Title 37 — Public Finance
17 chapters · 393 sections in this title.
AS 37.18.010 Alaska Tax Credit Certificate Bond Corporation.
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The Alaska Tax Credit Certificate Bond Corporation is established in the Department of Revenue. The corporation is a public corporation and government instrumentality managed by a board of directors. The purpose of the corporation is to finance under AS 43.55.028 (1) the purchase…
AS 37.18.020 Board of directors.
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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 37.18.030 Bond authorization; powers of the corporation.
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(a) The issuance and sale of bonds by the corporation is authorized as provided in this section for purposes of financing purchases, refunds, and payments under AS 43.55.028 and the costs of issuance and administration of the bonds. The net proceeds of the sale of the bonds remai…
AS 37.18.040 Reserve fund.
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(a) The corporation may establish and maintain a special fund called the Alaska Tax Credit Certificate Bond Corporation reserve fund. The reserve fund consists of (1) money appropriated to the reserve fund by the legislature for the purpose of the reserve fund in accordance with …
AS 37.18.050 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 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 37.18.060 Bond resolution.
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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 37.18.070 Enforcement by bond owner.
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(a) The owner or owners of not less than 10 percent, or a higher percentage as specified in a bond resolution, 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 sta…
AS 37.18.080 Purposes; limitation on issuance.
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The proceeds of bonds may be used for the purposes described in AS 37.18.030, as appropriate. Bonds may not be issued unless the corporation first finds that the discount rate under AS 43.55.028(m) exceeds the true interest cost to be paid on the bonds by at least 1.5 percent ann…
AS 37.18.090 Refunding.
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(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, in the opinion of the corporation, refunding is advantageous to and in the best interest of the corporation, th…
AS 37.18.100 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 37.18.110 Limitation on judicial action.
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A person may not bring a judicial action to contest the constitutionality or validity of this chapter or the constitutionality or validity of a bond issued and sold under this chapter unless the action is commenced in a court of the state of competent jurisdiction within 45 days …
AS 37.18.170 Statutory construction.
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This chapter shall be liberally construed to carry out the purposes for which it was enacted.
AS 37.18.180 Regulations.
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The corporation may adopt regulations necessary to implement the provisions of this chapter.
AS 37.18.190 Definitions.
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In this chapter, (1) “bond resolution” means the resolution or resolutions adopted by the corporation under AS 37.18.060 authorizing the issuance of bonds; (2) “bonds” means the bonds authorized in this chapter; (3) “corporation” means the Alaska Tax Credit Certificate Bond Corpo…