Title 37 — Public Finance
17 chapters · 393 sections in this title.
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[Repealed or reserved.]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…
AS 37.15.390 Execution of notes.
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Article 4. International Airports Revenue Bonds. Notes for money borrowed in anticipation of receipts from the sale of bonds shall be signed by the governor and countersigned by the lieutenant governor. The governor's and lieutenant governor's signatures may be facsimile signatur…
AS 37.15.410 Bond authorization.
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For the purpose of providing part or all of the money to be used, with or without any grants or other money that may become available, the issuance and sale of revenue bonds of the state in a total principal sum not to exceed $812,500,000 is authorized to acquire, equip, construc…
AS 37.15.415 Continuing revenue bond debt service appropriation.
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The amounts required annually to pay the principal, interest, and redemption premium on all issued and outstanding international airports revenue bonds of the state are appropriated each fiscal year from the international airports revenue fund to the state bond committee to make …
AS 37.15.420 International airports construction fund.
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(a) There is established the “International Airports Construction Fund,” into which shall be paid the proceeds of the sale of the bonds (except any accrued interest paid on them, which shall be paid into the bond redemption fund) and grant or other money that is legally provided …
AS 37.15.430 International airports revenue fund.
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(a) There is established an enterprise fund known as the “International Airports Revenue Fund,” into which shall be paid all revenue, fees, charges, and rentals derived by the state from the ownership, lease, use, and operation of the airports and all of the facilities and improv…
AS 37.15.440 International airports revenue bond redemption fund.
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There is another special fund of the state, known as the “International Airports Revenue Bond Redemption Fund,” which is a trust fund for paying and securing the payment of the principal of and interest and redemption premium, if any, on the bonds and which shall be at all times …
AS 37.15.450 Bond terms.
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(a) The bonds may be sold at public or private sale in the manner, in the amounts or series, and at the time or times that the committee determines. However, the bonds, or each series of them, shall be sold at such a price so that the effective interest rate over the life of the …
AS 37.15.460 Bond resolution.
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The committee shall adopt the bond resolution and 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, denomination, date, maturities, place or pla…
AS 37.15.470 Enforcement by holder.
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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 courts of record of the state, require and compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions…
AS 37.15.480 Amounts required for payments.
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The committee shall, before December 31 of each year, commencing with the year in which the bonds are issued, certify to the commissioners of revenue and transportation and public facilities the amounts required in the next ensuing calendar year by the bond resolution or resoluti…
AS 37.15.490 Bond negotiability.
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The bonds and the coupons attached to them are fully negotiable instruments under the laws of the state.
AS 37.15.500 Airport charges.
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As provided in AS 02.15.090(a), the commissioner of transportation and public facilities shall fix and collect the fees, charges, and rentals derived by the state from the ownership, lease, use, and operation of the airports and all of the facilities and improvements that will pr…
AS 37.15.510 State improvements to airports.
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The state is authorized to acquire, equip, construct, and install additions and improvements to and extensions of the airports, facilities for the landing, parking, loading, storing, repairing, safety, and utility of aircraft at the airports and passenger, freight, and terminal f…
AS 37.15.520 Refunding.
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(a) The bonds or any part of them may be refunded at or before their maturity by the issuance of refunding revenue bonds of the state if in the opinion of the committee refunding is advantageous to and in the best interests of the state and its inhabitants. (b) The issuance of re…
AS 37.15.530 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 37.15.540 Statutory construction.
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AS 37.15.410 — 37.15.550 shall be liberally construed in order to carry out the purposes for which they were enacted, and all existing laws in conflict with any of these sections are superseded insofar as necessary to accomplish the purposes of and carry out the provisions of the…
AS 37.15.550 Definitions.
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Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. In AS 37.15.410 — 37.15.550, unless the context otherwise requires, (1) “airports” means the international airports owned and operated by the state and located at or near the cities of Anchorage and Fairbanks; (2) …
AS 37.15.560 Bond authorization.
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(a) For purposes of providing part of the money to be used to provide financial assistance to municipalities and other qualified entities under AS 46.03.032 and 46.03.036, including the costs of bond issuance and administration, the issuance and sale of revenue bonds of the state…
AS 37.15.565 Bond redemption funds.
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(a) There are established special funds of the state, known as the “Alaska clean water fund revenue bond redemption fund ” and the “Alaska drinking water fund revenue bond redemption fund,” which are trust funds for paying and securing the payment of the principal of and interest…
AS 37.15.570 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 determines. The bonds, or each series of them, shall be sold at the price and upon the terms, conditions, and covenants set by th…
AS 37.15.573 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 must fix the principal amount, denomin…
AS 37.15.575 State aid intercept.
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If a municipality is in default on the payment of principal or interest on a loan from the Alaska clean water fund (AS 46.03.032) or the Alaska drinking water fund (AS 46.03.036), the committee may provide written notice of default to any state agency that is the custodian of mon…
AS 37.15.580 Pledge of the state.
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The state pledges to and agrees with the holders of bonds issued by the committee under AS 37.15.560 — 37.15.605 and under AS 46.03.032 or 46.03.036, as appropriate, that the state will not limit or alter the rights and powers vested in the committee by AS 37.15.560 — 37.15.605 a…
AS 37.15.583 Enforcement by bond owner.
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(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…