Attorney General Bruce Botelho, who oversaw the Alaska Permanent Fund dividend program in the mid-1980s, has been named by Gov. Tony Knowles to the board of the state's oil-wealth savings account.
Botelho replaces John Shively, former commissioner of natural resources, in a trustee's seat reserved for a member of the governor's cabinet. Shively recently resigned his state government post.
"I appreciate that Bruce is willing to take on this important task along with his numerous other responsibilities," Knowles said in a news release.
Botelho, a Juneau native and former mayor, was appointed attorney general by Gov. Walter Hickel in January 1994 and was retained by Knowles after that year's election. From 1984-86, Hickel was deputy commissioner of the Department of Revenue, which oversees the permanent fund dividend program.
"Perhaps no function of state government is as important to Alaska's future as the permanent fund, and as trustee I will continue to work toward the continued success of this unique savings account," Botelho said.
The permanent fund board oversees the investment of the $28 billion fund, which is almost entirely in stocks, bonds and real estate. Four trustees are citizens with backgrounds in finance and other business-management fields. The other two are the commissioner of revenue, currently Wilson Condon, and another head of a major state department.
On Thursday morning in Fairbanks, at the annual permanent fund meeting, Condon is scheduled to announce the amount of this year's dividend. Based on the formula for awarding dividends, there will be an increase from last year's record payout of $1,769.84 per eligible Alaskan.