Sec. 37.15.245. Toll bridge revenue bond redemption fund.

211 words·~1 min read·/ak/title-37/chapter-15/37-15-245

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

(a)The toll bridge revenue bond redemption fund is established as a special fund of the state. The bond redemption fund is a trust fund for paying and securing the payment of the principal of and interest and redemption premium, if any, on the bonds and shall be at all times completely segregated and set apart from all other funds of the state. The bond redemption fund shall be drawn on only for the purpose of paying the principal of and interest and redemption premium, if any, on the bonds, together with related trustee fees, if any.

(b)Money in the bond redemption fund may be invested in the same manner and on the same conditions as permitted for investment of money belonging to the state or held in the treasury under AS 37.10.070 ; however, the committee may agree with the bondholders to further limit these investments. Earnings on investments must be retained in the bond redemption fund or a designated account in the bond redemption fund.

(c)All references to the bond redemption fund in this section include special accounts in the bond redemption fund that may be created by resolution or first agreement to secure the payment of particular bonds.