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(a) Except as provided in (b) of this section, reimbursement under AS 14.11.100 for payment of restructured or refinanced school construction indebtedness may not exceed the amount that would have been payable on the indebtedness in the year for which reimbursement is claimed had the indebtedness not been restructured or refinanced.
(b) Refunding bonds issued after June 30, 1987 and before January 1, 1989, may have an annual debt service exceeding the annual debt service of the refunded bonds, if the refunded bonds had more than five years remaining on their term and the term of the refunding bonds is not more than 20 years.
(c) This section applies to bonds, notes, and other indebtedness restructured or refinanced after December 30, 1982.
History: Eff. 12/30/82, Register 85; am 5/30/90, Register 114
Authority: AS 14.07.020
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Last modified 7/05/2006