- Alaska Statutes.
- Title 37. Public Finance
- Chapter 15. Bonding
- Section 560. Bond Authorization.
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. Bond Redemption Funds.
AS 37.15.560. Bond Authorization.
- (a) For purposes of providing part of the money to be used to provide financial assistance to municipalities and other
qualified entities under AS 46.03.032
and 46.03.036, including the costs of bond issuance
and administration, the issuance and sale of revenue bonds of the state is authorized subject to (b) of this section.
The bonds are to be issued by the state bond committee, as provided in AS 37.15.560
- 37.15.605, as part of the Alaska clean water fund
and the Alaska drinking water fund revolving loan fund programs (AS 46.03.032
and 46.03.036), public enterprises of the state. The
net proceeds of the sale of the bonds remaining after any payment of costs of issuance and administration shall be paid
into the Alaska clean water fund or the Alaska drinking water fund, as appropriate. Accrued interest paid on the bonds
shall be paid into the Alaska clean water fund or the Alaska drinking water fund for transfer to the Alaska clean water
fund revenue bond redemption fund or the Alaska drinking water fund revenue bond redemption fund (AS 37.15.565
), as appropriate.
- (b) The state bond committee may not issue more than $15,000,000 in revenue bonds under AS 37.15.560
- 37.15.605 during a fiscal year for each revolving
loan fund program referred to in (a) of this section, excluding refunding bonds. The total unpaid principal amount of
revenue bonds, including refunding bonds, but excluding refunded bonds, issued under AS 37.15.560
- 37.15.605 may not exceed $150,000,000 for each
- (c) The bonds do not constitute a general obligation of the state. Authorization by the voters of the state or the
legislature is not required.
- (d) The state bond committee may enter into agreements with other state agencies as necessary or convenient to implement
- (e) The state bond committee may contract for the services of underwriters, paying agents, trustees, bond printers, rating
agencies, bond insurance, credit enhancement providers, accountants, financial advisors, and bond counsel, and other
services as are necessary to accomplish the bond issuance and sale.
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