- Alaska Statutes.
- Title 37. Public Finance
- Chapter 15. Bonding
- Section 590. Refunding.
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AS 37.15.590. Refunding.
- (a) The committee may refund the bonds or any part of them at or before their maturities or redemption dates by the
issuance of refunding revenue bonds of the state if, in the opinion of the committee, refunding is advantageous to and
in the best interest of the state and its inhabitants.
- (b) The issuance of refunding bonds need not be authorized by the voters of the state or by an act of the legislature. The
committee shall adopt the resolution or resolutions and prepare all other documents and proceedings necessary for the
issuance, exchange or sale, and delivery of the refunding bonds. All provisions of AS 37.15.560
- 37.15.605 and of AS 46.03.032
and 46.03.036, as appropriate, applicable to revenue
bonds are applicable to the refunding bonds and to the issuance, sale, or exchange of them, except as otherwise
provided in this section.
- (c) Refunding bonds may be issued in a principal amount sufficient to provide money for the advance or current refunding
of all bonds to be refunded and interest on the refunded bonds and, in addition, for the payment of all costs of
issuance and administration of the refunding bonds. These expenses also include 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; the premium, if
any, necessary to be paid in order to call or retire the outstanding bonds and the interest accruing on them to date of
the call or retirement; and other such costs. The committee is authorized to incur such expenses.
- (d) The committee may contract with a refunding trustee to hold the proceeds of refunding bonds in trust until the
proceeds, together with earnings on the proceeds, are applied to pay the principal of, premium, if any, and interest on
the bonds to be refunded. Until the refunding bond proceeds are applied, the proceeds may be invested in direct
obligations of, or obligations guaranteed by, the United States or an agency or corporation of the United States whose
obligations constitute direct obligations of, or obligations guaranteed by the United States.
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