Title 37 — Public Finance
17 chapters · 393 sections in this title.
AS 37.15.390 Execution of notes.
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Article 4. International Airports Revenue Bonds. Notes for money borrowed in anticipation of receipts from the sale of bonds shall be signed by the governor and countersigned by the lieutenant governor. The governor's and lieutenant governor's signatures may be facsimile signatur…
AS 37.15.410 Bond authorization.
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For the purpose of providing part or all of the money to be used, with or without any grants or other money that may become available, the issuance and sale of revenue bonds of the state in a total principal sum not to exceed $812,500,000 is authorized to acquire, equip, construc…
AS 37.15.415 Continuing revenue bond debt service appropriation.
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The amounts required annually to pay the principal, interest, and redemption premium on all issued and outstanding international airports revenue bonds of the state are appropriated each fiscal year from the international airports revenue fund to the state bond committee to make …
AS 37.15.420 International airports construction fund.
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(a) There is established the “International Airports Construction Fund,” into which shall be paid the proceeds of the sale of the bonds (except any accrued interest paid on them, which shall be paid into the bond redemption fund) and grant or other money that is legally provided …
AS 37.15.430 International airports revenue fund.
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(a) There is established an enterprise fund known as the “International Airports Revenue Fund,” into which shall be paid all revenue, fees, charges, and rentals derived by the state from the ownership, lease, use, and operation of the airports and all of the facilities and improv…
AS 37.15.440 International airports revenue bond redemption fund.
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There is another special fund of the state, known as the “International Airports Revenue Bond Redemption Fund,” which 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 which shall be at all times …
AS 37.15.450 Bond terms.
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(a) The bonds may be sold at public or private sale in the manner, in the amounts or series, and at the time or times that the committee determines. However, the bonds, or each series of them, shall be sold at such a price so that the effective interest rate over the life of the …
AS 37.15.460 Bond resolution.
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The committee shall adopt the bond resolution and prepare all other documents and proceedings necessary for the issuance, sale, and delivery of the bonds or any part or series of them. The bond resolution must fix the principal amount, denomination, date, maturities, place or pla…
AS 37.15.470 Enforcement by holder.
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The holder of any bonds or the trustee for the holders of the bonds or any series of them may, by appropriate proceedings in the courts of record of the state, require and compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions…
AS 37.15.480 Amounts required for payments.
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The committee shall, before December 31 of each year, commencing with the year in which the bonds are issued, certify to the commissioners of revenue and transportation and public facilities the amounts required in the next ensuing calendar year by the bond resolution or resoluti…
AS 37.15.490 Bond negotiability.
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The bonds and the coupons attached to them are fully negotiable instruments under the laws of the state.
AS 37.15.500 Airport charges.
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As provided in AS 02.15.090(a), the commissioner of transportation and public facilities shall fix and collect the fees, charges, and rentals derived by the state from the ownership, lease, use, and operation of the airports and all of the facilities and improvements that will pr…
AS 37.15.510 State improvements to airports.
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The state is authorized to acquire, equip, construct, and install additions and improvements to and extensions of the airports, facilities for the landing, parking, loading, storing, repairing, safety, and utility of aircraft at the airports and passenger, freight, and terminal f…
AS 37.15.520 Refunding.
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(a) The bonds or any part of them may be refunded at or before their maturity by the issuance of refunding revenue bonds of the state if in the opinion of the committee refunding is advantageous to and in the best interests of the state and its inhabitants. (b) The issuance of re…
AS 37.15.530 Bonds as legal investments.
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The bonds are legal investments for all banks, trust companies, savings banks, savings and loan associations, and other persons carrying on a banking business, all insurance companies and other persons carrying on an insurance business, and all executors, administrators, trustees…
AS 37.15.540 Statutory construction.
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AS 37.15.410 — 37.15.550 shall be liberally construed in order to carry out the purposes for which they were enacted, and all existing laws in conflict with any of these sections are superseded insofar as necessary to accomplish the purposes of and carry out the provisions of the…
AS 37.15.550 Definitions.
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Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. In AS 37.15.410 — 37.15.550, unless the context otherwise requires, (1) “airports” means the international airports owned and operated by the state and located at or near the cities of Anchorage and Fairbanks; (2) …
AS 37.15.560 Bond authorization.
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(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…
AS 37.15.565 Bond redemption funds.
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(a) There are established special funds of the state, known as the “Alaska clean water fund revenue bond redemption fund ” and the “Alaska drinking water fund revenue bond redemption fund,” which are trust funds for paying and securing the payment of the principal of and interest…
AS 37.15.570 Bond terms.
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(a) The bonds may be issued and sold at public or negotiated sale in the manner, in the amounts or series, and at the time or times that the committee determines. The bonds, or each series of them, shall be sold at the price and upon the terms, conditions, and covenants set by th…
AS 37.15.573 Bond resolution.
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The committee shall authorize the issuance of bonds by adopting a resolution and shall prepare all other documents and proceedings necessary for the issuance, sale, and delivery of the bonds or any part or series of them. The bond resolution must fix the principal amount, denomin…
AS 37.15.575 State aid intercept.
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If a municipality is in default on the payment of principal or interest on a loan from the Alaska clean water fund (AS 46.03.032) or the Alaska drinking water fund (AS 46.03.036), the committee may provide written notice of default to any state agency that is the custodian of mon…
AS 37.15.580 Pledge of the state.
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The state pledges to and agrees with the holders of bonds issued by the committee under AS 37.15.560 — 37.15.605 and under AS 46.03.032 or 46.03.036, as appropriate, that the state will not limit or alter the rights and powers vested in the committee by AS 37.15.560 — 37.15.605 a…
AS 37.15.583 Enforcement by bond owner.
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(a) The owner or owners of not less than 10 percent of the aggregate principal amount of any series or issue of bonds or the trustee for the owners of the bonds or any series of them may, by appropriate proceedings in state court, require and compel the transfer, setting aside, a…
AS 37.15.585 Amounts required for payments.
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The committee shall, before June 30 of each year or from time to time within the year, as appropriate, commencing with the year in which the bonds are issued, certify to the commissioners of revenue and environmental conservation the amounts required in the current fiscal year an…
AS 37.15.587 Purposes and sufficiency of revenue.
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The proceeds of bonds may be used for the purposes described in AS 46.03.032 or 46.03.036, as appropriate. Bonds may not be issued unless the committee first finds that revenue to be derived from repayment of loans from the Alaska clean water fund or the Alaska drinking water fun…
AS 37.15.590 Refunding.
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(a) The committee may refund the bonds or any part of them at or before their maturities or redemption dates by the issuance of refunding revenue bonds of the state if, in the opinion of the committee, refunding is advantageous to and in the best interest of the state and its inh…
AS 37.15.595 Bonds as legal investments.
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The bonds are legal investments for all banks, trust companies, savings banks, savings and loan associations, and other persons carrying on a banking business, all insurance companies and other persons carrying on an insurance business, and all executors, administrators, trustees…
AS 37.15.600 Statutory construction.
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AS 37.15.560 — 37.15.605 shall be liberally construed in order to carry out the purposes for which they were enacted.
AS 37.15.603 Regulations.
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The committee may adopt regulations necessary to implement the provisions of AS 37.15.560 — 37.15.605.
AS 37.15.605 Definitions.
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Article 6. Toll Facilities Revenue Bonds. In AS 37.15.560 — 37.15.605, (1) “bond redemption funds” means the Alaska clean water fund revenue bond redemption fund and the Alaska drinking water fund revenue bond redemption fund established in AS 37.15.565, as applicable; (2) “bond …
AS 37.15.610 Bond authorization.
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For the purpose of providing part or all of the money to be used, with or without any grants or other money that may become available, the issuance and sale of revenue bonds of the state in the total principal sum of not to exceed $500,000,000 is authorized to acquire, construct,…
AS 37.15.620 Construction fund.
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(a) The toll facilities construction fund is established for deposit of proceeds of the sale of the bonds authorized by AS 37.15.610 and any grant or other money that is legally provided for the same purposes for which the bonds are authorized except for any accrued interest paid…
AS 37.15.630 Revenue fund.
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(a) The toll facilities revenue fund is established and shall be set apart from all other money of the state. The toll facilities revenue fund is a trust fund for the purposes under AS 37.15.610 — 37.15.760, where all revenue, fees, tolls, charges, and rentals are deposited that …
AS 37.15.640 Bond redemption fund.
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The toll facilities revenue bond redemption fund is established for deposit in trust of money for paying and securing the payment of principal of and interest and redemption premium, if any, on bonds and is set apart from all other money of the state. The committee, on behalf of …
AS 37.15.650 Bond terms.
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(a) The toll facilities bonds are sold in the amounts or series and at the time as determined by the committee. Before selling a series of bonds, the committee shall give notice inviting sealed bids. If satisfactory bids are received, the bonds offered for sale are awarded to the…
AS 37.15.660 Bond resolution.
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The committee is authorized and directed to adopt the bond resolution and prepare all other documents and proceedings necessary for the issuance, sale, and delivery of the bonds or any part or series of them. The bond resolution shall fix the principal amount, denomination, date,…
AS 37.15.670 Enforcement by holder.
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The holder of any bonds or the trustee for the holders of the bonds or any series of them, may, by appropriate proceedings in the courts of record of the state, compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions, and coven…
AS 37.15.680 Amounts required for payments.
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The committee shall, before December 31 of each year, commencing with the year in which the bonds are issued, certify to the commissioner of revenue and the commissioner of transportation and public facilities the amounts required in the next ensuing calendar year by a bond resol…
AS 37.15.690 Bond negotiability.
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The bonds and the coupons attached to them are fully negotiable instruments under the laws of the state.
AS 37.15.700 Refunding.
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(a) The bonds or any part of them may be refunded at or before their maturity by the issuance of refunding revenue bonds of the state if in the opinion of the committee refunding is advantageous to and in the best interest of the state and its inhabitants. (b) The issuance of ref…
AS 37.15.710 Bonds as legal investments.
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Toll facilities bonds are legal investments for all banks, trust companies, savings banks, savings and loan associations, and other persons carrying on a banking business, all insurance companies and other persons carrying on an insurance business, and all executors, administrato…
AS 37.15.720 State toll facilities.
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The state is authorized to acquire, construct, equip, and maintain toll bridges, tunnels, highways, roads, crossings, and causeways found to be necessary by the commissioner of transportation and public facilities.
AS 37.15.730 Review of toll facility projects.
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A toll facility may be financed under AS 37.15.610 — 37.15.760 if the following conditions are met for that toll facility: (1) the department submits to the governor and the legislature a feasibility study that finds that the toll facility is financially feasible and able to prod…
AS 37.15.740 Toll facility charges.
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The commissioner of transportation and public facilities shall fix and collect the fees, charges, tolls, and rentals derived by the state from the ownership, lease, use, and operation of the facilities authorized by AS 37.15.720 and 37.15.730 and improvements of the facilities as…
AS 37.15.750 Statutory construction.
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AS 37.15.610 — 37.15.760 shall be liberally construed in order to carry out the purposes for which the provisions were enacted, and all existing laws in conflict with AS 37.15.610 — 37.15.760 are superseded as necessary to accomplish the purposes of AS 37.15.610 — 37.15.760.
AS 37.15.760 Definitions.
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Article 7. Sport Fishing Facility Revenue Bonds. In AS 37.15.610 — 37.15.760, unless the context requires otherwise, (1) “bond redemption fund” means the toll facilities revenue bond redemption fund created by AS 37.15.640, including any accounts that are created in that fund aft…
AS 37.15.765 §§ 37.15.765 — 37.15.799. Bond authorization; bond redemption fund established; bond terms; bond resolution; pledge of the state; amounts required for payments; purposes and sufficiency of revenue; refunding; bonds as legal investments; definitions.
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[Repealed or reserved.]
AS 37.15.800 Tax-exempt bonds and tax credits.
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(a) As authorized under 26 U.S.C. 146(e), the state bond committee shall allocate the private activity bond volume limit for the state. Each year at least 25 percent of the limit shall be allocated to municipalities. If the committee determines that a portion of the limit allocat…
AS 37.15.900 Bond authorization.
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(a) For purposes of financing prepayment of all or a portion of a governmental employer's share of unfunded accrued actuarial liability of retirement systems, including the costs of issuance and administration, the issuance and sale of bonds of the state by the committee is autho…