- Alaska Statutes.
- Title 37. Public Finance
- Chapter 15. Bonding
- Section 620. Construction Fund.
previous: Section 610
. Bond Authorization.
next: Section 630
. Revenue Fund.
AS 37.15.620. Construction Fund.
- (a) The toll facilities construction fund is established for deposit of proceeds of the sale of the bonds authorized by AS
and any grant or other money that is legally provided for the same purposes for which the bonds are authorized except
for any accrued interest paid on the bonds by the purchaser. The money in the construction fund is used to pay the
cost of acquiring, constructing, and equipping facilities authorized in AS 37.15.720
and 37.15.730 and costs incidental to those
activities, including costs of the authorization, issuance, and sale of the bonds. To the extent allowed in the bond
resolution, money in the construction fund may also be used for the payment of interest on the bonds during the time of
actual construction, and for any additional time, not exceeding one year after construction is completed. Money in the
construction fund may also be transferred to the bond redemption fund, as permitted by the bond resolution, to
establish a reserve for the payment of the principal and interest on the bonds.
- (b) The bond resolution may provide for the investment of money in the construction fund as the committee determines. The
interest earned upon or any profit derived from the sale of the investment is deposited in the construction fund.
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