673f

Trust assets shall be invested pursuant to rules and regulations promulgated to that effect. Such rules and regulations shall be approved from time to time by the Government Development Bank, in terms of eligible investments for the funds of the Trust. Every year, the Executive Director shall draw a Trust budget, to be subject to the approval of the Board. Said budget shall clearly establish that the Trust’s operating expenses shall be defrayed with Permanent Fund revenues. For the purposes of this subchapter, real property that belongs to the Legislative Assembly shall not be deemed to be Trust assets; therefore, the Trust may not acquire obligations in favor of third parties using such real property as a surety for payment, unless so approved by the Legislative Assembly. History —Mar. 30, 2011, No. 40, § 3.7, eff. July 1, 2011.