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- Alaska Statutes.
- Title 18. Health, Safety, and Housing
- Chapter 56. Alaska Housing Finance Corporation
- Section 110. Bonds and Notes.
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AS 18.56.110. Bonds and Notes.
- (a) The corporation, by resolution, may issue bonds and bond anticipation notes in order to provide funds to carry out and
effectuate its purposes.
- (b) The principal and interest on these bonds or notes, except state guaranteed bonds, is payable from corporation funds,
excluding funds in the housing development fund. The principal and interest on state guaranteed bonds is payable from
corporation funds, excluding funds in the housing development fund, and in accordance with the terms of the state
guaranty of principal and interest. Bond anticipation notes may be payable from the proceeds of the sale of bonds or
from the proceeds of sale of other bond anticipation notes or, in the event bond or bond anticipation note proceeds are
not available, the notes may be paid from other funds or assets of the corporation. Bonds or notes may be additionally
secured by a pledge of a grant or contribution from the federal government, or a corporation, association, institution,
or person, or a pledge of money, income, or revenues of the corporation from any source. The corporation may issue
state guaranteed bond anticipation notes in anticipation of the sale of state guaranteed bonds to be issued under this
chapter. State guaranteed bond anticipation notes are guaranteed as to principal and interest by the state and secured
by the full faith, credit, and resources of the state.
- (c) Bonds or bond anticipation notes may be issued in one or more series and shall be dated, bear interest at the rate or
rates per year or within the maximum rate, be in the denomination, be in the form, either coupon or registered, carry
the conversion or registration provisions, have the rank or priority, be executed in the manner and form, be payable
from the sources in the medium of payment and place or places within or outside the state, be subject to authentication
by a trustee or fiscal agent, and be subject to the terms of redemption with or without premium, as the resolution of
the corporation may provide. Bond anticipation notes shall mature at the time or times that are determined by the
corporation. Bonds shall mature at a time, not exceeding 50 years from their date, that is determined by the
corporation. Before the preparation of definitive bonds or bond anticipation notes, the corporation may issue interim
receipts or temporary bonds or bond anticipation notes, with or without coupons, exchangeable for bonds or bond
anticipation notes when these definitive bonds or bond anticipation notes have been executed and are available for
- (d) Bonds or bond anticipation notes, except state guaranteed bonds and bond anticipation notes, may be sold in the manner
and on the terms the corporation determines. State guaranteed bonds and bond anticipation notes shall be sold at public
sale by the corporation in amounts and at times as may be approved by the state bond committee, on terms fixed under
the notice of sale.
- (e) If an officer whose signature or a facsimile of whose signature appears on any bonds or notes or coupons attached to
them ceases to be an officer before the delivery of the bond, note or coupon, the signature or facsimile is valid the
same as if the officer had remained in office until delivery.
- (f) In any resolution of the corporation authorizing or relating to the issuance of bonds or bond anticipation notes, the
corporation has power by provisions in the resolution which will constitute covenants of the corporation and contracts
with the holders of the bonds or bond anticipation notes
- (1) to pledge to any payment or purpose all or any part of its revenues to which its right then exists or may thereafter
come into existence, and the money derived from the revenues, and the proceeds of any bonds or notes;
- (2) to covenant against pledging all or any part of its revenues, or against permitting or suffering a lien on the
revenues of its property;
- (3) to covenant as to the use and disposition of any and all payments of principal or interest received by the corporation
on mortgage loans, construction loans, or other investments held by the corporation;
- (4) to covenant as to establishment of reserves or sinking funds and the making of provision for and the regulation and
disposition of the reserves or sinking funds;
- (5) to covenant with respect to or against limitations on a right to sell or otherwise dispose of property of any kind;
- (6) to covenant as to bonds and notes to be issued, and their limitations, terms, and conditions, and as to the custody,
application, and disposition of the proceeds of the bonds and notes;
- (7) to covenant as to the issuance of additional bonds or notes, or as to limitations on the issuance of additional bonds
or notes and the incurring of other debts;
- (8) to covenant as to the payment of the principal of or interest on the bonds or notes, as to the sources and methods of
the payment, as to the rank or priority of the bonds or notes with respect to a lien or security, or as to the
acceleration of the maturity of the bonds or notes;
- (9) to provide for the replacement of lost, stolen, destroyed, or mutilated bonds or notes;
- (10) to covenant against extending the time for the payment of bonds or notes or interest on the bonds or notes;
- (11) to covenant as to the redemption of bonds or notes and privileges of their exchange for other bonds or notes of the
- (12) to covenant to create or authorize the creation of special funds of money to be held in pledge or otherwise for
operating expenses, payment or redemption of bonds or notes, reserves, or other purposes, and as to the use and
disposition of the money held in the funds;
- (13) to establish the procedure, if any, by which the terms of any contract or covenant with or for the benefit of the
holders of bonds or notes may be amended or abrogated, the amount of bonds or notes the holders of which must consent
to amendment or abrogation, and the manner in which the consent may be given;
- (14) to covenant as to the custody of any of its properties or investments, their safekeeping and insurance, and the use
and disposition of insurance money;
- (15) to covenant as to the time or manner of enforcement or restraint from enforcement of any rights of the corporation
arising by reason of or with respect to nonpayment of any principal or interest of any mortgage loans or construction
- (16) to provide for the rights and liabilities, powers and duties arising upon the breach of any covenant, condition, or
obligation, and to prescribe the events of default and the terms and conditions upon which any or all the bonds, notes,
or other obligations of the corporation become or may be declared due and payable before maturity and the terms and
conditions upon which any such declaration and its consequences may be waived;
- (17) to vest in a trustee or trustees within or outside the state the property, rights, powers, and duties in trust as the
corporation may determine, which may include any or all of the rights, powers, and duties of any trustee appointed by
the holders of any bonds or notes, and to limit or abrogate the right of the holders of any bonds or notes of the
corporation to appoint a trustee under this chapter or limit the rights, powers, and duties of the trustee;
- (18) to pay the costs or expenses incident to the enforcement of the bonds or notes or of the provisions of the resolution
or of any covenant or agreement of the corporation with the holders of its bonds or notes;
- (19) to agree with any corporate trustee which may be any trust company or bank having the powers of a trust company within
or outside the state as to the pledging or assigning of revenue or funds to which or in which the corporation has any
rights or interest; the agreement may further provide for other rights and remedies exercisable by the trustee as may
be proper for the protection of the holders of any bonds or notes of the corporation and not otherwise in violation of
law and may provide for the restriction of the rights of an individual holder of bonds or notes of the corporation;
- (20) to appoint and provide for the duties and obligations of any paying agent or paying agents, or other fiduciaries as
the resolution may provide within or outside the state;
- (21) to limit the rights of the holders of any bonds or notes to enforce any pledge or covenant securing bonds or notes;
- (22) to make covenants other than and in addition to the covenants expressly authorized in this section, of like or
different character, and to make covenants to do or refrain from doing acts and things as may be necessary, or
convenient and desirable, in order to better secure bonds or notes or that, in the absolute discretion of the
corporation, will tend to make bonds or notes more marketable, notwithstanding that the covenants, acts or things may
not be enumerated in this section.
- (g) Notwithstanding AS 18.56.090
(a)(11) and (a) of this section, the corporation may not issue bonds in any 12-month period beginning after June 30,
1983, in an amount that exceeds the amount of bonds authorized to be issued during the preceding period, unless a
different amount is authorized by the legislature. This subsection does not apply to the issuance by the corporation of
refunding bonds or to the issuance by the corporation of bonds the proceeds of which are intended to be used to
refinance mortgage loans held by the corporation.
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