reglab/housing_qa huggingface dataset:
AK Stat § 44.85.040 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.040. Officers, quorum, and meetings.

(a) The directors shall elect one of their number as chairman. The directors shall elect a secretary and a treasurer who need not be directors, and the same person may be elected to serve both as secretary and treasurer. The powers of the bond bank authority are vested in the directors, and three directors of the bond bank authority constitute a quorum. Action may be taken and motions and resolutions adopted by the bond bank authority at any meeting by the affirmative vote of at least three directors. A vacancy in the directorship of the bond bank authority does not impair the right of a quorum to exercise all the powers and perform all the duties of the bond bank authority. (b) The bond bank authority may meet and transact business by an electronic medium if (1) public notice of the time and locations where the meeting will be held by an electronic medium has been given in the same manner as if the meeting were held in a single location; (2) participants and members of the public in attendance can hear and have the same right to participate in the meeting as if the meeting were conducted in person; and (3) copies of pertinent reference materials, statutes, regulations, and audio-visual materials are reasonably available to participants and to the public. A meeting by an electronic medium as provided in this subsection has the same legal effect as a meeting in person.
AK Stat § 44.85.050 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.050. Bonding of members.

Before the issuance of bonds or notes under this chapter, each director shall execute a surety bond in the penal sum of $25,000 and the treasurer shall execute a surety bond in the penal sum of $50,000. Each surety bond shall be conditioned upon the faithful performance of the duties of the office of the director or treasurer, to be executed by a surety company authorized to transact business in the state as surety and filed in the office of the lieutenant governor. After issuance of bonds or notes by the bond bank authority each director shall maintain the surety bond in force. All costs of the surety bonds shall be borne by the bond bank authority.
AK Stat § 44.85.060 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.060. Compensation and expenses.

The directors of the bond bank authority shall serve without compensation, but the bond bank authority shall reimburse its directors for actual expenses necessarily incurred in the discharge of their duties. Notwithstanding any other law, an officer or employee of the state need not forfeit office or employment or any benefits by reason of acceptance of appointment to the office of director of the bond bank authority.
AK Stat § 44.85.070 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.070. Staff.

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 classified service under AS 39.25. In addition to its staff of regular employees, the bond bank authority may contract for and engage the services of the bond counsel, consultants, experts, and financial advisors the bond bank authority considers necessary for the purpose of developing information, or conducting studies, investigations, hearings, or other proceedings.
AK Stat § 44.85.086 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.086. Powers of subsidiary corporation.

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 purposes, in the form of bonds, notes, commercial paper, or other obligations as the subsidiary corporation considers appropriate, but only after submitting a proposal to the Legislative Budget and Audit Committee under AS 44.85.085(e) and if the state bond rating is the equivalent of AA- or better; (3) to secure its debt with a pledge of any assets that are available to the subsidiary corporation for the purpose, including identified revenue and contractual payments from participating governmental employers, and the general assets and revenue of the subsidiary corporation; and (4) to enter into contracts with underwriters, bond counsel, financial advisors, accountants, actuaries, and other contractors to provide assistance as the subsidiary corporation considers desirable to accomplish its purposes.
AK Stat § 44.85.090 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.090. Limitations.

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, or in the conduct of, a private or commercial banking business, or act as a savings bank or savings and loan association; (3) be or constitute a bank or trust company within the jurisdiction or under the control of a regulatory or supervisory board or department of the state, or the Comptroller of the Currency of the United States, or the Department of the Treasury, or Federal Reserve Board of the United States; (4) be or constitute a bank, banker, or dealer in securities within the meaning of or subject to the provisions of securities, securities exchange, or securities dealers law, of the United States or of this state or of another state; or (5) issue bonds or notes to a regional health organization unless (A) the bond bank authority finances not more than 49 percent of a project; (B) the remaining costs of a project are secured or delivered to the bond bank authority before the bond bank authority provides financing under (A) of this paragraph; and (C) the bonds or notes do not exceed $102,500,000 for a single project.
AK Stat § 44.85.095 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.095. Regulations.

The bond bank authority shall adopt regulations, in accordance with AS 44.62 (Administrative Procedure Act), to implement this chapter.
AK Stat § 44.85.100 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.100. Annual report and audit.

(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 its operations during the year. The bond bank authority must have an audit of its books and accounts made at least once in each year by certified public accountants and the cost of the audit shall be considered an expense of the bond bank authority and a copy of the audit shall be filed with the commissioner of revenue and the legislature. (b) The bond bank authority shall include in the report required by (a) of this section an estimate of the amount of revenue bonds of the bond bank authority to be issued during the fiscal year following the fiscal year in which the report is submitted. Other than refunding bonds and other than bonds, notes, commercial paper, or other obligations issued under AS 44.85.086, 44.85.180(a)(5), and 44.85.180(e), the bond bank authority may not issue revenue bonds in excess of $75,000,000 during any fiscal year beginning after June 30, 1981, unless the legislature, by law, approves the estimate required by this subsection for that fiscal year.
AK Stat § 44.85.110 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.110. Annual budget.

The bond bank authority shall prepare and submit an annual budget under AS 37.07 (Executive Budget Act).
AK Stat § 44.85.120 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.120. Care and custody of bonds.

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 bank authority, for rendering services in connection with the care, custody, or safekeeping of municipal bonds or other investments held or owned by the bond bank authority, for rendering services in connection with the payment or collection of amounts payable as to principal or interest, and for rendering services in connection with the delivery to the bond bank authority of municipal bonds or other investments purchased by it or sold by it, and to pay the cost of those services. The bond bank authority may also, in connection with any of the services to be rendered by a bank, trust company, or banking or financial institution as to the custody and safekeeping of its municipal bonds or investments, require security in the form of collateral bonds, surety agreements, or security agreements in such form and amount as, in the opinion of the bond bank authority, is necessary or desirable.
AK Stat § 44.85.130 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.130. Effect of obligations.

(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 this chapter, unless funded or refunded by bonds or notes of the bond bank authority, are general obligations of the authority to which the full faith and credit of the authority are pledged to the payments of them, except to the extent provided by the resolution authorizing the issuance of them. Each bond and note must contain on its face a statement to the effect that the bond bank authority is obligated to pay the principal and interest on the instrument only from revenues or funds of the bond bank authority and that the state is not obligated to pay the principal or interest and that neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal of or the interest on the bond or note. (b) The state pledges to and agrees with the holders of the bonds or notes issued under this chapter that the state will not limit or restrict the rights vested in the bond bank authority to purchase, acquire, hold, sell, or dispose of municipal bonds or other investments or to make loans to political subdivisions or to establish and collect fees or other charges convenient or necessary to produce sufficient revenues to meet the expenses of operation of the bond bank authority and to fulfill the terms of any agreement made with the holders of its bonds or notes or in any way impair the rights or remedies of the holders of the bonds or notes until the bonds or notes, together with the interest on the bonds or notes, and interest on unpaid installments of interest, and all costs and expenses in connection with an action or proceeding by or on behalf of the holders, are fully met, paid and discharged.
AK Stat § 44.85.140 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.140. Negotiability of bonds or notes.

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 accepting the bond, note, or coupon is conclusively considered to have agreed that the bond, note, or coupon is fully negotiable for all purposes of AS 45.01 - AS 45.08, AS 45.12, AS 45.14, and AS 45.29.
AK Stat § 44.85.150 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.150. Bonds or notes as legal investments.

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 associations, and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees, and other fiduciaries, may legally invest sinking funds, money, or other funds belonging to them or within their control in bonds or notes issued under this chapter.
AK Stat § 44.85.160 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.160. Tax exemption.

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 are issued by a body corporate and public of this state and for an essential public and governmental purpose and the bonds and notes, and the interest and income on and from the bonds and notes, and all fees, charges, funds, revenues, income, and other money pledged or available to pay or secure the payment of the bonds or notes, or interest on the bonds or notes, are exempt from taxation except for transfer, inheritance, and estate taxes.
AK Stat § 44.85.170 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.170. Loans to political subdivisions and joint insurance arrangements.

(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-insurance program and the loan meets the credit standards of the bond bank authority, may lend money to municipalities, or municipal joint insurance arrangements organized under AS 21.76. Notwithstanding a home rule charter provision requiring public sale by a municipality of its municipal bonds, a municipality may sell its municipal bonds to the bond bank authority at a negotiated, private sale. The bond bank authority, for this purpose, may issue its bonds and notes payable solely from the revenues or funds available to the bond bank authority for such payment and may otherwise assist municipalities as provided in this chapter. (b) Notwithstanding any other provision of law, to the extent that any department or agency of the state is the custodian of money payable to a political subdivision, at any time after written notice to the department or agency head from the bond bank authority that the political subdivision is in default on the payment of principal or interest on municipal bonds then held or owned by the bond bank authority, or amounts due under an agreement between the bond bank authority and a political subdivision or a municipal joint insurance arrangement organized under AS 21.76, the department or agency shall withhold the payment of that money from that political subdivision and pay over the money to the bond bank authority for the purpose of paying principal of and interest on the bonds or debt. The notice shall be given in each instance of default.
AK Stat § 44.85.190 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.190. Form of issuance.

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 denomination, 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 from the sources in the medium of payment at the place inside or outside the state, and be subject to the terms of redemption, with or without premium, as the resolution of the bond bank authority provides.
AK Stat § 44.85.200 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.200. Sale price.

Bonds or notes of the bond bank authority may be sold at public or private sale at the price the bond bank authority determines.
AK Stat § 44.85.210 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.210. Payment or refunding of notes.

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 contract between the bond bank authority and the holders of the notes.
AK Stat § 44.85.230 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.230. Purchase and disposition of own obligations.

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 holders of its bonds or notes.
AK Stat § 44.85.240 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.240. Bond anticipation notes.

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 may purchase and the municipality may issue bond anticipation notes and may renew them from time to time; however, the bond anticipation notes, including renewals, shall mature in such amounts and in such years not exceeding five years from the date of the original issuance as is agreed between the bond bank authority and the municipality. In connection with the transaction and purchase of bond anticipation notes, the bond bank authority may by agreement with the municipality impose any terms, conditions, and limitations as in its opinion are proper for the purposes and security of the bond bank authority and the holders of its bonds or notes. The failure of a municipality to comply with the agreement constitutes a failure of the municipality to pay principal of and interest on the bonds or notes, and the bond bank authority shall enforce all rights, remedies, and provisions of law as it has under this chapter or are elsewhere provided.
AK Stat § 44.85.250 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.250. Documentation.

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.
AK Stat § 44.85.260 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.260. Presumption of validity.

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 the bond bank authority.
AK Stat § 44.85.280 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.280. Additional funds and accounts.

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.
AK Stat § 44.85.290 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.290. Application of funds.

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 applied to the payment or retirement of the bonds, notes, indebtedness or liability, and to no other purpose.
AK Stat § 44.85.300 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.300. Rights of holders paramount.

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 and held by it, and in order to produce revenues or income to the bond bank authority sufficient at all times to meet its costs and expenses of operation under this chapter and to pay the principal of and interest on its outstanding bonds and notes when due, the bond bank authority must at all times, and to the greatest extent possible, plan to issue its bonds and notes and lend money to political subdivisions so that the purpose is achieved without in any way jeopardizing any rights of the holders of bonds or notes of the bond bank authority or affecting other matters under this chapter.
AK Stat § 44.85.310 (2021)
2021 Alaska Statutes|Title 44. State Government|Chapter 85. Alaska Municipal Bond Bank Authority|Sec. 44.85.310. Default in payment; appointment of trustee.

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 this chapter or defaults in an agreement made with the holders of an issue of notes or bonds, the holders of 25 percent in the aggregate principal amount of the outstanding notes or bonds of that issue, by instrument filed in the office of the clerk of the district court of the first judicial district and executed in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of those notes or bonds for the purposes provided in this chapter.