Title 44 — State Government
54 chapters · 1,061 sections in this title.
AS 44.85.005 Legislative findings.
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The legislature finds that (1) the rapid growth of municipalities in the state and the incorporation of new municipalities has created a demand for capital improvements that can only be met by these municipalities borrowing money through the issuance of bonds or notes; (2) many o…
AS 44.85.010 Legislative policy.
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(a) It is the policy of the state to (1) foster and promote by all reasonable means the provision of adequate capital markets and facilities for borrowing money by municipalities in the state to finance capital improvements or for other authorized purposes, to assist these munici…
AS 44.85.020 Municipal Bond Bank Authority.
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There is created the Alaska Municipal Bond Bank Authority. The authority is a public corporation of the state. The corporation is an instrumentality of the state within the Department of Revenue but has a legal existence independent of and separate from the state and has continui…
AS 44.85.030 Membership and vacancies.
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The bond bank authority consists of the following five directors: the commissioner of revenue, the commissioner of commerce, community, and economic development, who shall each be a director ex officio with voting privileges, and three directors appointed by the governor. The app…
AS 44.85.040 Officers, quorum, and meetings.
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(a) The directors shall elect one of their number as chairman. The directors shall elect a secretary and a treasurer who need not be directors, and the same person may be elected to serve both as secretary and treasurer. The powers of the bond bank authority are vested in the dir…
AS 44.85.050 Bonding of members.
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Before the issuance of bonds or notes under this chapter, each director shall execute a surety bond in the penal sum of $25,000 and the treasurer shall execute a surety bond in the penal sum of $50,000. Each surety bond shall be conditioned upon the faithful performance of the du…
AS 44.85.060 Compensation and expenses.
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The directors of the bond bank authority shall serve without compensation, but the bond bank authority shall reimburse its directors for actual expenses necessarily incurred in the discharge of their duties. Notwithstanding any other law, an officer or employee of the state need …
AS 44.85.070 Staff.
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The bond bank authority shall employ an executive secretary who may with the approval of the bond bank authority select and employ additional staff as necessary. Employees and agents of the bond bank authority other than legal counsel and the executive secretary are in the classi…
AS 44.85.080 Powers of bond bank authority.
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The bond bank authority may (1) sue and be sued; (2) adopt and alter an official seal; (3) make and enforce bylaws and regulations for the conduct of its business and for the use of its services and facilities; (4) maintain an office at any place in the state; (5) acquire, hold, …
AS 44.85.085 Creation of subsidiary corporation.
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(a) The bond bank authority may create one or more subsidiary corporations for the following purposes: (1) providing financial and other assistance to governmental employers to enable the governmental employers to reduce their costs of providing retirement and other benefits to t…
AS 44.85.086 Powers of subsidiary corporation.
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A subsidiary corporation created under AS 44.85.085 has the following powers in addition to those granted to it under AS 44.85.085(c): (1) to make loans to and enter into contracts with governmental employers; (2) to incur debt, subject to AS 37.15.903, in furtherance of its purp…
AS 44.85.090 Limitations.
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Under this chapter, the bond bank authority may not (1) make loans of money to a person, firm, or corporation except as provided in this chapter; (2) emit bills of credit, accept deposits of money for time or demand deposit, administer trusts, or engage in any form or manner in, …
AS 44.85.095 Regulations.
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The bond bank authority shall adopt regulations, in accordance with AS 44.62 (Administrative Procedure Act), to implement this chapter.
AS 44.85.100 Annual report and audit.
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(a) Before October 1 of each year the bond bank authority shall make a report of its activities for the preceding fiscal year to the governor and notify the legislature that the report is available. The report shall set out a complete operating and financial statement covering it…
AS 44.85.110 Annual budget.
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The bond bank authority shall prepare and submit an annual budget under AS 37.07 (Executive Budget Act).
AS 44.85.120 Care and custody of bonds.
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The bond bank authority, in accordance with AS 36.30 (State Procurement Code), may enter into agreements or contracts with a bank, trust company, banking or financial institution inside or outside the state as may be necessary, desirable, or convenient, in the opinion of the bond…
AS 44.85.130 Effect of obligations.
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(a) Bonds and notes issued under this chapter are not a debt or liability of the state and do not create or constitute an indebtedness, liability, or obligation of the state, nor do they constitute a pledge of the faith and credit of the state. All bonds and notes issued under th…
AS 44.85.140 Negotiability of bonds or notes.
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Notwithstanding other provisions of law, a bond or note issued under this chapter is fully negotiable for all purposes of AS 45.01 — AS 45.08, AS 45.12, AS 45.14, and AS 45.29 (Uniform Commercial Code), and a holder or owner of a bond or note, or of a coupon appurtenant to it, by…
AS 44.85.150 Bonds or notes as legal investments.
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Notwithstanding the restrictions of any other law, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance…
AS 44.85.160 Tax exemption.
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All property of the bond bank authority is public property devoted to an essential public and governmental function and purpose and is exempt from all taxes and special assessments of the state or a political subdivision of the state. All bonds or notes issued under this chapter …
AS 44.85.170 Loans to political subdivisions and joint insurance arrangements.
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(a) The bond bank authority, to carry out the purposes and policies of this chapter, may lend money to municipalities through the purchase by the bond bank authority of municipal bonds of municipalities and if the purpose of the loan is to provide financing for a municipal self-i…
AS 44.85.180 Issuance of bonds and notes.
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(a) Subject to AS 44.85.100(b), the bond bank authority may issue its bonds or notes in principal amounts that it considers necessary to provide funds for any purposes under this chapter, including (1) the purchase of municipal bonds; (2) the making of loans through the purchase …
AS 44.85.190 Form of issuance.
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Bonds or notes of the bond bank authority shall be authorized by resolution of the bond bank authority and may be issued in one or more series and shall bear the date, mature at the time, bear interest at the rate of interest each year or within a maximum rate, be in the denomina…
AS 44.85.200 Sale price.
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Bonds or notes of the bond bank authority may be sold at public or private sale at the price the bond bank authority determines.
AS 44.85.210 Payment or refunding of notes.
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The bond bank authority may from time to time issue its notes under this chapter and pay and retire or fund or refund the notes from proceeds of bonds or of other notes, or from other funds or money of the bond bank authority available for that purpose in accordance with a contra…
AS 44.85.220 Terms of agreement with the bondholder or noteholder.
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In a resolution of the bond bank authority authorizing or relating to the issuance of bonds or notes, the bond bank authority, in order to secure the payment of the bonds or notes and in addition to its other powers, may covenant and contract with the holders of the bonds or note…
AS 44.85.230 Purchase and disposition of own obligations.
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The bond bank authority may purchase bonds or notes of the bond bank authority out of its funds or money available for the purchase of its own bonds and notes. The bond bank authority may hold, cancel, or resell the bonds or notes subject to and in accordance with agreements with…
AS 44.85.240 Bond anticipation notes.
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Notwithstanding any law applicable to a municipality as to the period for temporary financing of a public improvement or purpose by issuance of its notes in anticipation of the issuance of permanent bonds or as to the renewal of bond anticipation notes, the bond bank authority ma…
AS 44.85.250 Documentation.
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All municipal bonds purchased, held, or owned by the bond bank authority, upon delivery to the bond bank authority, must be accompanied by all documentation required by the authority.
AS 44.85.260 Presumption of validity.
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After issuance, all bonds or notes of the bond bank authority shall be conclusively presumed to be fully authorized and issued under the laws of the state, and a person or a municipality is estopped from questioning their authorization, sale, issuance, execution, or delivery by t…
AS 44.85.270 Reserve fund.
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(a) The bond bank authority shall establish and maintain a special fund called the “Alaska municipal bond bank authority 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…
AS 44.85.280 Additional funds and accounts.
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The bond bank authority may establish additional reserves or other funds or accounts as may be, in its discretion, necessary, desirable, or convenient to further the accomplishment of its purposes or to comply with the provisions of any of its agreements or resolutions.
AS 44.85.290 Application of funds.
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Money or investments in a fund or account of the bond bank authority established or held for bonds, notes, indebtedness, or liability to be paid, funded, or refunded by issuance of bonds or notes, unless the resolution authorizing the bonds or notes provides otherwise, shall be a…
AS 44.85.300 Rights of holders paramount.
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In order to carry out its purpose under this chapter of making loans to municipalities by purchase of the municipal bonds of those municipalities and by receipt of its income from service charges and from payments of interest on the maturing principal of municipal bonds purchased…
AS 44.85.310 Default in payment; appointment of trustee.
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If the bond bank authority defaults in the payment of principal or interest on an issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for 30 days, or if the bond bank authority fails or refuses to comply with t…
AS 44.85.320 Powers and duties of trustee on default.
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(a) A trustee appointed under AS 44.85.310 may, and shall in the trustee's name, upon written request of the holders of 25 percent in principal amount of the outstanding notes or bonds, (1) by civil action enforce all rights of the noteholders or bondholders, including the right …
AS 44.85.330 Personal liability.
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Neither a member of the bond bank authority nor a person executing bonds or notes issued under this chapter is liable personally on the bonds or notes.
AS 44.85.340 Exemption from execution and sale.
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All property of the bond bank authority is exempt from levy and sale by virtue of an execution and no execution or other judicial process may issue against the property. A judgment against the bond bank authority may not be a charge or lien upon its property; however, nothing in …
AS 44.85.350 Lien of pledge.
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A pledge of revenues or other money made by the bond bank authority is binding from the time the pledge is made. Revenues or other money so pledged and thereafter received by the bond bank authority are immediately subject to the lien of the pledge without any further act, and th…
AS 44.85.360 Insurance or guaranty.
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The bond bank authority may obtain from a department or agency of the United States, or a nongovernmental insurer available insurance or guaranty for the payment or repayment of interest or principal, or both, or any part of interest or principal, on bonds or notes issued by the …
AS 44.85.370 Surety for deposits by bank.
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All banks, trust companies, savings banks, investment companies, and other persons carrying on a banking business are authorized to give to the bond bank authority a good and sufficient undertaking with such sureties as are approved by the bank to the effect that the bank or bank…
AS 44.85.380 Expenses of administration.
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All expenses incurred in carrying out this chapter are payable solely from revenues or funds appropriated under this chapter and nothing in this chapter authorizes the bond bank authority to incur an indebtedness or liability on behalf of or payable by the state.
AS 44.85.390 Cooperation by government agencies.
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All officers, departments, boards, agencies, divisions, and commissions of the state shall render services to the bond bank authority that are within the area of their respective governmental functions and that may be requested by the bond bank authority and must comply promptly …
AS 44.85.400 Public records; open meetings.
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The provisions of AS 40.25.110 — 40.25.120 (public records) and AS 44.62.310 — 44.62.319 (Open Meetings Act) apply to the bond bank authority.
AS 44.85.410 Definitions.
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In this chapter, unless the context requires otherwise, (1) “bond bank authority” means the Alaska Municipal Bond Bank Authority established by AS 44.85.020; (2) “bonds” means bonds of the bond bank authority issued under this chapter; (3) “governmental employer” means the State …
AS 44.85.420 Short title.
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This chapter may be cited as the Alaska Municipal Bond Bank Authority Act or the Alaska Municipal Bond Bank Act. In transactions involving general obligation bonds of municipalities, the Alaska Municipal Bond Bank Authority created by this chapter may be referred to as the Alaska…