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(a) Interest on proceeds of bonds approved by municipal voters after July 1, 1986, for which debt retirement under AS 14.11.100 is approved, must accrue to the project. However, if more than one approved project is combined into one bond issue, the interest proceeds may be aggregated to the bond issuance or may accrue to each project in the amount proportionate to that project's share of the bond issuance. Interest proceeds may only be used to
(1) pay the costs of a project within that bond issue;
(2) pay accrued interest on the bond issue;
(3) redeem all or part of the bonds; or
(4) pay the costs of the bond sale.
(b) If the money earned as interest on the proceeds of bonds is used to pay the costs of the approved project or additions to the scope of the project approved under 4 AAC 31.030, other than costs of change orders, contract amendments, contractor's claims, or other modifications necessary because of unavoidable or unforeseeable circumstances that are not the result of imprudent management, as determined by the commissioner, then the amount that is allowed for debt retirement will be reduced by that amount.
(c) If the money earned as interest on the proceeds of bonds is used to pay accrued interest, redeem all or part of the bonds, or pay the costs of the bond sale, then the amount which is allowed for debt retirement will be reduced by that amount.
(d) The accounts in which the proceeds of bonds are placed are subject to audit under 4 AAC 31.062 and the district shall report, on forms prescribed by the department, the use to which the money is put.
(e) Interest on proceeds of grant money appropriated for approved projects shall be held by the district to pay for project cost overruns, change orders, or other legitimate project costs as stated in (b) of this section. If at the completion of the project, any money earned as interest remains, the district shall transfer that amount to a district capital reserve account for school capital projects.
History: Eff. 2/8/86, Register 97; am 7/11/86, Register 99; am 12/19/2002, Register 164
Authority: AS 14.07.060
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Last modified 7/05/2006