(a) The corporation and its subsidiaries are exempt from the provisions of AS 36.30 (State Procurement Code).
(b) The operating budget of the corporation and a subsidiary of the corporation are subject to AS 37.07 (Executive Budget Act).
(c) To further ensure effective budgetary decision making by the legislature, the board shall
(1) annually review the corporation's assets, including the assets of the in-state natural gas pipeline fund under AS 31.25.100 and the Alaska liquefied natural gas project fund under AS 31.25.110, to determine whether assets of the corporation exceed an amount required to fulfill the purposes of the corporation as defined in this chapter; in making its review, the board shall determine whether, and to what extent, assets in excess of the amount required to fulfill the purposes of the corporation during the next fiscal year are available without
(A) breaching an agreement entered into by the corporation;
(B) materially impairing the operations or financial integrity of the corporation; or
(C) materially affecting the ability of the corporation to fulfill the purposes of the corporation as defined in this chapter;
(2) specifically identify in the corporation's assets the amounts that the board believes are necessary to meet the requirements of (1)(C) of this subsection; and
(3) present to the legislature by January 10 of each year a complete accounting of all assets of the corporation, including assets of the in-state natural gas pipeline fund under AS 31.25.100 and the Alaska liquefied natural gas project fund under AS 31.25.110, and a report of the review and determination made under (1) and (2) of this subsection; the accounting shall be audited by an independent outside auditor.