Sec. 18.55.150. Security for bonds.

144 words·~1 min read·/ak/title-18/chapter-55/18-55-150

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)In conjunction with projects authorized by this chapter, the corporation may issue bonds, including bonds on which the principal and interest are payable

(1)exclusively from the income and revenue of the housing project financed with the proceeds of the bonds;

(2)exclusively from the income and revenue of designated housing projects whether or not they are financed in whole or in part with the proceeds of the bonds;

(3)from its revenue generally; or

(4)exclusively from rents collected on public buildings.

(b)Bonds authorized by

(a)of this section may be additionally secured

(1)by a pledge of a grant or contribution from the federal government or from another source;

(2)by a pledge of income or revenue of the corporation; or

(3)by a mortgage of a housing project or other property of the corporation.