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New Trust Created for Arctic Winter Games

(JUNEAU) - The House unanimously passed legislation today creating a trust that will provide a consistent funding source for Alaska's ongoing commitment to the Arctic Winter Games and Team Alaska.

"The state has provided funds to pay our membership dues and to support Team Alaska every year since the games were founded under the leadership of Gov. Hickel," said Sen. Randy Phillips (R-Eagle River), sponsor of the bill. "But this funding has not been maintained at a consistent level, and the Legislature is required to go through the process of appropriating the funds each year. Creating this trust will help solve both of those problems."

Senate Bill 93 creates the Arctic Winter Games Team Alaska Trust to simplify the current funding mechanism and provide stability to the state's commitment to the Games. The trust establishes a separate endowment of the state consisting of:

• Appropriations to the trust
• Donations to the trust
• Income earned on investments of trust assets

Federal, state and private funds can be deposited into the trust, which will be managed by the Commissioner of the Department of Revenue. The trust will be managed as an endowment, with the goal of ensuring that the purchasing power of the trust does not decline over time, regardless of future investments. Each year appropriations will be made from the trust to cover specified Team Alaska costs and membership dues.

The Arctic Winter Games will be held in Nuuk, Greenland in 2002 and Northern Alberta in 2004. This will place a greater financial burden on Team Alaska participants, who cover many of the costs themselves or through sponsorship programs. With the creation of the trust, team members can count on support from the state as they represent all Alaskans at the games.

"For thirty years the Arctic Winter Games have served as an outstanding forum for promoting international diplomacy, friendship, cultural understanding and interest between countries that call the arctic regions home," said Phillips. "Senate Bill 93 is an important step toward making sure all Alaskans are able to benefit by our continued support of the games."

SB 93 returns to the Senate for consideration of changes made to the bill by the House.

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