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- Alaska Statutes.
- Title 18. Health, Safety, and Housing
- Chapter 56. Alaska Housing Finance Corporation
- Section 160. Refunding Obligations.
previous: Section 150
. Obligations Eligible For Investment.
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. Credit of State Not Pledged.
AS 18.56.160. Refunding Obligations.
- (a) The corporation may provide for the issuance of refunding obligations for the purpose of refunding any obligations
then outstanding that have been issued under the provisions of this chapter, including the payment of any redemption
premium on them and any interest accrued or to accrue to the date of redemption of the obligations. The issuance of
the obligations, the maturities and other details of them, the rights of the holders of them, and the rights, duties,
and obligations of the corporation in respect of them are governed by the provisions of this chapter that relate to the
issuance of obligations, insofar as those provisions may be appropriate.
- (b) Refunding obligations may be sold or exchanged for outstanding obligations issued under this chapter and, if sold, the
proceeds may be applied, in addition to any other authorized purposes, to the purchase, redemption, or payment of the
outstanding obligations. Pending the application of the proceeds of refunding obligations, with any other available
funds, to the payment of the principal, accrued interest, and any redemption premium on the obligations being refunded,
and, if so provided or permitted in the resolution authorizing the issuance of the refunding obligations or in the
trust agreement securing them, to the payment of any interest on the refunding obligations and any expenses in
connection with the refunding, the proceeds may be invested in direct obligations of, or obligations the principal of
and the interest on which are unconditionally guaranteed by, the United States that mature or that will be subject to
redemption, at the option of the holders of them, not later than the respective dates when the proceeds, together with
the interest accruing on them, will be required for the purposes intended.
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