Title 44 — State Government
54 chapters · 1,061 sections in this title.
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…
AS 44.88.010 Legislative finding and policy.
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(a) The legislature finds, determines, and declares that (1) there exist areas of the state in which seasonal and nonseasonal unemployment exists; (2) this unemployment is a serious menace to the health, safety, and general welfare, not only to the people in those areas, but also…
AS 44.88.020 Creation of authority.
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There is created the Alaska Industrial Development and Export Authority. The authority is a public corporation of the state and a body corporate and politic constituting a political subdivision within the Department of Commerce, Community, and Economic Development, but with separ…
AS 44.88.030 Membership of authority.
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(a) The membership of the authority consists of (1) the commissioner of revenue and the commissioner of commerce, community, and economic development; and (2) five public members appointed by the governor, each of whom has expertise in private sector business or industry, or both…
AS 44.88.040 Chairman and vice-chairman.
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The members of the authority shall elect a chairman from among themselves. A vice-chairman may be elected by the authority from among its other members. The vice-chairman presides over all meetings in the absence of the chairman and has other duties which the authority may direct…
AS 44.88.050 Meetings, compensation, officers, and employees.
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(a) A majority of the members of the authority constitutes a quorum for the transaction of business or the exercise of a power or function at a meeting of the authority. In case of a tie vote on a motion or resolution pending before the authority the motion or resolution shall be…
AS 44.88.060 Alaska Industrial Development and Export Authority revolving fund.
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Article 2. Purpose and Powers. The Alaska Industrial Development and Export Authority revolving fund is established in the authority. The revolving fund consists of appropriations made to the revolving fund by the legislature, money or other assets transferred to the revolving fu…
AS 44.88.070 Purpose of the authority.
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The purpose of the authority is to promote, develop, and advance the general prosperity and economic welfare of the people of the state, to relieve problems of unemployment, and to create additional employment by (1) providing various means of financing and means of facilitating …
AS 44.88.080 Powers of the authority.
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In furtherance of its corporate purposes, the authority has the following powers in addition to its other powers: (1) to sue and be sued; (2) to have a seal and alter it at pleasure; (3) to make and alter bylaws for its organization and internal management; (4) to adopt regulatio…
AS 44.88.085 Administrative procedure.
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Article 3. Financial Provisions. (a) Except for AS 44.62.310 — 44.62.319 (Open Meetings Act), the provisions of the Administrative Procedure Act regarding the adoption of regulations (AS 44.62.040 — 44.62.319) do not apply to the authority. The authority shall make available to m…
AS 44.88.088 Payment of dividend to state.
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(a) The authority shall adopt a policy for payment of a dividend from the revolving fund, the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund (AS 44.88.660), and the Arctic infrastructure development fund (AS 44.88.81…
AS 44.88.090 Bonds of the authority.
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(a) The authority may borrow money and may issue bonds, including but not limited to bonds on which the principal and interest are payable (1) exclusively from the income and receipts or other money derived from the project or development project financed with the proceeds of the…