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Title 3 . Commerce, Community, and Economic Development
Chapter 99 . Commercial and Industrial Financing
Section 910. Supervision of proceeds of bond issues

3 AAC 99.910. Supervision of proceeds of bond issues

If there are bonds remaining to be redeemed under a bond issue, an applicant whose financing of a project is approved or who is the recipient of a real property or tangible personal property loan shall, if requested by the authority

(1) permit and pay the cost of an audit or examination of its books and records by an independent firm of certified public accounts to determine if the provisions of the bond issue have been complied with; and

(2) submit a sworn statement that describes the purposes for which money derived from bond proceeds have been spent by the applicant.

History: In effect before 1988; am 1/11/88, Register 106

Authority: AS 44.88.080

AS 44.88.085

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Last modified 7/05/2006