reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 5. Exxon Valdez Oil Spill Trust. › Sec. 37.14.410. Reimbursed expenditures.

(a) Amounts received by the state as reimbursement for expenses related to the Exxon Valdez oil spill incurred by the state on or before December 31, 1992, shall be deposited in the general fund and, except as required under (b) of this section, may not be credited to an oil and hazardous substance release mitigation account under AS 46.04.010 or to an account established in AS 46.08.020 or 46.08.025.
(b) A percentage of each payment deposited in the general fund under (a) of this section shall be credited to the prevention account established in AS 46.08.010(a)(1). That percentage is determined by dividing
(1) the amount of the expenses for which the state may be reimbursed under (a) of this section that were paid from the oil and hazardous substance release response fund established under AS 46.08.010, by
(2) the total amount of expenses for which the state may be reimbursed under (a) of this section.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 5. Exxon Valdez Oil Spill Trust. › Sec. 37.14.415. Budget and reports.

The state trustees shall
(1) submit to the governor and the legislature by December 15 of each year a report setting out, for each object or purpose of expenditure, the amounts approved for expenditure from the trust during the preceding fiscal year and the amounts actually expended during the preceding fiscal year;
(2) prepare and submit, under AS 37.07 (Executive Budget Act), a budget for the next fiscal year setting out, for each object or purpose of expenditure, the trustees' estimate of the amounts that are, during the next fiscal year, to be funded by the trust and expended by state agencies; and
(3) prepare and submit to the legislature at the same time the budget for state agency expenditures is submitted under (2) of this section, a proposal setting out, for each object or purpose of expenditure, the trustees' estimate of the amounts that are to be funded by the trust in the next fiscal year and that are not included in the budget submitted under (2) of this section.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 5. Exxon Valdez Oil Spill Trust. › Sec. 37.14.420. Payments to persons other than governments.

The state trustees may not agree to an expenditure of money from the trust to a person or entity other than an agency of the state or federal government unless the expenditure is for administrative expenses of the trust and is consistent with the competitive principles of AS 36.30 (State Procurement Code). This section does not prevent an agency receiving trust money from expending the money in accordance with procurement or other law applicable to that agency.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 5. Exxon Valdez Oil Spill Trust. › Sec. 37.14.430. Applicability of open meetings law.

(a) The provisions of AS 44.62.310 - 44.62.319 (Open Meetings Act) apply to a meeting related to the trust in which
(1) one or more of the state trustees and one or more of the federal trustees participate, except to the extent that applicable federal law conflicts with AS 44.62.310 or 44.62.312, in which case the applicable federal law governs; or
(2) two or more of the state trustees, but none of the federal trustees, participate.
(b) Notwithstanding (a) of this section, the provisions of AS 44.62.310 - 44.62.319 (Open Meetings Act) do not apply to a discussion between the trustees outside of a formal meeting about matters related to the trust if, during the discussion, no decision is made and none of the trustees agrees to vote in a particular way.
(c) The state trustees may discuss the establishment of an official common state position regarding the trust in executive session under AS 44.62.310(b) and (c)(1).
(d) For the purposes of this section,
(1) a person to whom a state trustee has delegated any of the trustee's authority related to the trust is considered a state trustee; and
(2) a person to whom a federal trustee has delegated any of the trustee's authority related to the trust is considered a federal trustee.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 5. Exxon Valdez Oil Spill Trust. › Sec. 37.14.450. Definitions.

In AS 37.14.400 - 37.14.450,
(1) “federal trustee” means a person appointed by the President of the United States to serve as a co-trustee of the trust;
(2) “state trustee” means a state officer designated by the governor to serve as a co-trustee of the trust;
(3) “trust” means the trust established for natural resource damage recoveries under the Memorandum of Agreement and Consent Decree entered into by the United States and the state in settlement of claims to money received by the state and federal governments for injury, loss, or destruction to the natural resources affected by the March 24, 1989, Exxon Valdez oil spill, and approved by the court on August 28, 1991.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 6. Alaska Heritage Endowment Fund. › Sec. 37.14.500. Alaska heritage endowment fund established.

The Alaska heritage endowment fund is established as a separate endowment trust fund of the state. The principal of the fund consists of
(1) legislative appropriations to the fund; and
(2) gifts, bequests, and contributions of cash or other assets made by a person who has specified their placement in the fund principal.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 6. Alaska Heritage Endowment Fund. › Sec. 37.14.510. Net income account.

(a) The net income account is established in the Alaska heritage endowment fund. The net income account of the fund consists of
(1) money and other assets given by persons to the fund whose placement in the principal of the fund is not required by AS 37.14.500(2); and
(2) amounts earned on the investment of gifts, bequests, and contributions of cash or other assets whose placement in the principal of the fund is required under AS 37.14.500(2).
(b) The legislature may appropriate from the net income account to the principal of the fund under AS 37.14.500(1).
(c) The net income of the fund shall be determined by the commissioner of revenue in accordance with investment accounting principles and in a manner that preserves the distinction between principal and income.
(d) Unless otherwise provided by the act making an appropriation under (b) of this section, an amount appropriated to the net income account under (b) of this section does not lapse.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 6. Alaska Heritage Endowment Fund. › Sec. 37.14.520. Powers and duties of the commissioner of revenue.

The commissioner of revenue is the treasurer of the fund and has the power and duty to
(1) act as official custodian of the cash and investments belonging to the fund by securing adequate and safe custodial facilities;
(2) receive all items of cash and investments belonging to the fund;
(3) collect the principal and income from investments owned or acquired by the fund and deposit the amounts in separate principal and income accounts for the fund;
(4) invest and reinvest the assets of the fund as provided in this section and as provided for the investment of funds under AS 37.14.170;
(5) exercise the powers of an owner with respect to the assets of the fund;
(6) maintain accounting records of the fund in accordance with investment accounting principles and with distinction between the principal and income accounts of the fund;
(7) engage an independent firm of certified public accountants to annually audit the financial condition of the fund's investments and investment transactions;
(8) enter into and enforce contracts or agreements considered necessary for the investment purposes of the fund;
(9) report to the commission the condition and investment performance of the fund;
(10) do all acts, whether or not expressly authorized, that the commissioner of revenue considers necessary or proper in administering the assets of the fund.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 6. Alaska Heritage Endowment Fund. › Sec. 37.14.530. Use of fund.

(a) The principal of the fund and any capital gains or losses realized on the principal shall be retained perpetually in the fund for investment as specified in AS 37.14.520.
(b) The net income account of the fund may be appropriated for the following purposes:
(1) reimbursement to the Department of Revenue for the costs of establishing and managing the fund;
(2) the administrative expenses of the Museum Collection Advisory Committee relating to acquisitions from the fund, as determined by the legislature;
(3) acquisitions authorized by AS 14.57.100 - 14.57.199; and
(4) reimbursement of other costs of administration of the fund.
(c) The balance remaining in the net income account that, at the end of the fiscal year, has not been appropriated, or that has been appropriated but not expended, shall be invested until appropriated or expended.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 7. Arctic Winter Games Team Alaska Trust. › Sec. 37.14.600. Arctic Winter Games Team Alaska trust fund established.

(a) The Arctic Winter Games Team Alaska trust fund is established as a separate endowment trust of the state consisting of
(1) appropriations to the trust;
(2) donations to the trust; and
(3) income earned on investments of trust assets.
(b) The commissioner of revenue shall manage the trust as an endowment, with the goal of ensuring that the purchasing power of the trust will not diminish over time without regard to additional contributions that may be made to the trust.
(c) Nothing in this section creates a dedicated fund.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 7. Arctic Winter Games Team Alaska Trust. › Sec. 37.14.610. Duties of the commissioner.

The commissioner of revenue has the power and duty to
(1) act as official custodian of the cash and investments belonging to the Arctic Winter Games Team Alaska trust by securing adequate and safe custodial facilities;
(2) exercise the same powers and duties as those established for the Alaska Retirement Management Board in AS 37.10.220;
(3) invest the assets of the trust in a manner likely to yield at least five percent real rate of return over time;
(4) maintain accounting records of the trust in accordance with investment accounting principles;
(5) enter into and enforce contracts or agreements considered necessary for the investment purposes of the trust;
(6) report annually to the board of directors of the Arctic Winter Games Team Alaska the condition and performance of the trust;
(7) monitor use of trust money by the Arctic Winter Games Team Alaska; and
(8) do all acts that the commissioner of revenue considers necessary or proper in administering the assets of the trust.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 7. Arctic Winter Games Team Alaska Trust. › Sec. 37.14.620. Transfers from the trust fund.

(a) As soon as practicable after July 1 of each year, the commissioner of revenue shall determine the average month-end market value of the Arctic Winter Games Team Alaska trust fund for the immediately preceding three fiscal years. Five percent of that amount shall be identified by the commissioner as available for appropriation to the Department of Revenue for
(1) costs to the department of administering the trust; and
(2) transfers to Arctic Winter Games Team Alaska, a nonprofit corporation, in amounts requested by the corporation for purposes authorized in AS 37.14.630.
(b) As soon as practicable after July 1 of each fiscal year that the Arctic Winter Games are held in the state, the commissioner of revenue shall determine whether more money may be made available to support the state's participation in the games from the Arctic Winter Games Team Alaska trust fund than the amount determined under (a) of this section. The determination of the amount of additional money available shall be based on consideration of AS 37.14.600(b) and any amounts identified during prior fiscal years as available for appropriation under (a) of this section that were never transferred from the trust fund. The additional amount shall be identified by the commissioner and is available for appropriation to the Department of Revenue for transfers to Arctic Winter Games Team Alaska.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 7. Arctic Winter Games Team Alaska Trust. › Sec. 37.14.630. Use of trust money.

The board of directors of the Arctic Winter Games Team Alaska may use money transferred from the Arctic Winter Games Team Alaska trust fund only for
(1) equipment, uniforms, travel, and food and lodging for Arctic Winter Games Team Alaska athletes, coaches, staff, and directors;
(2) staging tryouts for Arctic Winter Games Team Alaska in events;
(3) costs of athletic skill clinics;
(4) grants to youth sports organizations for equipment;
(5) providing for cultural performers and exhibitions to accompany the Arctic Winter Games Team Alaska sports delegation;
(6) costs incurred by the Arctic Winter Games Host Society for expenses associated with holding the Arctic Winter Games in the state; and
(7) administrative expenses related solely to the state's participation in the Arctic Winter Games.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 8. Alaska Veterans' Memorial Endowment Fund. › Sec. 37.14.700. Alaska veterans' memorial endowment fund established.

(a) The Alaska veterans' memorial endowment fund is established as a separate endowment trust fund of the state. The fund consists of
(1) appropriations to the fund;
(2) donations to the fund; and
(3) income earned on investments of fund assets.
(b) The commissioner of revenue shall manage the fund as an endowment, with the goal that the purchasing power of the fund will not diminish over time without regard to additional contributions that may be made to the fund. The commissioner shall invest the assets of the fund in a manner likely to yield at least a five percent real rate of return over time.
(c) Nothing in this section creates a dedicated fund.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 8. Alaska Veterans' Memorial Endowment Fund. › Sec. 37.14.720. Powers and duties of the commissioner of revenue.

In carrying out the investment duties under AS 37.14.700 - 37.14.740, the commissioner of revenue has the powers and duties set out in AS 37.10.071. The commissioner shall provide reports to the adjutant general of the Department of Military and Veterans' Affairs on the condition and investment performance of the fund.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 8. Alaska Veterans' Memorial Endowment Fund. › Sec. 37.14.730. Use of fund.

(a) As soon as practicable after July 1 of each year, the commissioner of revenue shall determine the average month-end market value of the fund for the immediately preceding three fiscal years. The commissioner shall identify five percent of that amount as available for appropriation by the legislature for uses described in (b) of this section.
(b) Appropriations of the amount identified in (a) of this section may be used for the following purposes:
(1) grants for the maintenance, repair, replacement, and enhancement of, or addition to, veterans' memorials or monuments to the military;
(2) grants for the development and construction of new veterans' memorials or monuments to the military if the adjutant general determines that the purposes set out in (1) of this subsection have been met in a fiscal year;
(3) reimbursement of the costs of establishment, management, and administration of the fund.
(c) After consultation with appropriate veterans' organizations, the adjutant general of the Department of Military and Veterans' Affairs shall administer the grant program and award grants from the money appropriated from the fund. The adjutant general may adopt regulations under AS 44.62 (Administrative Procedure Act) to establish procedures and standards to administer the grant program and for the award of grants. The standards may include requirements for recipients to match grant awards, if appropriate.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 9. Alaska Higher Education Investment Fund. › Sec. 37.14.750. Alaska higher education investment fund established.

(a) The Alaska higher education investment fund is established as a separate fund in the state treasury for the purpose of making grants awarded under AS 14.43.400 - 14.43.420 by appropriation to the account established under AS 14.43.915(a), making scholarship payments to qualified postsecondary institutions for students under AS 14.43.810 - 14.43.849 by appropriation to the account established under AS 14.43.915(b), and funding agreements for medical education under AS 14.42.033. Money in the fund does not lapse. The fund consists of
(1) money appropriated to the fund;
(2) income earned on investment of fund assets;
(3) donations to the fund; and
(4) money redeposited under AS 14.43.915(c).
(b) The legislature may appropriate any amount to the fund established in (a) of this section. Nothing in this section creates a dedicated fund.
(c) As soon as is practicable after July 1 of each year, the commissioner of revenue shall determine the market value of the fund established in this section on June 30 for the immediately preceding fiscal year. The commissioner shall identify seven percent of that amount as available for appropriation as follows:
(1) one-third for the grant account established under AS 14.43.915(a), from which the Alaska Commission on Postsecondary Education may award grants; and
(2) two-thirds for the scholarship account established under AS 14.43.915(b), from which the Alaska Commission on Postsecondary Education may award scholarships.
(d) In this section, unless the context requires otherwise, “fund” means the Alaska higher education investment fund established in (a) of this section.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 10. Mine Reclamation Trust Fund. › Sec. 37.14.800. Mine reclamation trust fund established.

(a) The mine reclamation trust fund is established as a separate trust fund of the state. The principal and earnings of the fund shall be held by the state for the purpose of protecting the public interest in reclaiming mine sites in the state. The fund is composed of the mine reclamation trust fund income account and the mine reclamation trust fund operating account.
(b) The mine reclamation trust fund income account consists of payments and deposits made by miners to satisfy the miners' reclamation bonding or financial assurance obligation under AS 27.19.040 or AS 27.21.160 and earnings on the income account. The mine reclamation trust fund operating account consists of appropriations by the legislature of the annual balance of the mine reclamation trust fund income account and any earnings on those appropriations while in the operating account.
(c) Before payments are accepted into the mine reclamation trust fund income account for a particular mining operation, the commissioner of natural resources and the miner may execute a memorandum of understanding that outlines a schedule of expected payments into the trust fund and the relationship of the payments and accumulated earnings in the trust fund to reclamation obligations of the miner under AS 27.19.040 or AS 27.21.160. The memorandum of understanding may also address expected use of the fund under AS 37.14.820. If the memorandum of understanding addresses investment of the fund with respect to payments made by the miner, the commissioner of revenue must also sign the memorandum.
(d) Nothing in this section creates a dedicated fund.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 10. Mine Reclamation Trust Fund. › Sec. 37.14.810. Powers and duties of the commissioner of revenue.

The commissioner of revenue is a fiduciary to the fund. The commissioner shall manage both the mine reclamation trust fund income account and the mine reclamation trust fund operating account and shall invest their assets in accordance with AS 37.10.071.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 14. Special Funds › Article 10. Mine Reclamation Trust Fund. › Sec. 37.14.820. Use of the mine reclamation trust fund operating account.

(a) The commissioner of natural resources may make expenditures from the mine reclamation trust fund operating account for the following purposes:
(1) reclamation of mining operations for which a payment or deposit has been made into the fund;
(2) maintenance of dams and other permanent features related to a mining operation;
(3) monitoring of site stability and water quality related to a mining operation;
(4) control and treatment of acid rock drainage and other leachate related to a mining operation;
(5) protection and treatment of surface water and groundwater related to a mining operation;
(6) long-term site management of a mining operation;
(7) refunds to miners of the deposits to the fund upon satisfactory completion of reclamation tasks as determined by the Department of Natural Resources.
(b) Subject to appropriation, the mine reclamation trust fund operating account may be used to pay the expenses incurred by the commissioner of revenue in managing the fund and administrative expenses incurred by the Department of Natural Resources in administering the fund and programs under AS 27.19 and AS 27.21.
(c) The Department of Natural Resources may not spend money deposited in the fund for one mining operation at another mining operation.
(d) In accordance with AS 37.14.800(b), and except as provided in (b) of this section, earnings on the mine reclamation trust fund operating account are added to that account and are available for expenditure without further appropriation.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.010. Full faith and credit for general obligation bonds.

The full faith, credit, and resources of the state are hereby pledged to the payment of the principal of and interest and redemption premium, if any, on all general obligation bonds of the state authorized pursuant to art. IX, § 8 of the constitution.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.011. Alaska debt retirement fund.

(a) The Alaska debt retirement fund is established as a separate fund in the general fund. The fund consists of all money appropriated to it.
(b) The Alaska debt retirement fund shall be invested by the Department of Revenue so as to yield competitive market rates, as provided in AS 37.10.071. Money in the fund may be appropriated
(1) for the purposes set out in AS 37.15.012;
(2) to reimburse municipalities for obligations authorized under AS 14.11.100;
(3) to finance the acquisition of state facilities through lease-purchase agreements; and
(4) if an unobligated balance remains, to finance the design and construction of capital projects.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.012. Continuing debt service appropriation.

The amounts required annually to pay the principal, interest, and redemption premium on all issued and outstanding general obligation bonds of the state are appropriated each fiscal year from the Alaska debt retirement fund to the state bond committee to make all required payments of principal, interest, and redemption premium. If the balance of the Alaska debt retirement fund is insufficient to fully pay these amounts, the necessary additional amounts are appropriated from the general fund to the state bond committee to make all required payments of principal, interest, and redemption premium.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.015. Notice before election.

(a) Before a general or special election in which a bond issue is offered for ratification, the state bond committee shall publish a notice of existing state bonded indebtedness at least once a week for three consecutive weeks in a newspaper of general circulation in each of the four judicial districts of the state. The first notice shall be published at least 20 days before the date of the election. A notice must contain
(1) the current total bonded indebtedness of the state;
(2) the cost of the debt service on the current indebtedness;
(3) the projected amount of state general obligation debt principal that could be issued and paid for from the Alaska debt retirement fund;
(4) the estimated debt service requirements for the bond issue offered for ratification; and
(5) whether the bond issue offered for ratification will be repaid with amounts from the Alaska debt retirement fund.
(b) Neither the failure to publish the notice of existing state bonded indebtedness nor a defect in the publication affects the validity of the bond issue offered for ratification or of a general or special election in which a bond issue is offered for ratification.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.030. Interest rate and maturity.

Each issue or series of bonds must bear interest at an effective rate over the life of the bonds not to exceed 11 percent a year or that rate of interest that is 110 percent of the rate of the Bond Buyer Index of 20 Municipal Bond Average Yields for the week previous to the date of sale of the bonds, whichever is higher. The bonds must mature in not more than 30 years from date of issue, unless a longer period is specifically authorized by statute.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.040. Sale of bonds.

Before selling an issue or series of bonds, the state bond committee shall give notice inviting sealed bids in a manner that it may prescribe. If satisfactory bids are received, the bonds offered for sale shall be awarded to the highest responsible bidder. If the state bond committee determines that the bids received are not satisfactory as to price or responsibility of the bidders, it may reject all bids received.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.050. Redemption.

The state bond committee may determine whether the bonds are subject to redemption before their fixed maturities and may fix the premium for and all other terms of the redemption. A bond is not subject to redemption before its fixed maturity date unless the right to so redeem the bond is expressly mentioned on the face of the bond.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.060. Form and registration of bonds.

An issue or series of bonds may be issued in coupon form payable to bearer or in fully registered form, and bonds in coupon form may be made registrable as to principal or principal and interest, as determined by the state bond committee.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.080. Signatures and seal.

(a) Each bond shall be signed on behalf of the state by the governor and attested by the lieutenant governor, which signatures may be facsimile signatures. The seal of the state shall be impressed, imprinted or otherwise reproduced on each bond. Each interest coupon attached to the bond shall be signed by the facsimile signatures of the governor and lieutenant governor. If an officer whose signature appears on the bonds or coupons ceases to be an officer before delivery of the bonds, the signature is, nevertheless, valid and sufficient for all purposes, as if the officer had remained in office until delivery.
(b) A signature required on a bond issued by a political subdivision of the state may be a facsimile signature.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.090. Terms and conditions.

Each issue or series of bonds shall be issued under and subject to the terms, conditions, and covenants providing for the payment of the principal and the interest and other terms, conditions, covenants, and protective provisions safeguarding the payment as found reasonably necessary by the state bond committee for the most advantageous sale. The terms, conditions, and covenants may include the setting aside and maintaining of certain reserves to secure the payment of principal and interest.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.100. Trustee.

If the state bond committee finds it necessary to accomplish the most advantageous sale of the bonds, the committee shall select a trustee for the owners and holders of the bonds or for the safeguarding and disbursement of the proceeds of the sale of the bonds for the use and purpose for which issued, and shall fix the rights, duties, powers, and obligations of the trustee.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.110. Creation and membership of state bond committee.

There is created a committee known as the “state bond committee,” the members of which are the commissioner of commerce, community, and economic development, the commissioner of administration, and the commissioner of revenue. If a member of the committee is absent or otherwise unable to act, the member's designee in the department shall act as a member of the committee in the member's place.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.120. Regulations.

The state bond committee may adopt regulations for the performance of its duties and may designate by resolution one of its members to perform any act necessary to effectuate its duties not required by statute to be performed by the state bond committee in meeting or by resolution, or by another officer of the state.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.130. Officers, records, and proceedings.

The commissioner of commerce, community, and economic development is the chairman of the state bond committee and the commissioner of revenue is the secretary. A majority of the members of the committee constitute a quorum. The committee shall keep a full, complete, and permanent record of its proceedings. All records and correspondence of the committee shall be kept in the office of the commissioner of revenue.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.150. Committee may employ special services.

If the state bond committee considers it necessary and advisable, it may procure architectural or engineering, fiscal agent or municipal investment, legal and other expert or specialized services at reasonable and customary fees to assist it in accomplishing the most advantageous sale of the bonds. The fees may be paid from the proceeds of the sale or advanced from the contingency fund in the office of the governor or otherwise.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.155. Prohibited bidding on bonds and anticipation notes.

(a) A person who provides financial programming or marketing assistance to the state bond committee in connection with the issuance or sale of general obligation bonds, revenue bonds, or bond anticipation notes of the state may not bid on the bonds.
(b) The sale of general obligation bonds, revenue bonds, or bond anticipation notes of the state to a person who is prohibited from bidding on the bonds or notes under (a) of this section is against public policy and the sale is void.
(c) In this section “person” means an individual, firm, agent, factor, intermediary, partnership, corporation, association, bond house, stockbroker, or bond broker.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.160. Contents of resolution.

The resolution adopted by the state bond committee must
(1) fix the principal amount, denominations, date, maturities, place of payment, terms, right of redemption if any, form, conditions, and covenants of the bonds;
(2) fix the date of sale and the form of the notice of sale; and
(3) provide if the notice is to be published elsewhere in addition to the publication required by AS 37.15.040.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.170. State bond committee to certify annual principal, interest, and reserve requirements.

(a) Before December 1 of each year after bonds are issued, the state bond committee shall certify to the commissioner of administration the amount needed for the following calendar year to meet principal, interest, and reserve requirements on all bonds or issues or series of bonds then outstanding, including reimbursements authorized under AS 14.11.100.
(b) The commissioner of administration shall set aside these amounts or make the necessary provisions for the setting aside of these amounts so that there will be sufficient money to pay the principal and interest on the due date and to meet reserve requirements.
(c) Before December 1 of each year, the state bond committee shall report to the governor the current fund balance in the Alaska debt retirement fund. The report must contain an estimate of the amount of state general obligation debt principal that could be issued and paid for from the fund. The state bond committee shall notify the legislature that the report is available.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 1. State Bonding Act. › Sec. 37.15.210. Refunding bonds.

(a) All or a part of the general obligation bonds of the state, or all or a part of each outstanding issue or series of bonds, may be refunded at or before maturity by the issuance of general obligation refunding bonds of the state if, in the opinion of the state bond committee, refunding is advantageous to and in the best interest of the state and its inhabitants. Money set aside as reserve to secure the payment of the principal and interest of bonds being refunded may be used to pay the principal and interest on these bonds or may be retained by the state to secure the payment of the principal and interest on the refunding bonds to be issued.
(b) Refunding bonds and the coupons attached to them are negotiable instruments. The effective rate of interest over the life of refunding bonds may not exceed 11 percent a year or that rate of interest that is 110 percent of the rate of the Bond Buyer Index of 20 Municipal Bond Average Yields for the week previous to the date of sale of bonds, whichever is higher, and the amount of premium that is paid to effect the redemption of outstanding bonds may not be considered in determining the effective rate of interest.
(c) Refunding bonds may be exchanged for the bonds being refunded or refunding bonds may be sold in the manner and at the prices that the state bond committee determines to be for the best interest of the state and its inhabitants either at public or private sale.
(d) The issuance of refunding bonds need not be authorized by the qualified voters of the state. The state bond committee shall adopt the resolution and prepare the documents necessary for the issuance, exchange or sale, and delivery of refunding bonds. The provisions of this chapter relating to the terms, conditions, covenants, issuance, and sale of general obligation bonds of the state apply to refunding bonds except as otherwise specifically provided in this section.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 2. Toll Bridge Revenue Bonds. › Sec. 37.15.225. Bond authorization.

(a) For purposes of financing a portion of the costs of the Knik Arm bridge and appurtenant facilities or other toll bridges as the legislature may designate, including the costs of bond issuance, the issuance and sale of bonds of the state by the committee is authorized as provided in AS 37.15.225 - 37.15.290. The net proceeds of the sale of the bonds remaining after payment of costs of issuance, capitalized interest, if any, and making deposits to the bond reserve fund under AS 37.15.260, shall be transferred to the Knik Arm construction fund established in AS 37.15.230 or may be held by a trustee to be disbursed to pay the costs of a toll bridge under the terms and conditions set out in a trust agreement. Accrued interest paid on the bonds shall be paid into the bond redemption fund.
(b) Prior to the issuance of bonds authorized under (a) of this section, the committee shall send notice of the issuance to the legislature.
(c) The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, is limited as provided in AS 37.15.235. The bonds do not constitute a general obligation of the state. Authorization by the voters of the state or the legislature is not required.
(d) The committee may enter into agreements with other state agencies as necessary or convenient to implement AS 37.15.225 - 37.15.290.
(e) The committee may contract for the services of underwriters, paying agents, trustees, bond printers, rating agencies, bond insurance, credit enhancement providers, accountants, financial advisors, and bond counsel, and other services as are necessary to accomplish the bond issuance and sale.
(f) The state may not issue bonds under (a) of this section for financing the Knik Arm bridge and appurtenant facilities until the Federal Highway Administration, United States Department of Transportation, has approved a loan to the state of at least 30 percent of the total project cost for construction of the Knik Arm bridge and appurtenant facilities under 23 U.S.C. 601 - 609 (Transportation Infrastructure Finance and Innovation Act of 1998).
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 2. Toll Bridge Revenue Bonds. › Sec. 37.15.230. Knik Arm construction fund.

(a) The Knik Arm construction fund is established in the general fund to receive the proceeds of the sale of bonds issued under AS 37.15.225, and other state or federal money that is appropriated for the same purpose for which the bonds are issued. The Department of Transportation and Public Facilities shall use money in the construction fund to pay the cost of acquiring, constructing, and equipping the Knik Arm bridge and appurtenant facilities. To the extent allowed by the bond resolution, money in the construction fund may also be used for the payment of interest on the bonds during the time of construction. Money in the construction fund may be transferred to the bond redemption fund, as permitted by the bond resolution.
(b) The bond resolution may provide for the investment of money in the construction fund as the committee determines. The interest earned on the investment of money in the fund shall be retained in the fund.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 2. Toll Bridge Revenue Bonds. › Sec. 37.15.240. Toll bridge revenue fund.

(a) The toll bridge revenue fund is established as a separate fund of the state. The revenue fund consists of all revenue, fees, charges, and rentals received by the state, by contract with the authority or otherwise, from the ownership or operation of toll bridges and facilities and improvements used in connection with the toll bridges and facilities. Contracts or other agreements with the authority may establish priorities for the payment of operation and maintenance costs of the authority. The money in the revenue fund may be used only
(1) to pay or secure payment of the principal of and interest on bonds;
(2) to redeem bonds before their fixed maturities;
(3) to pay indebtedness to the Federal Highway Administration, United States Department of Transportation; and
(4) subject to appropriation by the legislature, for any other purpose for which federal funds may be obligated by the state under 23 U.S.C. 129(a).
(b) The investment of money in the revenue fund may be made in the manner that the committee or the committee's delegated representative may determine. The interest earned on or any profits derived from the sale of this investment shall be deposited in and become a part of the revenue fund.
(c) All references to the toll bridge revenue fund in this section include special accounts within the toll bridge revenue fund that may be created by resolution or trust agreement to secure the payment of particular bonds.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 2. Toll Bridge Revenue Bonds. › Sec. 37.15.245. Toll bridge revenue bond redemption fund.

(a) The toll bridge revenue bond redemption fund is established as a special fund of the state. The bond redemption fund is a trust fund for paying and securing the payment of the principal of and interest and redemption premium, if any, on the bonds and shall be at all times completely segregated and set apart from all other funds of the state. The bond redemption fund shall be drawn on only for the purpose of paying the principal of and interest and redemption premium, if any, on the bonds, together with related trustee fees, if any.
(b) Money in the bond redemption fund may be invested in the same manner and on the same conditions as permitted for investment of money belonging to the state or held in the treasury under AS 37.10.070; however, the committee may agree with the bondholders to further limit these investments. Earnings on investments must be retained in the bond redemption fund or a designated account in the bond redemption fund.
(c) All references to the bond redemption fund in this section include special accounts in the bond redemption fund that may be created by resolution or first agreement to secure the payment of particular bonds.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 2. Toll Bridge Revenue Bonds. › Sec. 37.15.250. 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 or the committee's delegated representative determines. The bonds, or each series of them, shall be sold at the price and on the terms, conditions, and covenants set by the committee or the committee's delegated representative after considering market conditions. Interest rates may be fixed or variable.
(b) The bonds mature at the time or times fixed by the committee or the committee's delegated representative. The bonds may be subject to redemption before their fixed maturities, as determined by the committee or the committee's delegated representative, with or without a premium or premiums. The bonds may be in denominations determined by the committee or the committee's delegated representative; 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; and 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 or the committee's delegated representative.
(c) If the committee or the committee's delegated representative finds it reasonably necessary, the committee or the committee's delegated representative 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 fund, or for duties with respect to the enforcement, authentication, delivery, payment, and registration of the bonds as the committee may determine. The committee or the committee's delegated representative shall fix the rights, duties, powers, and obligations of the trustee or trustees.
(d) 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) - (c) of this section, the decisions of the committee shall be reasonably necessary for the best interests of the state and accomplish the most advantageous sale of the bonds. Decisions of the committee, as expressed in a bond resolution, are final and conclusively considered to comply with the requirements of AS 37.15.225 - 37.15.290.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 2. Toll Bridge Revenue Bonds. › Sec. 37.15.255. Bond resolution.

The committee shall authorize the issuance of bonds by adopting a resolution and shall prepare all other documents and proceedings necessary for the issuance, sale, and delivery of the bonds or any part or series of them. The bond resolution may fix or the committee's delegated representative, subject to parameters set by the committee, may fix the principal amount, denominations, date, maturities, manner of sale, place or places of payment, rights of redemption, if any, terms, form, conditions, and covenants of the bonds or each series of bonds.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 2. Toll Bridge Revenue Bonds. › Sec. 37.15.265. Enforcement by bond owner.

The holder of any bonds or the trustee for the holders of the bonds or any series of them, may, by appropriate proceedings in the superior court, compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions, and covenants as required and provided for in AS 37.15.225 - 37.15.290 and in the bond resolution or trust agreement.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 2. Toll Bridge Revenue Bonds. › Sec. 37.15.270. Amounts required for payments.

The committee shall, before June 30 of each year or from time to time within the year, as appropriate, commencing with the year in which the bonds are issued, certify to the commissioners of revenue and administration the amounts required in the current fiscal year and the next ensuing fiscal year by the bond resolution or resolutions or trust agreements to be paid out of toll bridge revenue or capitalized amounts into the bond redemption fund and to be paid into and maintained in any reserve fund or account or other fund or account created by the bond resolution or resolutions. The committee shall also certify to the commissioners the last date or dates on which payments may be made.