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Title 4 . Education and Early Development
Chapter 31 . (Repealed)
Section 64. Redirection of bond proceeds

4 AAC 31.064. Redirection of bond proceeds

If a municipality has bond proceeds remaining after the construction of a project approved by the department for debt retirement under 4 AAC 31.060 and by local voters under AS 14.11.100 (j), and the municipality seeks to construct a project different from the one approved by the department, the municipality may only receive reimbursement for the project if the new project is approved by the department and

(1) the bond proposition originally approved by the local voters authorized the use of any excess money for school capital projects such as the new project; or

(2) the municipality meets the requirements of AS 14.11.100 (j), including the requirement for a municipal election to approve the new use of the money.

History: Eff. 5/30/90, Register 114

Authority: AS 14.07.060

AS 14.11.100

AS 14.11.132

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Last modified 7/05/2006