Sec. 37.15.560. Bond authorization.

346 words·~2 min read·/ak/title-37/chapter-15/37-15-560

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

(a)For purposes of providing part of the money to be used to provide financial assistance to municipalities and other qualified entities under AS 46.03.032 and 46.03.036, including the costs of bond issuance and administration, the issuance and sale of revenue bonds of the state is authorized subject to

(b)of this section. The bonds are to be issued by the state bond committee, as provided in AS 37.15.560 — 37.15.605, as part of the Alaska clean water fund and the Alaska drinking water fund revolving loan fund programs ( AS 46.03.032 and 46.03.036), public enterprises of the state. The net proceeds of the sale of the bonds remaining after any payment of costs of issuance and administration shall be paid into the Alaska clean water fund or the Alaska drinking water fund, as appropriate. Accrued interest paid on the bonds shall be paid into the Alaska clean water fund or the Alaska drinking water fund for transfer to the Alaska clean water fund revenue bond redemption fund or the Alaska drinking water fund revenue bond redemption fund ( AS 37.15.565 ), as appropriate.

(b)The state bond committee may not issue more than $15,000,000 in revenue bonds under AS 37.15.560 — 37.15.605 during a fiscal year for each revolving loan fund program referred to in

(a)of this section, excluding refunding bonds. The total unpaid principal amount of revenue bonds, including refunding bonds, but excluding refunded bonds, issued under AS 37.15.560 — 37.15.605 may not exceed $150,000,000 for each program.

(c)The bonds do not constitute a general obligation of the state. Authorization by the voters of the state or the legislature is not required.

(d)The state bond committee may enter into agreements with other state agencies as necessary or convenient to implement AS 37.15.560 — 37.15.605.

(e)The state bond committee may contract for the services of underwriters, paying agents, trustees, bond printers, rating agencies, bond insurance, credit enhancement providers, accountants, financial advisors, and bond counsel, and other services as are necessary to accomplish the bond issuance and sale.