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The authority may borrow money and issue bonds on which the principal and interest are payable from money derived from the fees, rents, tolls, rates, charges, and other revenue of the authority under this chapter. Before issuing bonds for the Knik Arm bridge, the authority shall submit to the state bond committee a description of the bond issue and a preliminary prospectus, offering circular, or official statement relating to the bond issue. Bonds may not be issued unless the state bond committee finds, based upon the information submitted by the authority under this section and other information that is reasonably available to the committee, that the Knik Arm bridge revenue and other revenue available to the authority can be reasonably expected to be adequate for payment of the principal and interest on the bonds to be issued and that issuance of the bonds by the authority would not be expected to adversely affect the ability of the state or its political subdivisions to market bonds. Bonds may not be issued unless the principal amount of the bond issue is authorized by law.
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Last modified 9/3/2005