Title 37 — Public Finance
17 chapters · 393 sections in this title.
AS 37.16.010 Alaska Pension Obligation Bond Corporation.
0.4K chars
There is established the Alaska Pension Obligation Bond Corporation. The corporation is a public corporation and government instrumentality in the Department of Revenue managed by a board of directors. The purpose of the corporation is to finance prepayment of all or a portion of…
AS 37.16.020 Board of directors.
0.3K chars
The directors of the corporation are the commissioner of commerce, community, and economic development, the commissioner of administration, and the commissioner of revenue. If a director is absent or otherwise unable to act, the director's designee in the department shall act as …
AS 37.16.030 Bond authorization.
2.4K chars
(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 by the corporation is authorized as pr…
AS 37.16.040 Reserve fund.
5.2K chars
(a) The corporation may establish and maintain a special fund called the Alaska Pension Obligation Bond Corporation reserve fund in which there shall be deposited or transferred (1) all money appropriated by the legislature for the purpose of the fund in accordance with the provi…
AS 37.16.050 Bond terms.
2.1K chars
(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 corporation determines the bonds, or each series of them, shall be sold at the price and on the terms, conditions, and covenants set by the…
AS 37.16.060 Bond resolution.
0.5K chars
The corporation 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, denom…
AS 37.16.070 Enforcement by bond owner.
0.6K chars
(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 37.16.080 Purposes and sufficiency of revenue.
0.4K chars
The proceeds of bonds may be used for the purposes described in AS 37.16.030(a), as appropriate. Bonds may not be issued unless the corporation first finds that the actuarially assumed rate of return on the funds managed by the Alaska Retirement Management Board is projected to e…
AS 37.16.090 Refunding.
2.1K chars
(a) The corporation may refund the bonds or any part of them at or before their maturities or redemption dates by the issuance of refunding bonds of the corporation if the state bond rating is the equivalent of AA- or better and if, in the opinion of the corporation, refunding is…
AS 37.16.100 Bonds as legal investments.
0.4K chars
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 37.16.110 Debt service repayment contracts.
0.3K chars
The corporation shall enter into contracts with governmental employers for the purpose of recouping amounts paid as debt service on bonds issued by the corporation for the benefit of governmental employers. The corporation may pledge the revenue of the contracts as security for t…
AS 37.16.800 Statutory construction.
0.1K chars
This chapter shall be liberally construed to carry out the purposes for which it was enacted.
AS 37.16.810 Regulations.
0.1K chars
The corporation may adopt regulations necessary to implement the provisions of this chapter.
AS 37.16.900 Definitions.
1.0K chars
In this chapter, (1) “bond resolution” means the resolution or resolutions adopted by the corporation under AS 37.16.060 authorizing the issuance of bonds; (2) “bonds” means the pension obligation bonds authorized in this chapter; (3) “corporation” means the Alaska Pension Obliga…