- Alaska Statutes.
- Title 37. Public Finance
- Chapter 15. Bonding
- Section 570. Bond Terms.
previous: Section 565
. Bond Redemption Funds.
next: Section 573
. Bond Resolution.
AS 37.15.570. Bond Terms.
- (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 the committee after considering market conditions. Interest rates may be fixed
- (b) The bonds mature at the time or times fixed by the committee. The bonds may be subject to redemption before their
fixed maturities, as determined by the committee, with or without a premium or premiums. The bonds may be in
denominations determined by the committee; may be issued in fully or partially registered form; must be payable as to
principal and interest at the place or places determined by the committee; must be signed on behalf of the state in the
manner provided by the committee; must be issued under and subject to the terms, conditions, covenants, and protective
features safeguarding payment of the bonds and relating to the funding of projects as found necessary by the committee,
including covenants requiring the setting aside and maintenance of certain reserves to secure the payment of principal
and interest, all under regulations and conditions of the committee.
- (c) The committee may pledge to the payment of the principal of and interest on bonds issued by the committee part or all
of the legally available money or other assets on hand in the Alaska clean water fund (AS 46.03.032
) or the Alaska drinking water fund (AS 46.03.036
); part or all of the revenue of the Alaska clean water fund or the Alaska drinking water fund, including federal
capitalization grants, the proceeds of loan repayments, and interest on money in the funds; the proceeds of the sale of
bonds; and money on hand in the bond redemption funds. Revenue of the Alaska clean water fund or the Alaska drinking
water fund, if so pledged, must be paid into the Alaska clean water fund or the Alaska drinking water fund, as
appropriate. The committee may provide for the issuance of additional bonds, secured by a pledge of such money and
revenue, ranking junior to, senior to, or on a parity with, outstanding bonds, upon conditions prescribed in the bond
resolution. A pledge of loan repayments securing bonds may be made applicable to specific loans from the Alaska clean
water fund or the Alaska drinking water fund, or, on a pooled basis, to all loan repayments received.
- (d) If the committee finds it reasonably necessary, the committee may select a trustee or trustees for the holders of the
bonds, or any series of them, for the safeguarding and disbursement of any of the money in the bond redemption funds
created by AS 37.15.565
, or for duties with respect to the enforcement, authentication, delivery, payment, and registration of the bonds as
the committee may determine. The committee shall fix the rights, duties, powers, and obligations of the trustee or
- (e) In its determination of all matters and questions relating to the issuance and sale of the bonds and the fixing of
their maturities, terms, conditions, and covenants as provided in (a) - (d) of this section, the decisions of the
committee shall be those that are reasonably necessary for the best interests of the state and its inhabitants and that
will accomplish the most advantageous sale of the bonds, with due regard, however, for the continued funding under AS
46.03.032 and AS 46.03.036
of the categories of projects identified in AS 46.03.032
(d) and 46.03.036(b). Decisions of the committee, as
expressed in a bond resolution, are final and are conclusively considered to comply with the requirements of AS 37.15.560
- 37.15.605, AS 46.03.032
, and 46.03.036.
- (f) A bond resolution may provide that the bonds issued must contain a recital that they are issued under AS 37.15.560
- 37.15.605 and under AS 46.03.032
or 46.03.036, as appropriate, and a bond containing
this recital is conclusively considered to be valid and to have been issued in conformity with AS 37.15.560
- 37.15.605 and with AS 46.03.032
or 46.03.036, as appropriate.
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