Alaska shall separately account for university receipts deposited in the treasury of the university. The annual estimated balance in the account may be used by the legislature to make appropriations to the university to carry out the purposes of this chapter. (c) The president of the University of Alaska shall implement a policy and procedure for the acceptance of academic credit toward a degree or technical program offered by the university if an applicant provides satisfactory evidence of successful completion of relevant military education, training, or service as a member of the armed forces of the United States, the United States Reserves, the National Guard of any state, the Military Reserves of any state, or the Naval Militia of any state. Sec. 14.40.220. Duty of president to define duties and supervise appointees. The president shall define the duties and supervise the performance of those persons who are appointed by the president to positions established by the Board of Regents. Sec. 14.40.230. Powers of regents to remove officers. The Board of Regents may remove from office any officer of the University of Alaska by a majority vote of the whole board when in its judgment the good of the university requires it. Sec. 14.40.240. Power of president to suspend and expel students. The power to suspend and expel a student for misconduct or other cause and to reinstate the student is vested solely in the president of the University of Alaska. The president may delegate the exercise of the power to the chancellor or another official on each campus of the university or to the administrative head or director of a community college or other campus or extended unit of the university. Article 3. Property and Funds of the University of Alaska. Sec. 14.40.250. Regents to act as trustees and administer money or property. The Board of Regents may receive, manage, and invest money or other real, personal, or mixed property for the purpose of the University of Alaska, its improvement or adornment, or the aid or advantage of students or faculty, and, in general, may act as trustee on behalf of the University of Alaska for any of these purposes. The regents shall prepare a written report, in accordance with AS 14.40.190 (a), as to the administration and disposition of money received under this section. Sec. 14.40.251. Default on tuition, fees, and charges. (a) For the purposes of this chapter, tuition, a fee, or another charge to an individual by the University of Alaska is in default after payment has become 180 or more days past due. Upon default, the university may take the individual's permanent fund dividend under AS 43.23.190 . (b) The University of Alaska shall notify the individual of the default and the consequences of default imposed under (a) of this section by mailing a notice to the individual's most recent address provided to the university by the individual or obtained by the university. (c) An individual may appeal a notice of default by filing a statement with the chief finance officer of the University of Alaska within 30 days after the date of the notice, requesting that the default status be reviewed. AS 44.62 (Administrative Procedure Act) does not apply to the review of default under this section. Within 40 days after receiving a written request for review, the chief finance officer shall inform the individual in writing of the decision. The decision of the chief finance officer is a final decision that may be appealed to the superior court under the Alaska Rules of Appellate Procedure. Sec. 14.40.253. Financing notice and approval. If the University of Alaska intends to enter into an obligation, except for refinancing obligations, under AS 14.40.040 (a)(5) with an annual payment by the university anticipated to exceed $2,500,000, the university shall provide notice to the legislature. The notice must include the anticipated annual payment amount, the anticipated financing, and the total construction, acquisition, or other costs of the project. The university may not enter into an obligation requiring a financing notice under this section, other than a refinancing obligation, unless the project has been approved by the legislature by law. An appropriation for the project does not constitute approval of the project for the purpose of this section. Sec. 14.40.254. University revenue bonds. (a) Subject to AS 14.40.253 , the board may issue revenue bonds to pay the cost of acquiring, constructing, or equipping a facility that the board determines is necessary. (b) The board may enter into an agreement with a trustee or bond owner for the purpose of securing payment of revenue bonds issued by the University of Alaska to acquire, construct, or equip a facility that the board determines is necessary. The agreement may include the fixing and collection of fees, charges, or rentals pledged to secure payment of the revenue bonds and agreement regarding the use of the proceeds of the revenue bonds. (c) The state pledges not to limit or alter rights vested under this section in the University of Alaska to fulfill the terms of a contract with revenue bond owners. (d) The board may pledge revenue received by the University of Alaska as fees, charges, or rentals in order to secure payment of the revenue bonds. A pledge of revenue received by the University of Alaska is considered a perfected security interest and is valid and binding from the time the pledge is made. The pledge creates an immediate lien against property pledged without physical delivery or other act. Sec. 14.40.255. Investment of surplus money. If the Board of Regents determines that there is a surplus of money, received in the form of state and federal appropriations, above the amount sufficient to meet current and projected cash expenditure needs of the university, the surplus must be invested as set out in AS 37.10.071 . Income earned on investments made under this section may be retained by the university and expended in accordance with AS 37.07 (Executive Budget Act.) Sec. 14.40.257. Reimbursement for costs of capital projects. (a) Subject to appropriations for the purpose, during each fiscal year, the legislature may appropriate an amount to reimburse the University of Alaska for the cost to be paid by the university during that same fiscal year for the principal and interest on outstanding debt for the projects listed in (b) of this section. (b) An appropriation under this section may be used only for reimbursement of costs incurred for acquisition, construction, and renovation of the following projects and only for reimbursement of total project costs incurred up to the following amounts: PROJECTUniversity of Alaska, Anchorage Community and Technical $14,000,000College CenterJuneau Readiness Center/UAS Joint Facility (Juneau) 5,470,000 (c) The University of Alaska is authorized to incur debt for the projects listed under (b) of this section. AS 14.40.253 does not apply to the projects listed in (b) of this section or to obligations incurred by the university to finance those projects. Sec. 14.40.260. [Renumbered as AS 14.40.055 .] Sec. 14.40.270. [Renumbered as AS 14.40.057 .] Sec. 14.40.280. Endowments and donations. (a) Title to and control or possession of land, personal property, money, and other property that is devised, bequeathed, or given to the university shall be taken by the university in its corporate capacity acting by and through the Board of Regents or an authorized agent and shall be entered in the perpetual inventory of the university established in AS 14.40.330 . (b) All monetary gifts, bequests, or endowments that are made to the University of Alaska for the purpose of the separate endowment trust fund established under AS 14.40.400 shall be deposited into that endowment trust fund. (c) Except as provided by (b) of this section, the monetary gifts, bequests, or endowments that are made to the University of Alaska shall be managed and invested by the Board of Regents. In carrying out its management and investment responsibilities under this subsection, the Board of Regents has the same powers and duties with respect to the gifts, bequests, and endowments of the University of Alaska as are provided or required under AS 37.10.071 and AS 13.65 (Uniform Prudent Management of Institutional Funds Act). Notwithstanding any other provision of law, AS 37.10.071 governs the management and investment responsibilities established under this subsection if (1) both AS 37.10.071 and AS 13.65 apply to the management and investment responsibilities established under this subsection; and (2) AS 37.10.071 conflicts with AS 13.65 . Sec. 14.40.282. Endowment for the physical sciences. (a) The Board of Regents shall establish an endowment for the physical sciences at the University of Alaska campus in Fairbanks. The endowment shall be managed as a perpetual trust. The income of the endowment shall be used to pay the salary and related expenses of the person appointed under (b) of this section for research, teaching, and advanced studies in one or more physical science disciplines. (b) The Board of Regents shall appoint a person who is distinguished in one or more physical science disciplines to be paid from the endowment for the physical sciences. The tenure and the duties of the appointee shall be established by the Board of Regents based on the need for (1) teaching, research, and studies in physical sciences of special interest in the state; and (2) advancement of scientific study at the University of Alaska. Sec. 14.40.290. Property and funds generally. (a) Federal grants and appropriations paid to the commissioner of revenue under AS 14.40.380 , 14.40.410, or 14.40.430, or from a source described in AS 14.40.450 , shall be transferred to the state treasury under AS 37.10.060 . The Department of Administration, upon requisitions by the Board of Regents signed by its president and secretary, shall pay to the treasurer of the Board of Regents all federal land grant college funds coming into the possession of the Department of Administration and subject to requisition by the Board of Regents and shall disburse federal funds in aid of land grant colleges in accordance with the federal statute providing for disbursement. (b) [Repealed, § 10 ch 46 SLA 1977.] (c) [Repealed, § 1 ch 38 SLA 1968.] Sec. 14.40.291. Land of the University of Alaska not public domain land. (a) Notwithstanding any other provision of law, university-grant land, state replacement land that becomes university-grant land on conveyance to the university, land conveyed to the Board of Regents in trust for the University of Alaska under AS 14.40.365 , and any other land owned by the university is not and may not be treated as state public domain land. Land conveyed to the Board of Regents in trust for the University of Alaska under AS 14.40.365 shall be managed as nontaxable trust land under AS 14.40.365 — 14.40.367 and policies of the Board of Regents. (b) Title to or interest in land described in (a) of this section may not be acquired by adverse possession, prescription, or in any other manner except by conveyance from the university. (c) The land described in (a) of this section is subject to condemnation for public purpose in accordance with law. Sec. 14.40.295. Working capital reserve fund. [Repealed, § 10 ch 46 SLA 1977.] Sec. 14.40.296. Working capital reserve fund. (a) There is established in the treasury of the University of Alaska the University of Alaska working capital reserve fund. The fund consists of money appropriated by the legislature for the purpose of providing nonlapsing current working capital for the University of Alaska and is not available for appropriation by the Board of Regents. (b) [Repealed, § 19 ch 6 SLA 1998.] Sec. 14.40.300. Creation and appointment of comptroller. The Board of Regents shall create the office of comptroller of the university, fix the salary, and determine the duties of the office. The Board of Regents shall fill the office. The comptroller shall report directly to the Board of Regents. Sec. 14.40.310. Fiscal year. The fiscal year of the University of Alaska begins on July 1 and closes at midnight on the following June 30. Sec. 14.40.320. Requisitions on funds. [Repealed, § 10 ch 46 SLA 1977.] Sec. 14.40.325. Reallocation within state appropriations. Notwithstanding the provisions of AS 37.07.080 (e), each appropriation to the University of Alaska is subject to reallocation by the university administration under procedures established by the Board of Regents and the office of management and budget in the Office of the Governor. Transfers may not be made between appropriations except as provided in an act making transfers between appropriations. Sec. 14.40.330. Inventory of property. The Board of Regents shall maintain or cause to be maintained a perpetual inventory of all permanent property of the University of Alaska. Sec. 14.40.340. Applicability of bid practices to University of Alaska. [Repealed, § 67 ch 106 SLA 1986. For current law, see AS 36.30.005 (c).] Sec. 14.40.350. Board of Regents authorized to lease land. The Board of Regents may execute leases for mining, agriculture, or other purposes to the land granted for the benefit of an agricultural college and school of mines for Alaska by the Act of Congress approved March 4, 1915, for such time and at such rent or royalty as may seem just and as provided by law. Sec. 14.40.360. Board of Regents authorized to select and to sell or lease land granted by Act of Congress. The Board of Regents may select the land granted to Alaska by the Act of Congress approved January 21, 1929, as amended, may sell or lease the land, and shall deposit the net income as provided in AS 14.40.400 (a) in conformity with that Act. Sec. 14.40.365. University land grant. (a) Except as provided in (b) of this section, before July 1, 2008, the commissioner of natural resources shall convey to the Board of Regents in trust for the University of Alaska, by quitclaim deed, the state land identified for conveyance to the university and described in the document titled “University of Alaska Land Grant List 2005,” dated January 12, 2005.

(b) As soon as practicable after June 30, 2055, the commissioner of natural resources shall convey to the Board of Regents in trust for the University of Alaska, by quitclaim deed, the state land described as the “University Research Forest” and identified for conveyance to the university in the document titled “University of Alaska Land Grant List 2005,” dated January 12, 2005. (c) As soon as practicable after the receipt of patent from the United States, but not before the land is otherwise required to be conveyed under this section, the commissioner of natural resources shall convey to the Board of Regents in trust for the University of Alaska, by quitclaim deed, federal land that has been selected for conveyance to the state under the Alaska Statehood Act but is subject to a federal mining claim, and that is identified in the document titled “University of Alaska Land Grant List 2005,” dated January 12, 2005, for conveyance to the university upon the state's acquisition of patent. (d) Notwithstanding AS 38.05.125 (a), and except as otherwise provided in this section, the transfer of ownership of land from the commissioner of natural resources to the Board of Regents in trust for the University of Alaska under this section includes the interest of the state in the coal, ores, minerals, fissionable materials, geothermal resources, and fossils, oil, and gas that may be in or on the land. (e) Land conveyed under this section to the Board of Regents in trust for the University of Alaska is subject to any valid possessory interest or other valid existing right, including any lease, license, contract, prospecting site, claim, sale, permit, right-of-way, Native allotment, or easement held by another person, including a federal, state, or municipal agency, on October 23, 2005. (f) Before conveying land under this section, the commissioner of natural resources shall reserve access under AS 38.05.127 , but other provisions of AS 38.04 and AS 38.05 do not apply to the commissioner's preparation for conveyance of land to the Board of Regents in trust for the University of Alaska under this section. In addition to access under AS 38.05.127 , the commissioner may reserve in the conveyance document existing offshore uses such as aquatic fish farm sites, anchorages for vessels, fish buying stations, trails, roads, and other access routes that provide public access to adjacent land and public waterways; however, an easement along tidewater reserved by the commissioner under AS 38.05.127 may not exceed 25 feet. (g) In addition to rights or an interest held by a person under (e) of this section, land conveyed to the Board of Regents in trust for the University of Alaska under this section (1) is subject to (A) sec. 6(i) of the Alaska Statehood Act (P.L. 85-508, 72 Stat. 339); (B) AS 19.10.010 ; (C) any easement, right-of-way, or other access under former 43 U.S.C. 932 (sec. 8, Act of July 26, 1866, 14 Stat. 253); (D) the provisions of any memorandum of agreement entered into between the University of Alaska and the commissioner of natural resources governing shared benefits or costs associated with land to be conveyed to the Board of Regents in trust for the University of Alaska; (E) any interest transferred to the state by quitclaim deed dated June 30, 1959, under authority of the Alaska Omnibus Act (P.L. 86-70, 73 Stat. 141); and (2) excludes the mineral estate on land that is subject to a valid state mining claim. (h) As soon as practicable after the extinguishment, release, or expiration of a valid state mining claim located on land to be conveyed under this section, but not before the land is otherwise required to be conveyed under this section, the commissioner of natural resources shall convey the mineral estate excluded from conveyance under (g)(2) of this section. (i) The responsibility for the management of land conveyed to the Board of Regents in trust for the University of Alaska under this section vests with the Board of Regents in trust for the University of Alaska on the date of recording of that conveyance. (j) The Board of Regents of the University of Alaska is entitled to receive any income derived from land conveyed to the Board of Regents in trust for the University of Alaska under this section accruing after the date of conveyance, including any income accruing from an existing lease, license, contract, prospecting site sale, permit, right-of-way, easement, or trespass claim. (k) Notwithstanding any other provision of this section, within 10 years after conveyance of land under this section, the Board of Regents may reconvey to the Department of Natural Resources land (1) containing hazardous waste that was present on the land before conveyance under this section; (2) on which is located a historic or archeological site that is subject to management under AS 41.35 ; or (3) that the Board of Regents and the commissioner of natural resources jointly agree is in the best interests of the state and the university to reconvey. (l) After October 23, 2005, and before the conveyance of a parcel of land to the Board of Regents in trust for the University of Alaska under this section, the commissioner of natural resources may not convey, without consent of the university, any irrevocable interest in a parcel that is required to be conveyed to the Board of Regents in trust for the University of Alaska under this section. (m) The commissioner of natural resources may make minor adjustments to the maps or legal descriptions of the state land identified for conveyance to the university and described in the document titled “University of Alaska Land Grant List 2005,” dated January 12, 2005, to correct omissions or errors. (n) Notwithstanding (a) of this section, the following state land described in the document entitled “University of Alaska Land Grant List 2005,” dated January 12, 2005, may not be conveyed to the University of Alaska under this section: (1) Parcel Number CS.DI.1001, Duke Island; (2) Parcel Number MF.1002, Idaho Inlet; (3) Parcel Number CS.KI.1001, Kelp Island; (4) Parcel Number HA.CH.1001, Haines-Chilkoot; (5) Parcel Number KT.1004, Neets Creek; (6) Parcel Number MA.KR.1001, Kodiak Rocket Range; (7) Parcel Number ST.1002, Pelican; (8) Parcel Number PA.1001, Port Alexander; and (9) Parcel Number ST.1002, Warm Springs Bay. (o) Notwithstanding (a) of this section, the state land identified in this subsection and described in the document entitled “University of Alaska Land Grant List 2005,” dated January 12, 2005, may not be conveyed to the University of Alaska under this section if the land is included in a borough formed before July 1, 2009, that includes Wrangell or Petersburg. If a borough is not formed before July 1, 2009, land described in this subsection shall be conveyed to the University of Alaska on July 1, 2009. If a borough is formed before July 1, 2009, and the borough does not select land described in this subsection before January 1, 2013, the land not selected by the borough shall be conveyed to the University of Alaska on June 30, 2013. The following land is subject to this subsection: (1) Parcel Number SD.1001, Beecher Pass; (2) Parcel Number SD.1001, Favor Peak; (3) Parcel Number CS.TL.1001, Three Lake Road; (4) Parcel Number SD.1001, Read Island; (5) Parcel Number SD.1001, Whitney Island; (6) Parcel Number CS.EW.1001, Earl West Cove; (7) Parcel Number CS.OV.1001, Olive Cove; and (8) Parcel Number SD.1001, Thoms Place. (p) Notwithstanding (a) of this section, each of the following parcels described in the document entitled “University of Alaska Land Grant List 2005,” dated January 12, 2005, may not be conveyed to the University of Alaska under this section until all Native allotment applications applicable to that parcel have been denied: (1) Parcel Number PA.1002, Biorka Island; and (2) Parcel Number NS.NS.1001, Lisianski Peninsula. (q) Notwithstanding (a) of this section, the state land identified in this subsection and described in the document entitled “University of Alaska Land Grant List 2005,” dated January 12, 2005, may not be conveyed to the University of Alaska under this section if the land is included in a borough formed before July 1, 2009. If a borough is not formed before July 1, 2009, the land described in this subsection shall be conveyed to the University of Alaska on July 1, 2009. If a borough is formed before July 1, 2009, and the borough does not select land described in this subsection before January 1, 2013, the land not selected by the borough shall be conveyed to the University of Alaska on June 30, 2013. The following land is subject to the provisions of this subsection: Parcel Number PA.1002, Mite Cove. Sec. 14.40.366. Management requirements for university land. (a) Before the conveyance or the disposal of an interest in the land to a third party, land conveyed to the Board of Regents in trust for the University of Alaska under AS 14.40.365 shall be managed in a manner that, to the extent practicable, permits reasonable activities of the public, including historic recent public uses, that do not interfere with the use or management of the land by the university. (b) For land conveyed to the Board of Regents in trust for the University of Alaska under AS 14.40.365 , the Board of Regents shall (1) seek public comment on proposals for land development, exchange, or sale; and (2) adopt policies that require the preparation of land development plans and land disposal plans. (c) Before the Board of Regents of the University of Alaska offers a parcel of land for sale under this section, the board shall offer first refusal to the closest municipality. (d) The Board of Regents shall adopt policies requiring public notice before approval of land development plans and land disposal plans. The policies must require that the notice be provided not less than 30 days before the proposed action and that the notice be (1) sent to local legislators, municipalities, and legislative information offices in the vicinity of the action and at other locations as the university may designate; (2) published in newspapers of general circulation in the vicinity of the proposed action at least once each week for two consecutive weeks; and (3) published on state and university public notice Internet websites. (e) In this section, “development, exchange, or sale” does not include the grant of an easement or right-of-way or the development of a campus facility. Sec. 14.40.367. Confidential records relating to university land and interests in land. Notwithstanding AS 40.25.100 — 40.25.295, on a determination that it is in the best interest of the University of Alaska or on the request of the person who has provided the information, the president of the university may keep the following confidential: (1) the name of a person applying for the sale, lease, or other disposal of university land or an interest in university land; (2) before the issuance of a notice of intent to award a contract relating to a sale, lease or disposal of university land or an interest in university land, the names of the participants and the terms of their offers; (3) all geological, well, geophysical, engineering, architectural, sales, market, cost, appraisal, timber cruise, gross receipts, net receipts, or other financial information relating to university land or an interest in university land and considered for, offered for, or currently subject to disposal or a contract; (4) cost data and financial information submitted by an applicant in support of applications for bonds, leases, or other information in offerings and ongoing operations relating to management of university land; (5) applications for rights-of-way or easements across university land; and (6) requests for information about or applications by public agencies for university land that is being considered for use for a public purpose. Sec. 14.40.368. Encumbrances and trespasses. [Repealed, § 8 ch 8 FSSLA 2005.] Sec. 14.40.370. Books of account and statement of trust funds. [Repealed, § 10 ch 46 SLA 1977.] Sec. 14.40.380. Assent of legislature to federal land and money grants. The state assents to the provisions and accepts the benefits of the Act of Congress approved March 4, 1915, and the Acts of Congress approved August 30, 1890, and March 4, 1907, in behalf of the University of Alaska, and the commissioner of revenue is designated as the officer to whom the money shall be paid. Sec. 14.40.390. Federal land grants to Agricultural College and School of Mines reaccepted for university. The state assents to the provisions and accepts the benefits of the grants of land authorized by the Act of Congress of January 21, 1929, 45 Stat. 1091 — 1093, as amended by the Act of Congress of September 19, 1966, 80 Stat. 811, for the Agricultural College and School of Mines as integral parts of the University of Alaska, and the University of Alaska is designated the beneficiary under that Act. Sec. 14.40.400. Fund for money from sale or lease of land granted by Act of Congress. (a) The Board of Regents shall establish a separate endowment trust fund in which shall be held in trust in perpetuity all (1) net income derived from the sale or lease of the land granted under the Act of Congress approved January 21, 1929, as amended; (2) net income derived from the sale, lease, or management of the land conveyed to the Board of Regents in trust for the University of Alaska under AS 14.40.365 ; however, the amount deposited in the endowment trust fund under this paragraph resulting from mineral lease royalties and royalty sales proceeds may not be less than 25 percent of all such mineral lease royalties and royalty sales proceeds received by the university; and (3) monetary gifts, bequests, or endowments made to the University of Alaska for the purpose of the fund. (b) The Board of Regents is the fiduciary of the fund. The Board of Regents shall account for and invest the fund. In carrying out its investment responsibilities under this subsection, the Board of Regents has the same powers and duties with respect to the fund as are provided or required under AS 37.10.071 and AS 13.65 (Uniform Prudent Management of Institutional Funds Act). Notwithstanding any other provision of law, AS 37.10.071 governs the investment responsibilities established under this subsection if (1) both AS 37.10.071 and AS 13.65 apply to the investment responsibilities established under this subsection; and (2) AS 37.10.071 conflicts with AS 13.65 . (c) The total return from the fund shall be used exclusively for the University of Alaska, as the successor under AS 14.40.030 of the Agricultural College and School of Mines. (d) The proceeds arising from the sale or disposal of land granted under the Act of Congress approved January 21, 1929, as amended, may not be used for the support of a sectarian or denominational college or school. (e) [Repealed, § 14 ch 9 SLA 1997.] (f) In this section, (1) “fund” means the separate endowment trust fund established under (a) of this section; (2) “total return” means the total earning of the fund, including current yield, gains, and capital appreciation, less all costs, expenses, losses, and capital depreciation. Sec. 14.40.410. Federal grants of money to establish agricultural experiment stations. The state assents to the provisions and accepts the benefits of the Act of Congress entitled “An Act to establish agricultural experiment stations in connection with the colleges established in the several States under the provisions of an Act approved July 2, 1862, and of the Acts supplementary thereto” approved March 2, 1887, as amended and supplemented and known as the Hatch Act, and extended to Alaska by an Act of Congress entitled “An Act to extend the benefits of the Hatch Act and the Smith-Lever Act to the Territory of Alaska,” approved February 23, 1929, in behalf of the University of Alaska, except that no substations may be established by the Board of Regents except by direct authority of the legislature. The commissioner of revenue is designated as the officer to whom the money shall be paid. Sec. 14.40.420. University designated as beneficiary under Hatch Act and empowered to establish Agricultural Experiment Station. The University of Alaska is designated as the beneficiary under the provisions of the Hatch Act and may establish a department to be known as the Agricultural Experiment Station. Sec. 14.40.430. Acceptance of federal appropriation for agricultural extension work. The state assents to the provisions and accepts the benefits of the Act of Congress entitled “An Act to provide for cooperative extension work between agricultural colleges in the United States receiving the benefits of an Act of Congress approved July 2, 1862, and of Acts supplementary thereto and the United States Department of Agriculture” approved May 8, 1914, as amended and supplemented and known as the Smith-Lever Act and extended to Alaska by an Act of Congress entitled “An Act to extend the benefits of the Hatch Act and the Smith-Lever Act to the Territory of Alaska” approved February 23, 1929, in behalf of the University of Alaska. The commissioner of revenue is designated as the officer to whom the appropriations shall be paid. Sec. 14.40.440. University designated beneficiary of Smith-Lever Act and empowered to carry on agricultural extension work. The University of Alaska is designated as the beneficiary under the provisions of the Smith-Lever Act, and may administer and carry on agricultural extension work in the state in cooperation with the United States Department of Agriculture. Sec. 14.40.450. Governor authorized to make certificates to obtain federal grants of money. The governor is authorized to make all certificates required by law or the regulations of the Department of Agriculture or of the Department of the Interior necessary to be made to entitle the state to grants of money for the benefits of state colleges of agriculture and mechanic arts authorized under any Act of Congress. Sec. 14.40.453. Confidentiality of research. The public records inspection requirements of AS 40.25.110 — 40.25.121 do not apply to writings or records that consist of intellectual property or proprietary information received, generated, learned, or discovered during research conducted by the University of Alaska or its agents or employees until publicly released, copyrighted, or patented, or until the research is terminated, except that the university shall make available the title and a description of all research projects, the name of the researcher, and the amount and source of funding provided for each project. Sec. 14.40.455. University risk management fund. [Repealed, § 12 ch 42 SLA 1997.] Sec. 14.40.458. University corporate interests. (a) The university may purchase an interest in a corporation if the Board of Regents of the University of Alaska authorizes the purchase and the purchase advances a public purpose of the university. (b) If the university purchases an interest in a corporation, the corporation is not considered to be a part of the university for any purpose, except to the extent that both the Board of Regents of the University of Alaska and the corporation's articles of incorporation state otherwise. (c) Notwithstanding AS 09.50.250 and any other law, the University of Alaska is not liable for the obligations of a corporation that the University of Alaska has purchased an interest in under (a) of this section, (1) except to the extent that the president of the university signs a written agreement on behalf of the university that expressly states that the university is liable for the obligations of the corporation and the obligations for which the university is liable are identified in the written agreement; or (2) unless the university has engaged in fraudulent or other wrongful conduct relating to an obligation of the corporation or to the assets of the corporation that may be used to pay the obligation. (d) In this section, (1) “corporation” means a for-profit corporation, a nonprofit corporation, or a limited liability company, whether or not the corporation or company is organized in this state; (2) “interest” means a membership, or a share or other ownership interest; (3) “nonprofit corporation” means a corporation that qualifies for exemption from taxation under 26 U.S.C. 501(c) (Internal Revenue Code); (4) “university” means the University of Alaska. Sec. 14.40.460. [Renumbered as AS 14.43.010 .] Sec. 14.40.461. University research forest. (a) For the purpose of advancing research into forest practices, ecology, wildlife management, and recreation, a university research forest is established on land described as the “University Research Forest” and identified for conveyance to the Board of Regents in trust for the University of Alaska in the document titled “University of Alaska Land Grant List 2005,” dated January 12, 2005. (b) Before conveyance of university research forest land to the Board of Regents in trust for the University of Alaska under AS 14.40.365 (b), the commissioner of natural resources shall manage the university research forest to accomplish the purposes of this section and in accordance with state land use plans adopted under AS 38.04.065 , forest management plans adopted under AS 41.17.230 , and other provisions of law applicable to state-owned land. (c) Notwithstanding the limitations of AS 14.40.365 (l), on or before the date a parcel is required to be conveyed to the Board of Regents of the University of Alaska under AS 14.40.365 (b), the commissioner of natural resources may (1) convey an irrevocable interest in land located in the research forest that terminates or returns to the state on or before the date the parcel is required to be conveyed under AS 14.40.365 (b); (2) sell timber rights and dispose of other renewable resources located in the research forest. (d) After conveyance of university research forest land to the Board of Regents in trust for the university under AS 14.40.365 (b), the Board of Regents may disestablish some or all of the university research forest established by this section, and dispose of, or develop, land within the former research forest, if the Board of Regents first (1) provides to the public and the commissioner of natural resources reasonable notice and an opportunity for comment on the board's proposed decision regarding disestablishment; (2) considers comments received from the public and the commissioner of natural resources under (1) of this subsection; (3) evaluates whether the objectives of advancing research into forest practices, ecology, wildlife management, and recreation can be accomplished without retaining some or all of the research forest; (4) determines, following notice and any public comment by local timber industry representatives, that disposal of the land will not interfere with commercially viable timber harvest resource development; and (5) concludes that it is in the best interest of the university to disestablish some or all of the research forest. Sec. 14.40.470. [Renumbered as AS 14.43.015 .] Sec. 14.40.480. [Renumbered as AS 14.43.020 .] Sec. 14.40.490. [Renumbered as AS 14.40.491 .] Sec. 14.40.491. Definition of university receipts. In AS 14.40.120 — 14.40.491, “university receipts” includes (1) student fees, including tuition; (2) receipts from university auxiliary services; (3) recovery of indirect costs of university activities; (4) receipts from sales and rentals of university property; (5) federal receipts; (6) gifts, grants, and contracts; (7) receipts from sales, rentals, and the provision of services of educational activities; and (8) receipts attributable to amounts distributed from university endowments established and managed under AS 14.40.280 and from the endowment trust fund established and managed under AS 14.40.400 . Secs. 14.40.510 — 14.40.550. [Renumbered as AS 14.43.050 — 14.43.075.] Article 4. Community Colleges. Sec. 14.40.560. Authority to cooperate. A qualified school district or political subdivision may make an agreement with the University of Alaska for the establishment, operation, and maintenance of a community college. A qualified school district or qualified political subdivision shall pay all instructional and administrative costs for nondegree college programs and activities offered. Sec. 14.40.570. Authority of board. (a) Since academic education beyond the high school level is a statewide responsibility, the board, in its discretion and as the need arises, may cooperate with the federal government and qualified school districts and political subdivisions in the establishment of appropriate higher educational programs and activities. The board is responsible for the selection of all community college instructors, part and full-time, for the academic degree programs and activities, and shall pay all instructional and administrative costs, including cost of special equipment and instructional materials, for academic degree programs and activities offered. (b) Selected upper division and graduate level courses of instruction, offered by the university through its off-campus instructional program to meet local needs, may be coordinated through the office of the director of a community college. Sec. 14.40.580. Use of joint facilities. (a) If facilities used by the community college are owned by the school district or political subdivision, the board, subject to availability of appropriated funds, may reimburse the school district for all expenses directly related to facilities for academic degree programs and activities. The school district or political subdivision shall bear all expenses directly related to nondegree programs and activities. (b) If separate facilities are financed, constructed, or maintained from federal, state, or private funds for either academic degree or nonacademic degree programs and activities of the community college, then the board has title to and control of the separate facilities used for these purposes. If separate facilities are financed, constructed, or maintained from school district or political subdivision funds for either degree or nondegree programs and activities, the school district or political subdivision has title to and control of the separate facilities used for these purposes. Sec. 14.40.590. Director. The administrative head of a community college established by the University of Alaska in cooperation with school districts or political subdivisions is a director. The director shall be selected by the board, subject to approval by the governing body of the school district or political subdivision. Sec. 14.40.600. Regulations. A community college established by the university in cooperation with school districts or political subdivisions shall be established, maintained, and operated under rules and regulations adopted by the board. The selection and academic qualifications for personnel and the curriculum of a community college, insofar as it pertains to academic degree programs and activities, is the responsibility of the board. The selection and qualifications of personnel for nondegree programs and activities of the community college are the responsibility of the governing body of the school district or political subdivision. Sec. 14.40.610. Disposition of income. (a) [Repealed, § 12 ch 42 SLA 1997.] (b) All money, including tuition and fees received before or after April 10, 1962, from the operations of a community college established, operated, and maintained under AS 14.40.560 — 14.40.640 and directly related or attributable to nondegree programs and activities of the community college, shall be placed in the appropriate fund of the qualified school district or political subdivision cooperating with the university in the establishment of the community college. Sec. 14.40.620. Savings clause. An agreement between the University of Alaska and a community college in effect on April 10, 1962, shall remain in effect until its agreed expiration unless, before the agreed expiration, it is mutually cancelled or modified by the contracting parties. Sec. 14.40.630. Definitions. In AS 14.40.560 — 14.40.640, unless the context otherwise requires, (1) “board of regents” or “board” means the Board of Regents of the University of Alaska; (2) “community college” means a program of education established by the University of Alaska in cooperation with qualified school districts or qualified political subdivisions of the state, including both academic degree and nondegree programs; (3) “qualified school district” or “qualified political subdivision” means a school district or political subdivision organized under the laws of the state, or a group of two or more contiguous school districts or political subdivisions of the state, or a combination of each, which combination, considered as a unit, meets the following minimum requirements for the establishment of a community college: (A) makes application to the Board of Regents of the University of Alaska for participation in the community college program; (B) satisfies educational standards of the University of Alaska according to criteria established by the Board of Regents; (C) has had an average daily membership during the previous school year of at least 75 high school students, grades 9-12; (D) has established to the satisfaction of the Board of Regents the practical need for a community college within the district or political subdivision; and (E) makes arrangements for defraying its proper share of the costs of the operation and maintenance of a community college, as provided by the terms of AS 14.40.560 — 14.40.640. Sec. 14.40.640. Short title. AS 14.40.560 — 14.40.640 may be cited as the Community College Act. Article 5. University Retirement Programs. Sec. 14.40.660. [Renumbered as AS 14.44.010 .] Sec. 14.40.661. Authority of board. (a) The board may establish and maintain university retirement programs for eligible employees in which retirement and death benefits are provided through the purchase of annuity contracts, either fixed, variable, or a combination of fixed and variable. Participation in a university retirement program is in place of participation in a state retirement system. The university may establish retirement programs for new employees in a participating position at any time. Retirement programs must be optional. (b) The board shall (1) provide for the administration of the retirement programs, including procedures for resolving complaints from participating employees; (2) designate the company or companies to which payment of the contributions required under AS 14.40.691 may be made, after considering the (A) nature and extent of the rights and benefits that the contracts will provide to employees who elect to participate and to their beneficiaries; (B) relation of the contractual rights and benefits to the contributions to be made under AS 14.40.661 — 14.40.799; (C) suitability of the contractual rights and benefits to the needs and interests of employees who participate and to the interest of the university in the employment and retention of employees; (D) ability of the designated company or companies to provide rights and benefits under the contracts; and (E) efficacy of the contracts in the recruitment and retention of faculty and administrators; (3) take other actions required to ensure that the retirement programs comply with applicable provisions of 26 U.S.C. 401 — 417 (Internal Revenue Code). Sec. 14.40.670. [Renumbered as AS 14.44.015 .] Sec. 14.40.671. Participation. (a) An employee in a participating position may elect to participate in a university retirement program or to participate in the appropriate state retirement system. Eligibility to participate in a program begins on an employee's appointment to a participating position. (b) An election under (a) of this section to participate in a university retirement program is irrevocable. The election shall be made in writing on a form provided by the board and approved for the state by the commissioner of administration. The form must be filed with the university not later than 30 days after the date on which the employee is notified by the university that the employee is eligible to participate in the program. A copy of the form shall be delivered to the appropriate state retirement system. The election becomes irrevocable on the date it is received by the board. (c) Participation in a university retirement program constitutes a waiver of all rights and benefits under the state retirement systems earned on or after the effective date of the election while the employee is participating in a university retirement program. (d) Except as provided in (e) of this section, if a nonvested member of a state retirement system participates in a university retirement program, the employee may choose to transfer the amount in the employee's contribution account to a university retirement program. If the employee chooses to transfer the account, the appropriate state retirement system shall pay to the university on behalf of the employee an amount equal to the balance in the account. The payment must be made within 45 days after notice of the employee's decision to transfer the employee's contribution account to a university retirement program is received by the state retirement system. The financial officer of the university shall immediately pay the amount received to the designated company or companies for the benefit of the employee. An employee who transfers assets under this subsection may not reclaim the corresponding service in the state retirement system if the employee is reemployed under the state retirement system. (e) An employee whose rights to transfer assets out of a state retirement system are subject to a qualified domestic relations order is entitled to transfer assets from the state retirement system to a university retirement program only if the requirements for receiving a refund under AS 14.25.150 (b), 14.25.360, AS 39.35.200 (c), or 39.35.760, as appropriate, are met. (f) If a vested member of a state retirement system elects to participate in a university retirement program, the employee ceases to be an active member of the state retirement system on the effective date of the participation in a university retirement program. The employee retains all benefits accrued in the state retirement system. (g) An employee who does not participate in a university retirement program under this section becomes or remains a member of the appropriate state retirement system. (h) Notwithstanding (b) of this section, the university may offer an employee who made an election not to participate in an optional university retirement program at the time the employee was eligible to participate in the program an option to enroll in a different university retirement program. Sec. 14.40.680. [Renumbered as AS 14.44.020 .] Sec. 14.40.681. Retirement system membership. An employee participating in a university retirement program may not participate in a state retirement system during the time the employee is employed in a participating position. If the employee is later employed in a position covered by a state retirement system that is not a participating position, the employee may not continue to participate in a university retirement program and shall begin to participate in the state retirement system. Secs. 14.40.685 — 14.40.690. [Renumbered as AS 14.44.025 — 14.44.030.] Sec. 14.40.691. Contributions. (a) The university shall contribute on behalf of each employee participating in the program an amount established by the board. (b) An employee participating in the program shall contribute to the program an amount established by the board. (c) The board may specify that contributions required by this section are made by a reduction in salary under 26 U.S.C. 403(b) or 26 U.S.C. 414(h)(2) (Internal Revenue Code). (d) The financial officer of the university shall pay the contributions authorized or required by this section to the designated company or companies for the benefit of each participant. Secs. 14.40.695 — 14.40.700. [Renumbered as AS 14.44.035 — 14.44.050.] Sec. 14.40.701. Benefits. Payment of benefits to participants of the program is the responsibility of the company or companies designated by the board and is not the responsibility of the board, the university, or the state. The benefits are payable to participants or their beneficiaries in accordance with the terms of the applicable retirement plan document. Sec. 14.40.710. Terms and provisions of Compact. [Repealed, § 7 ch 24 SLA 1979.] Secs. 14.40.710 — 14.40.720. [Renumbered as AS 14.44.055 — 14.44.060.] Sec. 14.40.730. Members of commission. [Repealed, § 7 ch 24 SLA 1979.] Sec. 14.40.750. Fund created. [Repealed, § 2 ch 98 SLA 1971.] Secs. 14.40.751 — 14.40.759. [Renumbered as AS 14.43.090 — 14.43.110.] Sec. 14.40.760. Limits on grants and loans. [Repealed, § 2 ch 98 SLA 1971.] Secs. 14.40.761 — 14.40.769. [Renumbered as AS 14.43.115 — 14.43.135.] Sec. 14.40.770. Renewal preference. [Repealed, § 2 ch 98 SLA 1971.] Sec. 14.40.771. [Renumbered as AS 14.43.140 .] Sec. 14.40.773. Definitions. [Repealed, § 6 ch 156 SLA 1972.] Sec. 14.40.775. Conditions of grants. [Repealed, § 2 ch 98 SLA 1971.] Sec. 14.40.776. Tuition grants. [Repealed, § 15 ch 94 SLA 1980.] Sec. 14.40.780. Conditions of loans. [Repealed, § 2 ch 98 SLA 1971.] Secs. 14.40.781 — 14.40.786. Limitation on grants; conditions of grants. [Repealed, § 15 ch 94 SLA 1980.] Sec. 14.40.790. Eligibility of students. [Repealed, § 2 ch 98 SLA 1971.] Secs. 14.40.791 — 14.40.796. Eligibility of students; application and certification. [Repealed, § 15 ch 94 SLA 1980.] Sec. 14.40.799. Definitions. In AS 14.40.661 — 14.40.799, (1) “appropriate state retirement system” means the state retirement system that includes the employee's position; (2) “board” means the Board of Regents of the University of Alaska; (3) “contribution account” means the member contribution account under AS 14.25.009 — 14.25.220, the individual account under AS 14.25.310 — 14.25.590, the employee contribution account under AS 39.35.095 — 39.35.680, or the individual account under AS 39.35.700 — 39.35.990, whichever is appropriate; (4) “employee” means an employee of the University of Alaska or a community college under AS 14.40 ; (5) “participating position” means a position that is a permanent position that is at least a .5 full-time appointment and is included in the applicable retirement plan document; (6) “program” means a university retirement program; (7) “state retirement system” means the teachers' retirement system under AS 14.25 or the public employees' retirement system under AS 39.35 ; (8) “university” means the University of Alaska. Sec. 14.40.800. Selection of criteria. [Repealed, § 2 ch 98 SLA 1971.] Sec. 14.40.801. Fiscal and business management practices. [Repealed, § 7 ch 246 SLA 1976.] Article 6. Education Trust of Alaska. Sec. 14.40.802. Education Trust of Alaska. (a) The Education Trust of Alaska is established in the University of Alaska. The purpose of the trust is to secure obligations to participants and beneficiaries under an education savings program operated by the University of Alaska and to provide participants a convenient method of saving for education. The Board of Regents of the University of Alaska shall (1) adopt policies that provide for the administration, management, promotion, and marketing of the trust; (2) maintain the trust in compliance with requirements of 26 U.S.C. (Internal Revenue Code) for a qualified state tuition program as defined in 26 U.S.C. 529; (3) coordinate savings options established under the trust and the administration of the trust with the Alaska advance college tuition savings fund ( AS 14.40.803 ), including the creation of common administrative and record-keeping systems, marketing programs, and operating reserves; (4) establish participation agreements, including application, savings options, and withdrawal procedures; (5) enter into participation agreements with participants for the (A) accumulation, investment, and distribution of funds; (B) payment or reimbursement of qualified education expenses; and (C) benefit of a beneficiary; (6) enter into contracts with one or more contractors, including investment managers; in determining the persons to act as investment managers, consideration must be given to the qualifications of the contractor, including the contractor's ability to (A) administer financial programs with individual account maintenance and reporting; (B) develop, market, and administer investment options appropriate for the trust; and (C) augment the savings program with other beneficial products and services; (7) allow both residents and nonresidents to participate in the trust; (8) allow the transfer or rollover of funds from the Alaska advance college tuition savings fund and other qualified state tuition programs under 26 U.S.C. 529 and the participation agreement; (9) allow withdrawals from the trust to be used for qualified education expenses as allowed by 26 U.S.C. 529; (10) establish penalties for withdrawals from the trust for nonqualified expenses and other distributions as required under 26 U.S.C. 529 or as provided in the participation agreement; (11) engage an independent firm of certified public accountants to audit the financial position of the trust. (b) The board may (1) divide the trust into multiple investment portfolios; (2) commingle amounts credited to some or all accounts for investment purposes; (3) establish trusts and accounts as the board considers appropriate under 26 U.S.C. 529; (4) require trust participants to pay all administrative fees; (5) establish earnings reserves as provided in the participation agreement, including reserves for the payment of administrative costs. (c) The University of Alaska, the board, the state, or an agency of the state is not liable for a loss of funds that are invested under a participation agreement or for the denial of a perceived tax or other benefit. The board shall provide written notice to each applicant that there is no guarantee of any rate of return or benefit and that any risk of loss in account value or other benefit rests exclusively with the participant and the beneficiary. (d) Notwithstanding any other provision of law, earnings on funds deposited with the trust are not subject to taxation by the state or a municipality. (e) Except for needs-based scholarships, funds on deposit with the trust may not be considered by the University of Alaska or an agency of the state to limit eligibility for a state-funded scholarship. (f) A participant has the right, as provided in the participation agreement, to (1) change the beneficiary of an account; (2) direct that all or a portion of an account be transferred to an account with a new beneficiary; or (3) direct that all or a portion of an account be transferred to a program account as a contribution under AS 06.65.160 if the contribution (A) when added to any other contributions made to the program account during the same federal tax year, does not exceed the limit for a contribution under 26 U.S.C. 529A(b)(2)(B)(ii); and (B) is for the beneficiary or for a new individual who is a member of the family of the former beneficiary and an eligible individual under AS 06.65.100 ; in this subparagraph, “eligible individual” and “member of the family” have the meanings given in AS 06.65.390 . (g) The right to change the beneficiary or to make transfers described in (f) of this section may be denied or limited as provided in the participation agreement, including transfers that would result in contributions or account balances in excess of allowable limits under the participation agreement, or, with regard to a change or transfer under (f)(3) of this section, the change or transfer does not satisfy the requirements of AS 06.65 . (h) Except as provided under AS 34.40.110 (b)(4), an account established under this section (1) is exempt from a claim by the creditors of a participant or of a beneficiary; (2) is conclusively presumed to be a spendthrift trust; (3) is not an asset or property of either the participant or the beneficiary; (4) may not be assigned, pledged, or otherwise used to secure a loan or other advancement; (5) is not subject to involuntarily transfer or alienation. (i) Except as permitted in 26 U.S.C. 529, a participant or beneficiary may not directly or indirectly direct the investment of an account or earnings on the account. (j) A participant may, as provided in the participation agreement, designate a person other than the participant as a successor participant. (k) The trust, a participation agreement, and this section are intended to comply with the requirements of 26 U.S.C. 529 and shall be interpreted in that manner to the extent permitted by law. (l) The trust and participation agreements may be modified or amended on a retroactive basis in order to maintain compliance with 26 U.S.C. (Internal Revenue Code) and to maintain efficient operation of the trust as determined by the board. (m) A name, address, or other information identifying a person as a participant or beneficiary in the trust is confidential. (n) In this section, (1) “account” means an individual trust account established under this section; (2) “beneficiary” means a designated beneficiary as defined under 26 U.S.C. 529(e); (3) “board” means the Board of Regents of the University of Alaska; (4) “member of the family” has the meaning given in 26 U.S.C. 529(e); (5) “participant” means a person who has entered into a participation agreement or has been appointed as a participant as provided in this section and in the participation agreement; (6) “participation agreement” means an agreement between a participant and the board providing for the establishment by the participant of one or more accounts under this section and for the administration of those accounts for the benefit of the participant and the beneficiary; (7) “qualified education expenses” has the meaning given to “qualified higher education expenses” in 26 U.S.C. 529(c) and (e); (8) “trust” means the Education Trust of Alaska. Sec. 14.40.803. Alaska advance college tuition savings fund. (a) The Alaska advance college tuition savings fund is established as a nonlapsing fund of the University of Alaska. The purpose of the fund is to secure obligations to participants under a postsecondary education savings program operated by the University of Alaska and to enhance the ability of the university to provide (1) higher education for the people of the state; (2) wide and affordable access to higher education for residents and their children; (3) an incentive for residents to achieve higher academic standards in grades 7 — 12; and (4) an incentive for residents to continue and complete secondary and postsecondary education. The fund may be divided into separate accounts for accounting purposes. (b) The fund consists of (1) permanent fund dividend and cash contributions made under AS 14.40.807 under the terms of an advance college tuition savings contract; (2) appropriations, gifts, bequests, and contributions; and (3) income and earnings of the fund. (c) Assets of the fund shall be expended to make payments to the university and other eligible educational institutions, including payments for refunds, redemptions, and awards under a savings contract or scholarships, costs of administration, and other obligations of the fund. Sec. 14.40.805. Powers and duties of the commissioner of revenue. [Repealed, § 14 ch 3 SLA 2000.] Sec. 14.40.806. [Renumbered as AS 14.43.160 .] Sec. 14.40.807. Contribution to the Alaska Advance College Tuition Savings Fund.

(a) Contributions to the fund under the terms of an advance college tuition savings contract may be made by direct cash payments or by contributions from the permanent fund dividend. The Department of Revenue shall (1) prepare the permanent fund dividend application to allow an applicant or a parent, legal guardian, or other authorized representative of an applicant who is an unemancipated minor to contribute 50 percent of a dividend to the fund; and (2) include with each application for a permanent fund dividend an explanation of the advance college tuition savings program, including the right to receive a refund, a disclosure of the potential tax liability of the fund, and disclosure of the possible general effect of the tax liability on the advance college tuition savings program. (b) The Department of Revenue shall pay contributions directly to the fund. (c) In order to assure the actuarial soundness of the fund, the legislature may appropriate annually to the fund the sum, certified by the board to the governor and the legislature, that is necessary to restore the fund to an amount that is actuarially sound. The board annually, before January 30, shall make and deliver to the governor and to the legislature a certificate stating the sum required to restore the fund to an amount that is actuarially sound, and that sum may be appropriated and paid to the fund during that fiscal year. This subsection does not create a debt or liability of the state. Sec. 14.40.809. Powers and duties of the University of Alaska. (a) The Board of Regents of the University of Alaska may contract with a purchaser for the purchase of advance college tuition credits for the payment of tuition and other qualified higher education expenses for a beneficiary of any age to attend a branch of the university or other eligible educational institution to which the beneficiary is admitted. A purchaser and a beneficiary may be the same person. (b) The board shall (1) make appropriate arrangements as necessary to fulfill the board's obligations under an advance college tuition savings contract; (2) establish and adopt a formal plan for administration of the advance college tuition savings program; the terms and conditions of the plan shall be considered a part of an advance college tuition savings contract; (3) establish investment objectives, criteria, and asset allocation guidelines for the fund based on prudent institutional investor guidelines and actuarial analysis of the earnings requirements for the advance college tuition savings plan; (4) enter into contracts or agreements considered necessary for the investment of the fund, including contracts or agreements with investment managers, consultants, and other custodians of the fund; (5) engage a financial advisor to report annually on the investment performance of the fund; (6) engage an independent firm of certified public accountants to audit the financial position of the fund; (7) do all acts, whether or not expressly authorized, that the board considers necessary or proper in administering the assets of the fund; (8) enter into reciprocal agreements with Alaska Pacific University and other eligible educational institutions or state tuition programs that the board determines to be beneficial to the advance college tuition savings program; (9) coordinate savings options established under the Alaska advance college tuition savings program and the administration of the fund with the Education Trust of Alaska ( AS 14.40.802 ), including the creation of common administrative and record-keeping systems, marketing programs, and operating reserves. Sec. 14.40.810. [Renumbered as AS 14.43.250 .] Sec. 14.40.811. Advance college tuition savings contracts. (a) An advance college tuition savings contract must set out or include by reference to the plan (1) the name and date of birth of the purchaser and the beneficiary under the contract; (2) the number of advance college tuition credits purchased under the contract; (3) the terms and conditions under which the contract may be terminated and refunds made; (4) the assumption of a contractual obligation by the board to provide funding for specified education benefits for the beneficiary in accordance with the terms of the plan; (5) the period of time during which the beneficiary may receive the benefits of the contract; and (6) other terms and conditions the board determines to be appropriate or that are required under 26 U.S.C. (Internal Revenue Code). (b) An advance college tuition savings contract may be terminated (1) if the board determines that the number of purchasers is insufficient to maintain the fund on an actuarially sound basis; or (2) under other circumstances determined by the board and set out in the advance tuition savings contract or in the plan. Sec. 14.40.815. [Renumbered as AS 14.43.255 .] Sec. 14.40.817. Definitions. In AS 14.40.803 — 14.40.817, (1) “advance college tuition savings contract” or “contract” means a contract entered into by the board and a purchaser to provide for the qualified higher education expenses of a beneficiary; (2) “beneficiary” means a designated beneficiary as defined under 26 U.S.C. 529(e)(1) (Internal Revenue Code); (3) “board” means the Board of Regents of the university; (4) “eligible educational institution” has the meaning given in 26 U.S.C. 135(c)(3) (Internal Revenue Code); (5) “fund” means the Alaska advance college tuition savings fund established under AS 14.40.803 ; (6) “plan” means the formal plan for administration of an advance college tuition savings program adopted by the board under AS 14.40.809 (b); (7) “purchaser” means the person who is named in the contract and has the rights conferred upon a purchaser under an advance college tuition savings contract; (8) “qualified higher education expenses” has the meaning given in 26 U.S.C. 529(e)(3) (Internal Revenue Code); (9) “university” means the University of Alaska, including a community college affiliated with the university. Sec. 14.40.820. [Renumbered as AS 14.43.300 .] Sec. 14.40.821. Creation and termination of corporation. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.010 .] Sec. 14.40.825. [Renumbered as AS 14.43.305 .] Sec. 14.40.826. Board of directors. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.020 .] Sec. 14.40.830. [Renumbered as AS 14.43.310 .] Sec. 14.40.831. Chair and vice-chair. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.030 .] Sec. 14.40.835. [Renumbered as AS 14.43.315 .] Sec. 14.40.836. Meetings; staff. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.040 .] Sec. 14.40.840. [Renumbered as AS 14.43.320 .] Sec. 14.40.841. Alaska Aerospace Corporation fund. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.050 .] Sec. 14.40.845. [Renumbered as AS 14.43.325 .] Sec. 14.40.846. Insurance coverage; safety program. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.060 .] Sec. 14.40.849. Definitions. [Repealed, § 2 ch 98 SLA 1971.] Sec. 14.40.850. Declaration of purpose. [Repealed, § 22 ch 136 SLA 1974.] Sec. 14.40.851. Space activities location. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.070 .] Sec. 14.40.855. Fund created. [Repealed, § 22 ch 136 SLA 1974.] Sec. 14.40.856. Licenses and permits. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.080 .] Sec. 14.40.860. Limits on loans and grants. [Repealed, § 22 ch 136 SLA 1974.] Sec. 14.40.861. Purpose of the corporation. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.090 .] Sec. 14.40.865. Conditions of loans and grants. [Repealed, § 22 ch 136 SLA 1974.] Sec. 14.40.866. Powers and duties of the corporation. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.100 .] Sec. 14.40.870. Repayment of loans. [Repealed, § 22 ch 136 SLA 1974.] Sec. 14.40.871. Regulations. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.110 .] Sec. 14.40.875. Selection criteria. [Repealed, § 22 ch 136 SLA 1974.] Sec. 14.40.876. Exercise by corporation of powers within municipalities. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.120 .] Sec. 14.40.880. Discrimination prohibited. [Repealed, § 22 ch 136 SLA 1974.] Sec. 14.40.881. Trade secrets confidential. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.130 .] Sec. 14.40.885. Administering authority. [Repealed, § 22 ch 136 SLA 1974.] Sec. 14.40.886. Approval of projects by legislature. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.140 .] Sec. 14.40.890. Funding. [Repealed, § 22 ch 136 SLA 1974.] Sec. 14.40.891. Issuance of bonds, notes, and refunding bonds. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.150 .] Sec. 14.40.896. Security for bonds. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.160 .] Sec. 14.40.899. Limitation of liability on bonds. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.170 .] Sec. 14.40.900. Contractual agreements. [Repealed, § 2 ch 98 SLA 1971.] Sec. 14.40.901. [Renumbered as AS 14.42.010 .] Sec. 14.40.902. Issuance and sale of bonds and notes. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.180 .] Secs. 14.40.903 — 14.40.905. [Renumbered as AS 14.42.015 — 14.42.020.] Sec. 14.40.906. Bonds exempt from taxes. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.190 .] Sec. 14.40.907. [Renumbered as AS 14.42.025 .] Sec. 14.40.908. Independent financial advisor. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.200 .] Sec. 14.40.909. [Renumbered as AS 14.42.030 .] Sec. 14.40.910. Exceptions. [Repealed, § 2 ch 98 SLA 1971.] Sec. 14.40.911. [Renumbered as AS 14.42.035 .] Sec. 14.40.912. Additional powers to secure bonds or obligations under leases. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.210 .] Secs. 14.40.913 — 14.40.915. [Renumbered as AS 14.42.040 — 14.42.045.] Sec. 14.40.916. Right of obligee of corporation to bring injunction. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.220 .] Secs. 14.40.917 — 14.90.919. [Renumbered as AS 14.42.050 — 14.42.055.] Sec. 14.40.920. [Renumbered as AS 14.43.080 .] Sec. 14.40.921. Power of corporation to confer upon obligee right to bring action or proceeding. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.230 .] Sec. 14.40.926. Exemption of real property of corporation from execution or other process. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.240 .] Sec. 14.40.930. [Renumbered as AS 14.43.400 .] Sec. 14.40.931. Power of corporation to obtain federal aid and cooperation. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.250 .] Sec. 14.40.935. [Renumbered as AS 14.43.405 .] Sec. 14.40.936. Exemption from taxes and assessments. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.260 .] Sec. 14.40.940. [Renumbered as AS 14.43.410 .] Sec. 14.40.941. Disposal of surplus property. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.270 .] Sec. 14.40.945. [Renumbered as AS 14.43.415 .] Sec. 14.40.946. Public loans or donations to or cooperation with corporation. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.280 .] Sec. 14.40.950. [Renumbered as AS 14.43.420 .] Sec. 14.40.951. Reserve fund. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.290 .] Sec. 14.40.956. Cooperation with other authorities. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.300 .] Sec. 14.40.960. [Renumbered as AS 14.43.500 .] Sec. 14.40.961. Investment of revenue. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.310 .] Sec. 14.40.966. Legality of corporation bonds as investments. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.320 .] Sec. 14.40.990. Definitions. [Repealed, E.O. No. 115, § 4 (2011). For current law see AS 26.27.900 .]