Title 29 — Municipal Government
38 chapters · 509 sections in this title.
AS 29.47.010 Borrowing in anticipation of revenue.
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A municipality that is authorized to incur indebtedness may borrow money to meet appropriations for any fiscal year in anticipation of the collection of the revenues for that year, but all debt so contracted shall be paid before the end of the next fiscal year. Negotiable or nonn…
AS 29.47.020 Issuance of notes.
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A municipality may by ordinance or resolution authorize the issuance of revenue anticipation notes. The governing body may delegate to its chief fiscal officer the power to issue the notes from time to time under the terms and conditions of the ordinance or resolution that provid…
AS 29.47.030 Issuance of notes in anticipation of state or federal grants.
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(a) A municipality, on adoption of a long-range capital improvement budget by ordinance or resolution, may by resolution provide for negotiable or nonnegotiable revenue anticipation notes in an amount not to exceed the total amount of any state or federal grants finally committed…
AS 29.47.040 Priority of repayment.
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Article 2. Bond Anticipation Notes. The payment of the principal and interest on revenue anticipation notes is payable from revenues, and their payment additionally shall be secured by a pledge of the full faith and credit of the municipality issuing them.
AS 29.47.080 Bond anticipation borrowing.
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A municipality may borrow money in anticipation of the sale of general obligation and revenue bonds if (1) the general obligation bonds to be sold have been authorized by ordinance and ratified by a majority vote at an election; (2) the revenue bonds to be sold have been authoriz…
AS 29.47.090 Issuance of notes.
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The governing body shall issue negotiable or nonnegotiable notes for the amounts borrowed with a maturity date not to exceed one year from the date of issue. All notes and the interest on them are payable at fixed places on or before a fixed time from the proceeds of the sale of …
AS 29.47.100 Issuance of new notes.
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If the sale of the bonds has not occurred before the maturity of the notes issued in anticipation of the sale, the governing body shall issue new notes in order to meet payment of the notes then maturing, or shall renew the outstanding bond anticipation notes. New notes issued or…
AS 29.47.110 Repayment of notes.
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Every note is payable from the proceeds of the sale of bonds that the notes anticipated or from the proceeds of the sale of new bond anticipation notes.
AS 29.47.120 Security.
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(a) Notwithstanding other provisions of this chapter as to payment of notes, notes issued in anticipation of the sale of general obligation bonds and the interest on them are secured by the full faith and credit of the municipality. The municipality may levy ad valorem taxes for …
AS 29.47.130 Limitation.
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The total amount of notes issued and outstanding may at no time exceed the total amount of bonds authorized to be issued.
AS 29.47.140 Use of proceeds.
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Article 3. General Obligation Bonds. The proceeds from the sale of 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 29.47.180 General obligation bonds.
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A municipality may acquire, construct, improve, and equip capital improvements and issue negotiable or nonnegotiable general obligation bonds for these purposes.
AS 29.47.190 Vote and notice of existing indebtedness required.
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(a) A municipality may incur general obligation bond debt only after a bond authorization ordinance is approved by a majority vote at an election. Any municipal voter may vote in the bond election, except as otherwise provided by law. (b) Before a general obligation bond issue el…
AS 29.47.200 Payment.
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Article 4. Revenue Bonds. (a) The full faith and credit of a municipality are pledged for the payment of principal and interest on general obligation bonds. The municipality may levy ad valorem taxes for payment without limitation of rate or amount to pay or secure the payment of…
AS 29.47.240 Revenue bonds.
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(a) A municipality may issue negotiable or nonnegotiable revenue bonds for a public enterprise or public corporation of the municipality where the only security is the revenue of the public enterprise or corporation. (b) A municipality may issue its revenue bonds to finance the p…
AS 29.47.250 No election required.
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An election is not required to authorize the issuance and sale of revenue bonds, unless otherwise provided by ordinance.
AS 29.47.260 Applicability of AS 37.10.085.
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Article 5. Refunding Bonds. The prohibitions of AS 37.10.085 do not apply to the issuance of revenue bonds or the use of proceeds from revenue bonds by a home rule or general law municipality.
AS 29.47.300 Authorization.
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If a municipality has outstanding general obligation or revenue bonds and the governing body determines that it would be financially advantageous to refund the bonds, the municipality may provide by ordinance or resolution for the issuance of negotiable or nonnegotiable (1) gener…
AS 29.47.310 Effect of refunding bonds.
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The refunding bonds may take up and refund all or part of outstanding bonds at or before their maturity or redemption date. The governing body may include various series and issues of bonds in a single issue of refunding bonds.
AS 29.47.320 No election required.
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An election is not required to authorize the issuance and sale of refunding bonds. Their issuance may be authorized and all proceedings with reference to them prescribed by ordinance. However, when it is desirable to use general obligation bonds to refund a revenue bond issue, th…
AS 29.47.330 Payment of refunding bonds.
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General obligation refunding bonds are payable according to AS 29.47.200. Revenue refunding bonds are payable according to AS 29.47.240.
AS 29.47.340 Sale of refunding bonds.
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Article 6. Miscellaneous Provisions. General obligation or revenue refunding bonds may, at the discretion of the governing body, be exchanged for the bonds being refunded, or may be sold at public or private sale. They may be issued and delivered at any time before the date of ma…
AS 29.47.390 Other municipal financing.
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(a) A municipality may authorize by ordinance or resolution the issuance of negotiable or nonnegotiable revenue bonds to finance any project that serves a public purpose, and the bonds shall be secured and payable from any source except revenues, including tax revenue, of the mun…
AS 29.47.400 Sale.
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Bonds and notes issued under this chapter may be sold at either public or private sale by the municipality in the manner and at the price it determines.
AS 29.47.410 Forms and terms.
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The municipality may by ordinance or resolution fix the date, denominations, maturities, rate or rates of interest, redemption terms, registration privileges, manner of execution, signatures required, purchase price, manner of sale, and other requirements for issuing bonds or not…
AS 29.47.420 Interest rate.
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The interest rate payable on a bond or note issued under this chapter shall be determined by the municipality and is not subject to the usury rate limitations of AS 45.45.010.
AS 29.47.430 Redemption before maturity.
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A bond or note issued under this chapter may be made subject to redemption before maturity as stated in the authorization or in the bond or note.
AS 29.47.440 Borough indebtedness.
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(a) A borough may incur indebtedness on (1) an areawide basis for areawide functions; or (2) a nonareawide basis for functions performed only in the borough area outside all cities; or (3) a service area basis for functions performed only in a service area. (b) Payment of debt pr…
AS 29.47.450 Service area debt.
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The indebtedness of a service area acquired under AS 29.47.440 remains the indebtedness of the area that incurred the debt, notwithstanding a subsequent court determination that the service area was not validly formed under law or by virtue of a defect in the proceedings creating…
AS 29.47.460 Debt for improvement area projects.
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(a) A municipality may issue bonds to finance or to make loans to finance the acquisition, construction, rehabilitation, or development of public improvements in improvement areas. The municipality may issue the bonds as general obligation bonds or as revenue bonds or as a combin…
AS 29.47.470 [Renumbered as AS 29.45.820.]
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[Repealed or reserved.]
AS 29.47.480 Accrued actuarial liabilities of retirement systems.
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(a) A municipality, or two or more municipalities jointly, may enter into a lease or other contractual agreement with a trustee, or the Alaska Municipal Bond Bank Authority or a subsidiary of the authority, a subsidiary of the Alaska Housing Finance Corporation, the state bond co…