Title 37 — Public Finance
17 chapters · 393 sections in this title.
AS 37.15.585 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 environmental conservation the amounts required in the current fiscal year an…
AS 37.15.587 Purposes and sufficiency of revenue.
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The proceeds of bonds may be used for the purposes described in AS 46.03.032 or 46.03.036, as appropriate. Bonds may not be issued unless the committee first finds that revenue to be derived from repayment of loans from the Alaska clean water fund or the Alaska drinking water fun…
AS 37.15.590 Refunding.
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(a) The committee may refund the bonds or any part of them at or before their maturities or redemption dates 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 interest of the state and its inh…
AS 37.15.595 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 37.15.600 Statutory construction.
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AS 37.15.560 — 37.15.605 shall be liberally construed in order to carry out the purposes for which they were enacted.
AS 37.15.603 Regulations.
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The committee may adopt regulations necessary to implement the provisions of AS 37.15.560 — 37.15.605.
AS 37.15.605 Definitions.
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Article 6. Toll Facilities Revenue Bonds. In AS 37.15.560 — 37.15.605, (1) “bond redemption funds” means the Alaska clean water fund revenue bond redemption fund and the Alaska drinking water fund revenue bond redemption fund established in AS 37.15.565, as applicable; (2) “bond …
AS 37.15.610 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 the total principal sum of not to exceed $500,000,000 is authorized to acquire, construct,…
AS 37.15.620 Construction fund.
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(a) The toll facilities construction fund is established for deposit of proceeds of the sale of the bonds authorized by AS 37.15.610 and any grant or other money that is legally provided for the same purposes for which the bonds are authorized except for any accrued interest paid…
AS 37.15.630 Revenue fund.
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(a) The toll facilities revenue fund is established and shall be set apart from all other money of the state. The toll facilities revenue fund is a trust fund for the purposes under AS 37.15.610 — 37.15.760, where all revenue, fees, tolls, charges, and rentals are deposited that …
AS 37.15.640 Bond redemption fund.
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The toll facilities revenue bond redemption fund is established for deposit in trust of money for paying and securing the payment of principal of and interest and redemption premium, if any, on bonds and is set apart from all other money of the state. The committee, on behalf of …
AS 37.15.650 Bond terms.
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(a) The toll facilities bonds are sold in the amounts or series and at the time as determined by the committee. Before selling a series of bonds, the committee shall give notice inviting sealed bids. If satisfactory bids are received, the bonds offered for sale are awarded to the…
AS 37.15.660 Bond resolution.
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The committee is authorized and directed to 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 shall fix the principal amount, denomination, date,…
AS 37.15.670 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, compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions, and coven…
AS 37.15.680 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 commissioner of revenue and the commissioner of transportation and public facilities the amounts required in the next ensuing calendar year by a bond resol…
AS 37.15.690 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 37.15.700 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 interest of the state and its inhabitants. (b) The issuance of ref…
AS 37.15.710 Bonds as legal investments.
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Toll facilities 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, administrato…
AS 37.15.720 State toll facilities.
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The state is authorized to acquire, construct, equip, and maintain toll bridges, tunnels, highways, roads, crossings, and causeways found to be necessary by the commissioner of transportation and public facilities.
AS 37.15.730 Review of toll facility projects.
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A toll facility may be financed under AS 37.15.610 — 37.15.760 if the following conditions are met for that toll facility: (1) the department submits to the governor and the legislature a feasibility study that finds that the toll facility is financially feasible and able to prod…
AS 37.15.740 Toll facility charges.
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The commissioner of transportation and public facilities shall fix and collect the fees, charges, tolls, and rentals derived by the state from the ownership, lease, use, and operation of the facilities authorized by AS 37.15.720 and 37.15.730 and improvements of the facilities as…
AS 37.15.750 Statutory construction.
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AS 37.15.610 — 37.15.760 shall be liberally construed in order to carry out the purposes for which the provisions were enacted, and all existing laws in conflict with AS 37.15.610 — 37.15.760 are superseded as necessary to accomplish the purposes of AS 37.15.610 — 37.15.760.
AS 37.15.760 Definitions.
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Article 7. Sport Fishing Facility Revenue Bonds. In AS 37.15.610 — 37.15.760, unless the context requires otherwise, (1) “bond redemption fund” means the toll facilities revenue bond redemption fund created by AS 37.15.640, including any accounts that are created in that fund aft…
AS 37.15.765 §§ 37.15.765 — 37.15.799. Bond authorization; bond redemption fund established; bond terms; bond resolution; pledge of the state; amounts required for payments; purposes and sufficiency of revenue; refunding; bonds as legal investments; definitions.
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[Repealed or reserved.]
AS 37.15.800 Tax-exempt bonds and tax credits.
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(a) As authorized under 26 U.S.C. 146(e), the state bond committee shall allocate the private activity bond volume limit for the state. Each year at least 25 percent of the limit shall be allocated to municipalities. If the committee determines that a portion of the limit allocat…
AS 37.15.900 Bond authorization.
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(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 of the state by the committee is autho…
AS 37.15.903 Pension obligation bond limit.
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The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, issued by all state entities added together, for the purposes of financing prepayment of all or a portion of a governmental employer's share of unfunded accrued liability of retir…
AS 37.15.905 Bond redemption fund.
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(a) There is established a special fund of the state, known as the pension obligation 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 com…
AS 37.15.910 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 on the terms, conditions, and covenants set by the …
AS 37.15.915 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 37.15.920 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…
AS 37.15.925 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 commissioner of revenue and the commissioner of administration the amounts required in the current fiscal …
AS 37.15.930 Purposes and sufficiency of revenue.
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The proceeds of bonds may be used for the purposes described in AS 37.15.900(a), as appropriate. Bonds may not be issued unless the committee first finds that the actuarially assumed rate of return on the funds managed by the Alaska Retirement Management Board is projected to exc…
AS 37.15.935 Refunding.
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(a) The committee 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 state if the state bond rating is the equivalent of AA- or better and if, in the opinion of the committee, refunding is advantage…
AS 37.15.940 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 37.15.945 Statutory construction.
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AS 37.15.900 — 37.15.955 shall be liberally construed to carry out the purposes for which they were enacted.
AS 37.15.950 Regulations.
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The committee may adopt regulations necessary to implement the provisions of AS 37.15.900 — 37.15.955.
AS 37.15.955 Definitions.
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In AS 37.15.900 — 37.15.955, (1) “bond redemption fund” means the pension obligation bond redemption fund established in AS 37.15.905; (2) “bond resolution” means a resolution or resolutions adopted by the committee under AS 37.15.915 authorizing the issuance of bonds; (3) “bonds…
AS 37.16.010 Alaska Pension Obligation Bond Corporation.
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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.
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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 37.16.030 Bond authorization.
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(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.
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(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.
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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 37.16.060 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 37.16.070 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…
AS 37.16.080 Purposes and sufficiency of revenue.
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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.
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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 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.
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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 37.16.110 Debt service repayment contracts.
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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.
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This chapter shall be liberally construed to carry out the purposes for which it was enacted.