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- Alaska Statutes.
- Title 18. Health, Safety, and Housing
- Chapter 55. Housing, Public Buildings, Urban Renewal, and Regional Housing Authorities
- Section 570. Issuance of Bonds and Notes.
previous: Section 560
. Acquisition and Development of Undeveloped Vacant Land.
next: Section 580
. Power of Corporation to Provide Additional Security For Bonds.
AS 18.55.570. Issuance of Bonds and Notes.
- (a) The corporation may
- (1) issue bonds and notes from time to time for any of the purposes of AS 18.55.480
- 18.55.960, including the payment of principal and
interest upon advances for surveys and plans for redevelopment projects;
- (2) issue refunding bonds for the purpose of the payment or retirement or in exchange for bonds previously issued by it;
- (3) issue the types of bonds and notes it determines, including bonds and notes on which the principal and interest are
- (A) exclusively from the income, proceeds, and revenues of the redevelopment project financed with the proceeds of the
bonds or notes; or
- (B) exclusively from the income, proceeds, and revenue of any of its redevelopment projects whether or not they are
financed in whole or in part with the proceeds of the bonds or notes; and
- (4) further secure the bonds or notes authorized by (1) - (3) of this subsection by a pledge of all or any part of a loan,
grant, or contribution from the federal government or from another source, or by a mortgage of a redevelopment project
of the corporation.
- (b) The members of the board of directors of the corporation or a person executing the bonds or notes authorized by (a) of
this section are not liable personally on the bonds or notes by reason of the issuance of them. The bonds, notes, and
other obligations of the corporation are not a debt of the municipality, the state, or the United States, and neither
the municipality, the state, nor the United States is liable on them, nor are the bonds, notes, or obligations payable
out of money or property other than those of the corporation acquired for the purposes of AS 18.55.480
- 18.55.960 and each bond and note shall state this
on its face. A bond or note does not constitute an indebtedness within the meaning of any constitutional or statutory
debt limitation or restriction. Bonds and notes of the corporation issued under AS 18.55.480
- 18.55.960 are declared to be issued for an
essential public and governmental purpose and, together with interest on them and income from them, are exempt from all
- (c) Bonds and notes of the corporation issued under AS 18.55.480
- 18.55.960 shall be authorized by its resolution and
may be issued in one or more series and shall bear the date or dates, be payable upon demand or mature at the time or
times, bear interest at the rate or rates provided, be in the denomination or denominations, be in the form either
coupon or registered, carry the conversion or registration privileges, have the rank or priority, be executed in the
manner, be payable in the medium of payment, at the place or places, and be subject to the terms of redemption, with or
without premium, which the resolution, its trust indenture, or mortgage provides.
- (d) Bonds and notes may be sold in the manner, on the terms, and at the price the corporation determines.
- (e) If a member of the board of directors or officer of the corporation whose signature appears on a bond, note, or coupon
ceases to be a member or officer before the delivery of the bonds or notes, the signature is nevertheless valid and
sufficient for all purposes as if the member or officer had remained in office until delivery. Any provision of law to
the contrary notwithstanding, bonds and notes issued under AS 18.55.480
- 18.55.960 are negotiable.
- (f) In an action or proceeding involving the validity or enforceability of a bond or note or security for a bond or note
issued under AS 18.55.480
- 18.55.960, where the bond or note recites in
substance that it has been issued by the corporation to aid in financing a redevelopment project, the bond or note is
conclusive proof that it has been issued for that purpose and the project is conclusively considered to have been
planned, located, and carried out in accordance with the purposes and provisions of AS 18.55.480
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