(a) There is in the Office of the Governor a disaster relief fund. The Department of Revenue is custodian of the fund.
(b) Subject to the restrictions of AS 26.23.020(h) - (k), the governor may expend the assets of the disaster relief fund for the following purposes:
(1) to implement provisions of law relating to disaster relief in the case of a disaster or an incident;
(2) to alleviate the effects of a disaster or an incident by making grants or loans to persons or political subdivisions on terms the governor considers appropriate or by other means the governor considers appropriate.
(c) [Repealed, § 7 ch 4 SLA 2000.]
(d) The governor shall present to the legislature an annual accounting of money expended from the disaster relief fund.
(e) The governor shall adopt regulations to carry out the provisions of this section.