Botelho named PermaFund trustee

Posted: Tuesday, September 19, 2000

JUNEAU (AP) -- Attorney General Bruce Botelho will join the Alaska Permanent Fund Corp.'s Board of Trustees, replacing outgoing Natural Resources Commissioner John Shively.

Gov. Tony Knowles announced Botelho's appointment Tuesday. Shively left the Knowles administration earlier this month, saying he wanted to spend more time with his family.

The six-member board is responsible for the management and investment of the assets of the $28.4 billion fund. Four trustees are members of the public with experience in finance, investments, or other business-related areas.

The commissioner of the Department of Revenue and another head of a state department occupy the other two seats. Trustees serve four-year terms.

''Bruce Botelho has served the state with integrity and distinction as Attorney General and he will serve Alaskans well in continuing to protect and grow the Alaska Permanent Fund,'' Knowles said.

The fund, originally conceived as a savings account for royalties on the state's oil and other minerals, has grown rapidly in the booming stock market of recent years. Last year it paid a record dividend of $1,770 to every eligible Alaska resident.

''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.

Born and raised in Juneau, Botelho first joined the Department of Law 1976 as an assistant attorney general in the Business Regulation and Human Services Sections. From 1984 to 1986, he was deputy commissioner of the Department of Revenue, where his duties included overseeing the Permanent Fund dividend program.

Botelho returned to the Department of Law in 1987 and was appointed attorney general by former Gov. Walter Hickel in January 1994. He was retained after Knowles took office late that year.

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