Sec. 44.85.086. Powers of subsidiary corporation.

172 words·~1 min read·/ak/title-44/chapter-85/44-85-086

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

A subsidiary corporation created under AS 44.85.085 has the following powers in addition to those granted to it under AS 44.85.085 (c):

(1)to make loans to and enter into contracts with governmental employers;

(2)to incur debt, subject to AS 37.15.903 , in furtherance of its purposes, in the form of bonds, notes, commercial paper, or other obligations as the subsidiary corporation considers appropriate, but only after submitting a proposal to the Legislative Budget and Audit Committee under AS 44.85.085

(e)and if the state bond rating is the equivalent of AA- or better;

(3)to secure its debt with a pledge of any assets that are available to the subsidiary corporation for the purpose, including identified revenue and contractual payments from participating governmental employers, and the general assets and revenue of the subsidiary corporation; and

(4)to enter into contracts with underwriters, bond counsel, financial advisors, accountants, actuaries, and other contractors to provide assistance as the subsidiary corporation considers desirable to accomplish its purposes.