15 AAC 144.075. Method of bond sale

The board of directors of the authority shall determine the method of sale for each bond issue. In its report on each loan application, the authority's financial advisor shall recommend, based on the factors set out in (1) - (7) of this section, the method by which the authority should sell bonds to finance the loan. The authority will sell bonds at competitive sale unless the board determines that a negotiated sale is in the interest of the authority and the borrowing municipalities. In determining the method of sale, the board shall consider the following factors:

(1) size of the authority's bond issue;

(2) schedule for issuance of the authority's bonds;

(3) market conditions, including interest rate volatility;

(4) market familiarity with bond structure;

(5) whether the issue is a new money or a refunding issue;

(6) expected credit rating of the issue; and

(7) preference of a borrowing municipality for a particular method of sale, and the municipality's reasons for that preference, as stated in its loan application.

History: Eff. 10/19/94, Register 132

Authority: AS 44.85.080

AS 44.85.095

AS 44.85.200

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