- Alaska Statutes.
- Title 37. Public Finance
- Chapter 15. Bonding
- Section 450. Bond Terms.
previous: Section 440
. International Airports Revenue Bond Redemption Fund.
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. Bond Resolution.
AS 37.15.450. Bond Terms.
- (a) The bonds may be sold at public or private sale in the manner, in the amounts or series, and at the time or times that
the committee determines. However, the bonds, or each series of them, shall be sold at such a price so that the
effective interest rate over the life of the bonds does not exceed 11 percent per year or that rate of interest that is
125 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 the bonds, whichever is higher. Interest shall be payable annually or semiannually.
- (b) The bonds mature at the time or times fixed by the committee. The bonds may be subject to redemption before their
fixed maturities as determined by the committee and with a premium or premiums fixed by the committee, but a bond is
not subject to redemption before its fixed maturity date unless the right so to redeem that bond is expressly mentioned
on the face of the bond. The bonds may be in denominations determined by the committee; may be issued in coupon form
or in fully registered form, and may be registrable as to principal or both principal and interest, all under
regulations and conditions that the committee shall provide; shall be payable as to principal and interest at such
place or places as may be determined by the committee; shall be signed on behalf of the state by the governor and shall
be attested by the lieutenant governor, both of which signatures may be facsimile signatures; shall have the seal of
the state impressed, printed, or lithographed on them, and each of the interest coupons attached to them shall be
signed by the facsimile signatures of these officials; shall be issued under and subject to such terms, conditions, and
covenants providing for the payment of the principal of them and interest on them and such other terms, conditions,
covenants, and protective features safeguarding this payment and relating to the maintenance, operation, and
improvement of the airports as found necessary by the committee, which covenants may include a provision requiring the
setting aside and maintenance of certain reserves to secure the payment of this principal and interest. The committee
may provide that any additional bonds authorized after June 27, 1972 by the legislature to be payable out of the same
source or sources as the bonds authorized as of that date may later be issued on a parity with the bonds authorized as
of that date upon compliance with any conditions which the committee may prescribe.
- (c) If found reasonably necessary, the committee may select a trustee or trustees for the holders of the bonds or any
series of them, for the safeguarding and disbursement of any of the money in any of the funds created by AS 37.15.420
, 37.15.430, and 37.15.440, or for duties with respect to the
authentication, delivery, and registration of the bonds as the committee may determine, and shall fix the rights,
duties, powers, and obligations of the trustee or trustees.
- (d) In its determination of all of the matters and questions relating to the issuance and sale of the bonds and the fixing
of the maturities, terms, conditions, and covenants of them as provided in (a), (b), and (c) of this section, the
decisions of the committee shall be those found to be reasonably necessary for the best interests of the state and its
inhabitants, and those that will accomplish the most advantageous sale of the bonds, with due regard, however, to
necessary or normal costs of maintenance and operation, renewals, and replacements of and repairs to the airports and
to all improvements to them and facilities of them owned, used, operated, or leased in connection with them, the future
growth and expansion of the airports and all of such facilities, and the possibility of additional revenue bond
financing for airports purposes. Any such decisions of the committee, as expressed in any bond resolution, are final
and conclusive when any bonds have been issued pursuant to the bond resolution.
- (e) A bond resolution may provide that the bonds issued must contain a recital that they are issued under AS 37.15.410
- 37.15.550, and a bond containing this recital shall
be conclusively considered to be valid and to have been issued in conformity with AS 37.15.410
- (f) The validity of the authorization and issuance of bonds is not affected by any proceedings for the acquisition or
construction of the additions, improvements, extensions, or facilities for which the bonds have been issued or by any
contracts in connection with the acquisition or construction.
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