Title 37 — Public Finance
17 chapters · 393 sections in this title.
AS 37.15.010 Full faith and credit for general obligation bonds.
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The full faith, credit, and resources of the state are hereby pledged to the payment of the principal of and interest and redemption premium, if any, on all general obligation bonds of the state authorized pursuant to art. IX, § 8 of the constitution.
AS 37.15.011 Alaska debt retirement fund.
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(a) The Alaska debt retirement fund is established as a separate fund in the general fund. The fund consists of all money appropriated to it. (b) The Alaska debt retirement fund shall be invested by the Department of Revenue so as to yield competitive market rates, as provided in…
AS 37.15.012 Continuing debt service appropriation.
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The amounts required annually to pay the principal, interest, and redemption premium on all issued and outstanding general obligation bonds of the state are appropriated each fiscal year from the Alaska debt retirement fund to the state bond committee to make all required payment…
AS 37.15.015 Notice before election.
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(a) Before a general or special election in which a bond issue is offered for ratification, the state bond committee shall publish a notice of existing state bonded indebtedness at least once a week for three consecutive weeks in a newspaper of general circulation in each of the …
AS 37.15.020 Manner and amounts of sale.
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The state bond committee shall sell the bonds of each authorization in the amounts or series and at the times which it finds are for the best interests of the state and its inhabitants.
AS 37.15.030 Interest rate and maturity.
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Each issue or series of bonds must bear interest at an effective rate over the life of the bonds not to exceed 11 percent a year or that rate of interest that is 110 percent of the rate of the Bond Buyer Index of 20 Municipal Bond Average Yields for the week previous to the date …
AS 37.15.040 Sale of bonds.
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Before selling an issue or series of bonds, the state bond committee shall give notice inviting sealed bids in a manner that it may prescribe. If satisfactory bids are received, the bonds offered for sale shall be awarded to the highest responsible bidder. If the state bond commi…
AS 37.15.050 Redemption.
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The state bond committee may determine whether the bonds are subject to redemption before their fixed maturities and may fix the premium for and all other terms of the redemption. A bond is not subject to redemption before its fixed maturity date unless the right to so redeem the…
AS 37.15.060 Form and registration of bonds.
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An issue or series of bonds may be issued in coupon form payable to bearer or in fully registered form, and bonds in coupon form may be made registrable as to principal or principal and interest, as determined by the state bond committee.
AS 37.15.070 Place of payment.
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The state bond committee may fix the place or places of payment of the principal, interest and redemption premium, if any.
AS 37.15.080 Signatures and seal.
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(a) Each bond shall be signed on behalf of the state by the governor and attested by the lieutenant governor, which signatures may be facsimile signatures. The seal of the state shall be impressed, imprinted or otherwise reproduced on each bond. Each interest coupon attached to t…
AS 37.15.090 Terms and conditions.
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Each issue or series of bonds shall be issued under and subject to the terms, conditions, and covenants providing for the payment of the principal and the interest and other terms, conditions, covenants, and protective provisions safeguarding the payment as found reasonably neces…
AS 37.15.100 Trustee.
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If the state bond committee finds it necessary to accomplish the most advantageous sale of the bonds, the committee shall select a trustee for the owners and holders of the bonds or for the safeguarding and disbursement of the proceeds of the sale of the bonds for the use and pur…
AS 37.15.110 Creation and membership of state bond committee.
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There is created a committee known as the “state bond committee,” the members of which are the commissioner of commerce, community, and economic development, the commissioner of administration, and the commissioner of revenue. If a member of the committee is absent or otherwise u…
AS 37.15.120 Regulations.
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The state bond committee may adopt regulations for the performance of its duties and may designate by resolution one of its members to perform any act necessary to effectuate its duties not required by statute to be performed by the state bond committee in meeting or by resolutio…
AS 37.15.130 Officers, records, and proceedings.
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The commissioner of commerce, community, and economic development is the chairman of the state bond committee and the commissioner of revenue is the secretary. A majority of the members of the committee constitute a quorum. The committee shall keep a full, complete, and permanent…
AS 37.15.140 Duties of state bond committee.
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The state bond committee shall adopt the resolution and prepare the documents necessary for the issuance, sale, and delivery of bonds.
AS 37.15.150 Committee may employ special services.
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If the state bond committee considers it necessary and advisable, it may procure architectural or engineering, fiscal agent or municipal investment, legal and other expert or specialized services at reasonable and customary fees to assist it in accomplishing the most advantageous…
AS 37.15.155 Prohibited bidding on bonds and anticipation notes.
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(a) A person who provides financial programming or marketing assistance to the state bond committee in connection with the issuance or sale of general obligation bonds, revenue bonds, or bond anticipation notes of the state may not bid on the bonds. (b) The sale of general obliga…
AS 37.15.160 Contents of resolution.
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The resolution adopted by the state bond committee must (1) fix the principal amount, denominations, date, maturities, place of payment, terms, right of redemption if any, form, conditions, and covenants of the bonds; (2) fix the date of sale and the form of the notice of sale; a…
AS 37.15.170 State bond committee to certify annual principal, interest, and reserve requirements.
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(a) Before December 1 of each year after bonds are issued, the state bond committee shall certify to the commissioner of administration the amount needed for the following calendar year to meet principal, interest, and reserve requirements on all bonds or issues or series of bond…
AS 37.15.180 Remedies of bondholders.
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The owner and holder of each bond or the trustee may by appropriate proceeding require and compel the transfer and payment of money as directed by this chapter.
AS 37.15.190 Negotiability.
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General obligation bonds of the state and the coupons attached to the bonds are negotiable instruments.
AS 37.15.200 Bonds as legal investments.
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General obligation bonds of the state are legal investments for all state funds, or for funds under state control, and for all funds of a political subdivision of the state.
AS 37.15.210 Refunding bonds.
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(a) All or a part of the general obligation bonds of the state, or all or a part of each outstanding issue or series of bonds, may be refunded at or before maturity by the issuance of general obligation refunding bonds of the state if, in the opinion of the state bond committee, …
AS 37.15.215 Official statements.
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To the extent practicable the official statements and other documentation issued in connection with an offering of state or local government securities must comply with the guidelines of the Municipal Finance Officers Association or other nationally recognized guidelines.
AS 37.15.220 Short title.
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Article 2. Toll Bridge Revenue Bonds. AS 37.15.010 — 37.15.220 may be cited as the State Bonding Act.
AS 37.15.225 Bond authorization.
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(a) For purposes of financing a portion of the costs of the Knik Arm bridge and appurtenant facilities or other toll bridges as the legislature may designate, including the costs of bond issuance, the issuance and sale of bonds of the state by the committee is authorized as provi…
AS 37.15.230 Knik Arm construction fund.
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(a) The Knik Arm construction fund is established in the general fund to receive the proceeds of the sale of bonds issued under AS 37.15.225, and other state or federal money that is appropriated for the same purpose for which the bonds are issued. The Department of Transportatio…
AS 37.15.235 Toll bridge revenue bond limit.
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The total unpaid principal amount of revenue bonds issued under AS 37.15.225 — 37.15.290, including refunding bonds but excluding refunded bonds, may not exceed $300,000,000.
AS 37.15.240 Toll bridge revenue fund.
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(a) The toll bridge revenue fund is established as a separate fund of the state. The revenue fund consists of all revenue, fees, charges, and rentals received by the state, by contract with the authority or otherwise, from the ownership or operation of toll bridges and facilities…
AS 37.15.245 Toll bridge revenue bond redemption fund.
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[Repealed or reserved.]
AS 37.15.250 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 or the committee's delegated representative determines. The bonds, or each series of them, shall be sold at the price and on the …
AS 37.15.255 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 may fix or the committee's delegated r…
AS 37.15.260 Bond reserve fund.
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(a) The resolution authorizing the issuance of the bonds under AS 37.15.225 — 37.15.290 may provide for the establishment and maintenance of a special fund called the toll bridge revenue bond reserve fund in which there shall be deposited or transferred (1) all money appropriated…
AS 37.15.265 Enforcement by bond owner.
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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 superior court, compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions, and covenants as require…
AS 37.15.270 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 administration the amounts required in the current fiscal year and the next e…
AS 37.15.275 Refunding.
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(a) The committee may refund the bonds or any part of the bonds at or before their maturity or redemption dates by issuing refunding revenue bonds of the state if the committee determines the refunding to be advantageous to and in the best interest of the state. (b) The issuance …
AS 37.15.280 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 37.15.285 Statutory construction.
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AS 37.15.225 — 37.15.290 shall be liberally construed in order to carry out the purposes for which they were enacted.
AS 37.15.290 Definitions.
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Article 3. Bond Anticipation Notes. In AS 37.15.225 — 37.15.290, (1) “authority” means (A) the Knik Arm Bridge and Toll Authority established in AS 19.75.021 with respect to the Knik Arm bridge and its appurtenant facilities; or (B) an authority established by the legislature for…
AS 37.15.300 Borrowing in anticipation of sale of bonds permitted.
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When the state bond committee considers it in the best interests of the state, it may borrow money in anticipation of the sale of general obligation and revenue bonds if money to be derived from the sale of the bonds has been appropriated by the legislature and (1) in the case of…
AS 37.15.310 Issuance of notes.
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The state bond committee shall issue notes for the amounts borrowed with a maturity date not to exceed one year from the date of issue. All the notes are payable at a fixed place, on or before a fixed time, or at a fixed time, from the proceeds of the sale of bonds, in anticipati…
AS 37.15.320 Issuance of new notes. [Repealed, § 3 ch 41 SLA 1967.]
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[Repealed or reserved.]
AS 37.15.330 Repayment of notes.
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Every note shall be payable from the proceeds of the next succeeding sale of bonds or from the proceeds of the sale of new bond anticipation notes.
AS 37.15.340 Security for repayment of general obligation bonds.
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Notes issued in anticipation of the sale of general obligation bonds and the interest thereon are secured by the full faith, credit, and resources of the state.
AS 37.15.350 Security for repayment of revenue bonds.
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Notes issued in anticipation of the sale of revenue bonds and the interest thereon are secured in the same manner as are the revenue bonds in anticipation of which the notes are issued.
AS 37.15.360 Limitation on issuance of notes.
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The total amount of such notes issued and outstanding shall at no time exceed the total amount of bonds authorized to be issued.
AS 37.15.370 Use of proceeds from sale of notes.
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The proceeds from the sale of the notes shall be used only for the purposes for which the proceeds from the sale of bonds may be used or to meet payment of outstanding bond anticipation notes.
AS 37.15.380 Sale of notes.
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Notes issued under this chapter shall be sold by the state bond committee in the manner and at the price or prices as it shall determine, at either public or private sale; however, a note sold under this chapter may not be sold for less than par and accrued interest or at an inte…