- Alaska Statutes.
- Title 44. State Government
- Chapter 88. Alaska Industrial Development and Export Authority
- Section 90. Bonds of the Authority.
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. Bonding Limitations.
AS 44.88.090. Bonds of the Authority.
- (a) The authority may borrow money and may issue bonds, including but not limited to bonds on which the principal and
interest are payable
- (1) exclusively from the income and receipts or other money derived from the project or development project financed with
the proceeds of the bonds or derived from the exporter or exporting transaction financed, guaranteed, or insured with
the proceeds of the bonds;
- (2) exclusively from the income and receipts or other money derived from designated projects or development projects or
other sources whether or not they are financed, insured, or guaranteed in whole or in part with the proceeds of the
- (3) from its income and receipts or other assets generally, or a designated part or parts of them.
- (b) Bonds shall be authorized by resolution of the authority, and be dated and shall mature as the resolution may provide,
except that a bond may not mature more than 40 years from the date of its issue. Bonds shall bear interest at the rate
or rates, be in the denominations, be in the form, either coupon or registered, carry the registration privileges, be
executed in the manner, be payable in the medium of payment, at the place or places, and be subject to the terms of
redemption which the resolution or a subsequent resolution may provide.
- (c) All bonds, regardless of form or character, shall be negotiable instruments for all the purposes of AS 45.01 - AS 45.08, AS 45.12, AS 45.14, and AS 45.29 (Uniform Commercial Code).
- (d) All bonds may be sold at public or private sale in the manner, for the price or prices, and at the time or times which
the authority may determine.
- (e) Before issuing bonds, the authority shall provide for consideration at least sufficient, in the judgment of the
authority, to pay the principal of and interest on the bonds as they become due and to create and maintain the reserves
for the payments that the authority considers necessary or desirable, and to meet all obligations in connection with
the lease or agreement and all costs necessary to service the bonds, unless the lease or agreement provides that the
obligations are to be met or costs are to be paid by a party other than the authority. If the bonds are being issued to
finance a project or projects under AS 44.88.155
- 44.88.159, then the consideration shall be provided
by lease or other agreement regarding the project or projects. If the bonds are being issued to finance a development
project or development projects under AS 44.88.172
- 44.88.177, then the consideration shall be provided
by lease or other agreement regarding the development project or development projects.
- (f) The superior court shall have jurisdiction to hear and determine suits, actions, or proceedings relating to the
authority, including suits, actions, or proceedings brought to foreclose or otherwise enforce a mortgage, pledge,
assignment, or security interest or brought by or for the benefit or security of a holder of its bonds or by a trustee
for or other representative of the holders.
- (g) [Repealed, Sec. 23 ch 123 SLA 1990].
- (h) The authority may combine, for the purposes of a single offering, bonds financing more than one project or development
project under AS 44.88.155 - 44.88.159 or 44.88.172 - 44.88.177.
- (i) [Repealed, Sec. 23 ch 123 SLA 1990].
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