- Alaska Statutes.
- Title 37. Public Finance
- Chapter 15. Bonding
- Section 420. International Airports Construction Fund.
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AS 37.15.420. International Airports Construction Fund.
- (a) There is established a capital project fund known as the "International Airports Construction Fund," into which shall
be paid the proceeds of the sale of the bonds (except any accrued interest paid on them, which shall be paid into the
bond redemption fund) and grant or other money that is legally provided for the same purposes for which the bonds are
authorized. The money in the construction fund shall be used to pay the costs of acquiring, equipping, constructing
and installing additions and improvements to and extensions of and facilities for the airports and costs incidental
thereto, including costs of the authorization, issuance and sale of the bonds. To the extent provided in the bond
resolution, money in the construction fund may also be used for the payment of interest on the bonds during the period
of actual construction, and for a further period, not exceeding one year after the period of construction, that may be
provided in the bond resolution. Money in the construction fund may also be transferred to the bond redemption fund,
to the extent provided in the bond resolution, to establish a reserve for the payment of the principal of and interest
on the bonds.
- (b) The bond resolution may provide for the investment of money in the construction fund in a manner that the committee
may determine. The interest earned upon or any profits derived from the sale of this investment shall be deposited in
and become a part of the construction fund.
- (c) By January 1 of each year, the commissioner of transportation and public facilities shall submit to the legislature an
annual spending plan that contains information regarding the planned expenditure of money from the construction fund
during the next fiscal year and information on certain expenditures made during the previous fiscal year. The spending
plan must include
- (1) the total amount of money to be spent from the construction fund;
- (2) a description of the work to be performed on airport facilities that will be financed with money from the construction
- (3) the amount from the construction fund that will be spent under contracts with the private sector and a description of
the goods or services to be provided to the state under each of the contracts;
- (4) the amounts that the state will spend from the construction fund for purposes other than contract payments and a
description of each of those purposes, including financing costs, administrative and other overhead costs, and
- (5) the amounts spent during the previous fiscal year for cost overruns on projects financed in whole or part with money
from the construction fund and the sources of money used for those cost overruns;
- (6) identification of time delays that occurred during the previous fiscal year on projects financed in whole or part with
money from the construction fund and amounts spent as a result of the delays.
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