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- Alaska Statutes.
- Title 19. Highways and Ferries
- Chapter 75. Knik Arm Bridge and Toll Authority
- Section 338. Refunding.
previous: Section 336
. Bond Negotiability.
next: Section 340
. Bonds as Legal Investments.
AS 19.75.338. Refunding.
- (a) The bonds or any part of them may be refunded at or before their maturity by the issuance of refunding
revenue bonds of the authority if, in the opinion of the board, refunding is advantageous to and in the best interest of the authority.
- (b) The board shall adopt the resolution authorizing refunding and all other documents and proceedings necessary
for the issuance, exchange or sale, and delivery of the bonds. All provisions of AS 19.75.211 - 19.75.271, except AS 19.75.211 (c), and AS 19.75.330 - 19.75.340 applicable to revenue bonds are applicable to the
refunding bonds and to the issuance, sale, or exchange of the bonds, except as otherwise provided in this section.
- (c) Refunding bonds may be issued in a principal amount sufficient to provide money for the payment of all bonds
to be refunded by them and, in addition, for the payment of all expenses incident to the calling, retiring, or paying of the outstanding
bonds, and the issuance of the refunding bonds. These expenses include, without limitation,
- (1) the difference in amount between the par value of the refunding bonds and any amount less than par for which
the refunding bonds are sold;
- (2) any amount necessary to be made available for the payment of interest on the refunding bonds from the date
of sale of the bonds to the date of payment of the bonds to be refunded or to the date on which the bonds to be refunded will be paid
under the call of the bonds or agreement with the holders of the bonds;
- (3) the premium, if any, necessary to be paid in order to call or retire the outstanding bonds; and
- (4) the interest accruing on the outstanding bonds to the date of the call or retirement and other costs of issuance and refunding.
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