- Alaska Statutes.
- Title 37. Public Finance
- Chapter 15. Bonding
- Section 210. Refunding Bonds.
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. Bonds as Legal Investments.
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. Official Statements.
AS 37.15.210. Refunding Bonds.
- (a) All or a part of the general obligation bonds of the state, or all or a part of each outstanding issue or series of
bonds, may be refunded at or before maturity by the issuance of general obligation refunding bonds of the state if, in
the opinion of the state bond committee, refunding is advantageous to and in the best interest of the state and its
inhabitants. Money set aside as reserve to secure the payment of the principal and interest of bonds being refunded may
be used to pay the principal and interest on these bonds or may be retained by the state to secure the payment of the
principal and interest on the refunding bonds to be issued.
- (b) Refunding bonds and the coupons attached to them are negotiable instruments. The effective rate of interest over the
life of refunding bonds may not exceed 11 percent a year or that rate of interest that is 110 percent of the rate of
the Bond Buyer Index of 20 Municipal Bond Average Yields for the week previous to the date of sale of bonds, whichever
is higher, and the amount of premium that is paid to effect the redemption of outstanding bonds may not be considered
in determining the effective rate of interest.
- (c) Refunding bonds may be exchanged for the bonds being refunded or refunding bonds may be sold in the manner and at the
prices that the state bond committee determines to be for the best interest of the state and its inhabitants either at
public or private sale.
- (d) The issuance of refunding bonds need not be authorized by the qualified voters of the state. The state bond committee
shall adopt the resolution and prepare the documents necessary for the issuance, exchange or sale, and delivery of
refunding bonds. The provisions of this chapter relating to the terms, conditions, covenants, issuance, and sale of
general obligation bonds of the state apply to refunding bonds except as otherwise specifically provided in this
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