Sec. 29.35.625. Bonds of a port authority; superior court jurisdiction.

431 words·~2 min read·/ak/title-29/chapter-35/29-35-625

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

(a)If authorized by the enabling ordinance, an authority may borrow money and may issue bonds on which the principal and interest are payable

(1)exclusively from the income and receipts of, or other money derived from, the project financed with the proceeds of the bonds;

(2)exclusively from the income and receipts of, or other money derived from, designated projects or other sources whether or not they are financed, insured, or guaranteed in whole or in part with the proceeds of the bonds; or

(3)from its income and receipts generally or a designated part or parts of them.

(b)All bonds may be sold at public or private sale in the manner, for the price or prices, and at the time or times that the authority may determine.

(c)Before issuing bonds, an authority shall provide for consideration at least sufficient, in the judgment of the authority, to pay the principal and interest on the bonds as they become due and to create and maintain the reserves for the payment that the authority considers necessary or desirable and meet all obligations in connection with the lease or agreement and all costs necessary to service the bonds, unless the lease or agreement provides that the obligations are to be met or costs are to be paid by a party other than the authority.

(d)Bonds shall be authorized by resolution of the authority, be dated, and shall mature as the resolution may provide, except that a bond may not mature more than 40 years from the date of its issue. Bonds shall bear interest at the rate or rates, be in the denominations, be in the form, either coupon or registered, carry the registration privileges, be executed in the manner, be payable in the medium of payment, at the place or places, and be subject to the terms of redemption that the resolution or a subsequent resolution may provide.

(e)All bonds issued under this section, regardless of form or character, are negotiable instruments for all of the purposes of AS 45.01 — AS 45.08 , AS 45.12 , AS 45.14 , and AS 45.29 (Uniform Commercial Code).

(f)The superior court has jurisdiction to hear and determine suits, actions, or proceedings relating to an authority, including suits, actions, or proceedings brought to foreclose or otherwise enforce a mortgage, pledge, assignment, or security interest brought by or for the benefit or security of a holder of the authority's bonds or by a trustee for or other representative of the holders.