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2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 2. Toll Bridge Revenue Bonds. › Sec. 37.15.275. Refunding.

(a) The committee may refund the bonds or any part of the bonds at or before their maturity or redemption dates by issuing refunding revenue bonds of the state if the committee determines the refunding to be advantageous to and in the best interest of the state.
(b) The issuance of refunding bonds need not be authorized by the voters of the state or by an act of the legislature. The committee shall adopt the resolution or resolutions and prepare all other documents and proceedings necessary for the issuance, exchange or sale, and delivery of the refunding bonds. All provisions of AS 37.15.225 - 37.15.290 applicable to revenue bonds are applicable to the refunding bonds and to the issuance, sale, or exchange of the refunding bonds, except as otherwise provided in this section.
(c) The committee may issue refunding bonds in a principal amount sufficient to provide money for the advance or current refunding of all bonds to be refunded and interest on the refunded bonds and to pay the costs of issuance and administration of the refunding bonds. These expenses also include the difference in amount between the par value of the refunding bonds and any amount less than par for which the refunding bonds are sold; the premium, if any, necessary to be paid in order to call or retire the outstanding bonds and the interest accruing on them to the date of the call or retirement; and other costs. The committee is authorized to incur the expenses.
(d) The committee or the committee's delegated representative may contract with a refunding trustee to hold the proceeds of refunding bonds in trust until the proceeds, together with earnings on the proceeds, are applied to pay the principal of, premium, if any, and interest on the bonds to be refunded. Until the refunding bond proceeds are applied, the proceeds may be invested in direct obligations of, or obligations guaranteed by, the United States or an agency or corporation of the United States whose obligations constitute direct obligations of, or obligations guaranteed by, the United States.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 2. Toll Bridge Revenue Bonds. › Sec. 37.15.280. Bonds as legal investments.

The bonds are legal investments for all banks, trust companies, savings banks, savings and loan associations, and other persons carrying on a banking business, all insurance companies and other persons carrying on an insurance business, and all executors, administrators, trustees, and other fiduciaries. The bonds may be accepted as security for deposits of all money of the state and its political subdivisions.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 2. Toll Bridge Revenue Bonds. › Sec. 37.15.290. Definitions.

In AS 37.15.225 - 37.15.290,
(1) “authority” means
(A) the Knik Arm Bridge and Toll Authority established in AS 19.75.021 with respect to the Knik Arm bridge and its appurtenant facilities; or
(B) an authority established by the legislature for any other toll bridge project;
(2) “bond redemption fund” means the toll bridge revenue bond redemption fund established in AS 37.15.245;
(3) “bond resolution” means a resolution adopted by the committee under AS 37.15.255 to authorize the issuance of bonds;
(4) “bonds” means the toll bridge revenue bonds authorized in AS 37.15.225 - 37.15.290;
(5) “committee” means the state bond committee created in AS 37.15.110, or any other committee, body, department, or officer of the state that succeeds to the rights, powers, duties, and obligations of the state bond committee by law;
(6) “costs of issuance and administration” means all costs associated with issuance and administration of toll bridge revenue bonds and refunding bonds, including costs of bond printing, official statements, financial advisors, travel costs, rating agencies, bond insurance, letters and lines of credit for credit enhancement, underwriters, legal services, paying agents, bond registrars, bond and escrow trustees, arbitrage rebate, and all other costs, including administrative costs, both direct and indirect;
(7) “reserve fund” means the toll bridge revenue bond reserve fund authorized in AS 37.15.260;
(8) “revenue fund” means the toll bridge revenue fund established in AS 37.15.240.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 3. Bond Anticipation Notes. › Sec. 37.15.300. Borrowing in anticipation of sale of bonds permitted.

When the state bond committee considers it in the best interests of the state, it may borrow money in anticipation of the sale of general obligation and revenue bonds if money to be derived from the sale of the bonds has been appropriated by the legislature and
(1) in the case of revenue bonds, the bonds to be sold have been authorized by law; or
(2) in the case of general obligation bonds, the bonds to be sold have been
(A) authorized by law and ratified by a majority vote of the qualified voters of the state who vote on the question; or
(B) authorized by law for the purpose of meeting natural disasters, repelling invasion, suppressing insurrection, or defending the state in war.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 3. Bond Anticipation Notes. › Sec. 37.15.310. Issuance of notes.

The state bond committee shall issue notes for the amounts borrowed with a maturity date not to exceed one year from the date of issue. All the notes are payable at a fixed place, on or before a fixed time, or at a fixed time, from the proceeds of the sale of bonds, in anticipation of which the original note or notes were issued, unless the bonds have not been sold by the maturity date of the notes. Interest on the notes is payable at a fixed place, on or before a fixed time, out of appropriations made for the payment of interest on general obligation notes or bonds of the state.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 3. Bond Anticipation Notes. › Sec. 37.15.380. Sale of notes.

Notes issued under this chapter shall be sold by the state bond committee in the manner and at the price or prices as it shall determine, at either public or private sale; however, a note sold under this chapter may not be sold for less than par and accrued interest or at an interest rate exceeding 11 percent a year or that rate of interest that is 110 percent of the rate of Bond Buyer Index of 20 Municipal Bond Average Yields for the week previous to the date of sale of the notes, whichever is higher.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 4. International Airports Revenue Bonds. › Sec. 37.15.410. Bond authorization.

For the purpose of providing part or all of the money to be used, with or without any grants or other money that may become available, the issuance and sale of revenue bonds of the state in a total principal sum not to exceed $812,500,000 is authorized to acquire, equip, construct, and install the additions, improvements, extensions, and facilities authorized in AS 37.15.510. The principal of and interest on these bonds shall be paid out of and secured by the gross revenue derived by the state from the ownership, lease, use, and operation of the airports, and of all the facilities of them, and out of any other money that may be appropriated for the purpose, excepting only proceeds of any customer facility charge, and unless otherwise contractually required any customer facility maintenance charge, set by the commissioner of transportation and public facilities under AS 02.15.090.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 4. International Airports Revenue Bonds. › Sec. 37.15.415. Continuing revenue bond debt service appropriation.

The amounts required annually to pay the principal, interest, and redemption premium on all issued and outstanding international airports revenue bonds of the state are appropriated each fiscal year from the international airports revenue 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 4. International Airports Revenue Bonds. › Sec. 37.15.420. International airports construction fund.

(a) There is established the “International Airports Construction Fund,” into which shall be paid the proceeds of the sale of the bonds (except any accrued interest paid on them, which shall be paid into the bond redemption fund) and grant or other money that is legally provided for the same purposes for which the bonds are authorized. The money in the construction fund shall be used to pay the costs of acquiring, equipping, constructing, and installing additions and improvements to and extensions of and facilities for the airports and costs incidental thereto, including costs of the authorization, issuance, and sale of the bonds. To the extent provided in the bond resolution, money in the construction fund may also be used for the payment of interest on the bonds during the period of actual construction, and for a further period, not exceeding one year after the period of construction, that may be provided in the bond resolution. Money in the construction fund may also be transferred to the bond redemption fund, to the extent provided in the bond resolution, to establish a reserve for the payment of the principal of and interest on the bonds.
(b) The bond resolution may provide for the investment of money in the construction fund in a manner that the committee may determine. The interest earned upon or any profits derived from the sale of this investment shall be deposited in and become a part of the construction fund.
(c) By January 1 of each year, the commissioner of transportation and public facilities shall submit to the legislature an annual spending plan that contains information regarding the planned expenditure of money from the construction fund during the next fiscal year and information on certain expenditures made during the previous fiscal year. The spending plan must include
(1) the total amount of money to be spent from the construction fund;
(2) a description of the work to be performed on airport facilities that will be financed with money from the construction fund;
(3) the amount from the construction fund that will be spent under contracts with the private sector and a description of the goods or services to be provided to the state under each of the contracts;
(4) the amounts that the state will spend from the construction fund for purposes other than contract payments and a description of each of those purposes, including financing costs, administrative and other overhead costs, and contingencies;
(5) the amounts spent during the previous fiscal year for cost overruns on projects financed in whole or part with money from the construction fund and the sources of money used for those cost overruns;
(6) identification of time delays that occurred during the previous fiscal year on projects financed in whole or part with money from the construction fund and amounts spent as a result of the delays.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 4. International Airports Revenue Bonds. › Sec. 37.15.440. International airports revenue bond redemption fund.

There is another special fund of the state, known as the “International Airports Revenue Bond Redemption Fund,” which 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 which shall be at all times completely segregated and set apart from all other funds of the state. The committee, on behalf of the state, shall obligate and bind the state to set aside and pay into the bond redemption fund any part or parts of, or all of, or a fixed proportion of, or a fixed amount of the money in the revenue fund sufficient to pay the principal of and interest and redemption premium, if any, on the bonds as the payments become due and, if it considers it necessary, to set aside and maintain reserves for this purpose. The bond redemption fund shall be drawn upon for the purpose of paying the principal of and interest and redemption premium, if any, on the bonds, and the bonds do not constitute a general obligation of the state.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 4. International Airports Revenue Bonds. › Sec. 37.15.460. Bond resolution.

The committee shall adopt the bond resolution and 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 must fix the principal amount, denomination, date, maturities, place or places of payment, rights of redemption, if any, terms, form, conditions, and covenants of the bonds or each series of them. The committee shall also determine and provide for the date and manner of sale of the bonds, and shall provide whether the notice of sale is to be published elsewhere in addition to the publication required by AS 37.15.450.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 4. International Airports Revenue Bonds. › Sec. 37.15.470. Enforcement by holder.

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 courts of record of the state, require and compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions, and covenants as required and provided in AS 37.15.410 - 37.15.550 and in the bond resolution.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 4. International Airports Revenue Bonds. › Sec. 37.15.480. Amounts required for payments.

The committee shall, before December 31 of each year, commencing with the year in which the bonds are issued, certify to the commissioners of revenue and transportation and public facilities the amounts required in the next ensuing calendar year by the bond resolution or resolutions to be paid out of the revenue fund into the bond redemption fund and to be paid into and maintained in any reserve fund or account or any other fund or account created by the bond resolution or resolutions, and shall also certify to the commissioners the last date or dates upon which payments may be made.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 4. International Airports Revenue Bonds. › Sec. 37.15.500. Airport charges.

As provided in AS 02.15.090(a), the commissioner of transportation and public facilities shall fix and collect the fees, charges, and rentals derived by the state from the ownership, lease, use, and operation of the airports and all of the facilities and improvements that will provide revenue sufficient to comply with all of the covenants of the bond resolution.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 4. International Airports Revenue Bonds. › Sec. 37.15.510. State improvements to airports.

The state is authorized to acquire, equip, construct, and install additions and improvements to and extensions of the airports, facilities for the landing, parking, loading, storing, repairing, safety, and utility of aircraft at the airports and passenger, freight, and terminal facilities, including safety equipment and devices at the airports, found to be necessary by the commissioner of transportation and public facilities.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 4. International Airports Revenue Bonds. › Sec. 37.15.520. Refunding.

(a) The bonds or any part of them may be refunded at or before their maturity by the issuance of refunding revenue bonds of the state if in the opinion of the committee refunding is advantageous to and in the best interests of the state and its inhabitants.
(b) The issuance of refunding bonds need not be authorized by an Act of the legislature, and the committee shall adopt the resolution or resolutions and prepare all other documents and proceedings necessary for the issuance, exchange, or sale, and delivery of such bonds. All provisions of AS 37.15.410 - 37.15.550 applicable to revenue bonds are applicable to the refunding bonds and to the issuance, sale, or exchange of them, except as otherwise provided in this section.
(c) Refunding bonds may be issued in a principal amount sufficient to provide funds for the payment of all bonds to be refunded by them, and, in addition, for the payment of all expenses incident to the calling, retiring, or paying of the outstanding bonds, and the issuance of the refunding bonds. These expenses include the difference in amount between the par value of the refunding bonds and any amount less than par for which the refunding bonds are sold, any amount necessary to be made available for the payment of interest upon the refunding bonds from the date of sale of them to the date of payment of the bonds to be refunded or to the date upon which the bonds to be refunded will be paid pursuant to the call of them or agreement with the holders of them, and the premium, if any, necessary to be paid in order to call or retire the outstanding bonds and the interest accruing on them to the date of the call or retirement.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 4. International Airports Revenue Bonds. › Sec. 37.15.530. Bonds as legal investments.

The bonds are legal investments for all banks, trust companies, savings banks, savings and loan associations, and other persons carrying on a banking business, all insurance companies and other persons carrying on an insurance business, and all executors, administrators, trustees, and other fiduciaries. The bonds may be accepted as security for deposits of all funds of the state and its political subdivisions.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 4. International Airports Revenue Bonds. › Sec. 37.15.540. Statutory construction.

AS 37.15.410 - 37.15.550 shall be liberally construed in order to carry out the purposes for which they were enacted, and all existing laws in conflict with any of these sections are superseded insofar as necessary to accomplish the purposes of and carry out the provisions of these sections.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 4. International Airports Revenue Bonds. › Sec. 37.15.550. Definitions.

In AS 37.15.410 - 37.15.550, unless the context otherwise requires,
(1) “airports” means the international airports owned and operated by the state and located at or near the cities of Anchorage and Fairbanks;
(2) “bond redemption fund” means the International Airports Revenue Bond Redemption Fund created by AS 37.15.440, including any accounts that are created in that fund after June 27, 1972;
(3) “bond resolution” means the resolution or resolutions authorizing the issuance of bonds, adopted by the committee under AS 37.15.460;
(4) “bonds” means the international airports revenue bonds authorized by AS 37.15.410 - 37.15.550;
(5) “commissioner of revenue” means the principal executive officer of the Department of Revenue of the state as provided in AS 44.25.010, or a successor;
(6) “commissioner of transportation and public facilities” means the principal executive officer of the Department of Transportation and Public Facilities of the state as provided in AS 44.42.010, or a successor;
(7) “committee” means the state bond committee created by AS 37.15.110, or any other committee, body, department, or officer of the state which or who succeeds to the rights, powers, duties, and obligations of the state bond committee by lawful Act of the legislature;
(8) “construction fund” means the International Airports Construction Fund created by AS 37.15.420;
(9) “revenue fund” means the International Airports Revenue Fund created by AS 37.15.430.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. › Sec. 37.15.560. Bond authorization.

(a) For purposes of providing part of the money to be used to provide financial assistance to municipalities and other qualified entities under AS 46.03.032 and 46.03.036, including the costs of bond issuance and administration, the issuance and sale of revenue bonds of the state is authorized subject to (b) of this section. The bonds are to be issued by the state bond committee, as provided in AS 37.15.560 - 37.15.605, as part of the Alaska clean water fund and the Alaska drinking water fund revolving loan fund programs (AS 46.03.032 and 46.03.036), public enterprises of the state. The net proceeds of the sale of the bonds remaining after any payment of costs of issuance and administration shall be paid into the Alaska clean water fund or the Alaska drinking water fund, as appropriate. Accrued interest paid on the bonds shall be paid into the Alaska clean water fund or the Alaska drinking water fund for transfer to the Alaska clean water fund revenue bond redemption fund or the Alaska drinking water fund revenue bond redemption fund (AS 37.15.565), as appropriate.
(b) The state bond committee may not issue more than $15,000,000 in revenue bonds under AS 37.15.560 - 37.15.605 during a fiscal year for each revolving loan fund program referred to in (a) of this section, excluding refunding bonds. The total unpaid principal amount of revenue bonds, including refunding bonds, but excluding refunded bonds, issued under AS 37.15.560 - 37.15.605 may not exceed $150,000,000 for each program.
(c) 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 state bond committee may enter into agreements with other state agencies as necessary or convenient to implement AS 37.15.560 - 37.15.605.
(e) The state bond 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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. › Sec. 37.15.565. Bond redemption funds.

(a) There are established special funds of the state, known as the “Alaska clean water fund revenue bond redemption fund ” and the “Alaska drinking water fund revenue bond redemption fund,” which are trust funds for paying and securing the payment of the principal of and interest and redemption premium, if any, on the bonds and which shall be at all times completely segregated and set apart from all other funds of the state. The committee, on behalf of the state, may obligate and bind the state to set aside and pay into the bond redemption funds, on a monthly or other periodic basis, any part or parts of, or all of, or a fixed proportion of, or a fixed amount of the money in the Alaska clean water fund (AS 46.03.032) or the Alaska drinking water fund (AS 46.03.036) sufficient to pay the principal of and interest and redemption premium, if any, on the bonds and, if it considers it necessary, to set aside and maintain reserves for this purpose. The bond redemption funds shall be drawn upon 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 funds 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 funds.
(c) Separate accounts may be created in the bond redemption funds for the purposes of paying and securing the bonds. The accounts may be combined for purposes of investment and for financial support to achieve the purposes of AS 37.15.570(c).
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. › Sec. 37.15.573. 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 must 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 them. A bond resolution may state terms, conditions, amounts, and other limitations on loans to be made from the Alaska clean water fund (AS 46.03.032) or the Alaska drinking water fund (AS 46.03.036), as appropriate, from the relevant bond proceeds.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. › Sec. 37.15.575. State aid intercept.

If a municipality is in default on the payment of principal or interest on a loan from the Alaska clean water fund (AS 46.03.032) or the Alaska drinking water fund (AS 46.03.036), the committee may provide written notice of default to any state agency that is the custodian of money that is payable to the municipality. If the committee determines to provide notice, a separate written notice shall be given in each instance of default. Notwithstanding any other provision of law, at any time after receipt of written notice of default, the agency head shall withhold payment of the money from the municipality. The agency head shall pay over the withheld money to the committee for deposit in the Alaska clean water fund or the Alaska drinking water fund, as appropriate, for the purpose of paying or securing the principal and interest on the loan.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. › Sec. 37.15.580. Pledge of the state.

The state pledges to and agrees with the holders of bonds issued by the committee under AS 37.15.560 - 37.15.605 and under AS 46.03.032 or 46.03.036, as appropriate, that the state will not limit or alter the rights and powers vested in the committee by AS 37.15.560 - 37.15.605 and by AS 46.03.032 or 46.03.036, as appropriate, to fulfill the terms of any contract made by the committee with the holders, or in any way impair the rights and remedies of the holders until the principal amount of the bonds, together with the interest on them with interest on unpaid installments of interest, are fully met and discharged. The committee may include this pledge and agreement of the state in a contract with the holders.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. › Sec. 37.15.583. Enforcement by bond owner.

(a) The owner or owners of not less than 10 percent of the aggregate principal amount of any series or issue of bonds or the trustee for the owners of the bonds or any series of them may, by appropriate proceedings in state court, require and compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions, and covenants as required and provided in AS 37.15.560 - 37.15.605, AS 46.03.032 or 46.03.036, as appropriate, and the bond resolution.
(b) A proceeding under (a) of this section may be commenced and conducted only in the Superior Court for the State of Alaska, First Judicial District at Juneau.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. › Sec. 37.15.585. 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 environmental conservation the amounts required in the current fiscal year and the next ensuing fiscal year by the bond resolution or resolutions to be paid out of the Alaska clean water fund or the Alaska drinking water fund into the appropriate 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, and shall also certify to the commissioners the last date or dates upon which payments may be made.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. › Sec. 37.15.587. Purposes and sufficiency of revenue.

The proceeds of bonds may be used for the purposes described in AS 46.03.032 or 46.03.036, as appropriate. Bonds may not be issued unless the committee first finds that revenue to be derived from repayment of loans from the Alaska clean water fund or the Alaska drinking water fund, as appropriate, will be sufficient, together with other available money, to comply with all covenants of the bond resolutions.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. › Sec. 37.15.590. Refunding.

(a) The committee may refund the bonds or any part of them at or before their maturities or redemption dates by the issuance of refunding revenue bonds of the state if, in the opinion of the committee, refunding is advantageous to and in the best interest of the state and its inhabitants.
(b) The issuance of refunding bonds need not be authorized by the voters of the state or by an act of the legislature. The committee shall adopt the resolution or resolutions and prepare all other documents and proceedings necessary for the issuance, exchange or sale, and delivery of the refunding bonds. All provisions of AS 37.15.560 - 37.15.605 and of AS 46.03.032 and 46.03.036, as appropriate, applicable to revenue bonds are applicable to the refunding bonds and to the issuance, sale, or exchange of them, except as otherwise provided in this section.
(c) Refunding bonds may be issued in a principal amount sufficient to provide money for the advance or current refunding of all bonds to be refunded and interest on the refunded bonds and, in addition, for the payment of all costs of issuance and administration of the refunding bonds. These expenses also include the difference in amount between the par value of the refunding bonds and any amount less than par for which the refunding bonds are sold; the premium, if any, necessary to be paid in order to call or retire the outstanding bonds and the interest accruing on them to date of the call or retirement; and other such costs. The committee is authorized to incur such expenses.
(d) The committee may contract with a refunding trustee to hold the proceeds of refunding bonds in trust until the proceeds, together with earnings on the proceeds, are applied to pay the principal of, premium, if any, and interest on the bonds to be refunded. Until the refunding bond proceeds are applied, the proceeds may be invested in direct obligations of, or obligations guaranteed by, the United States or an agency or corporation of the United States whose obligations constitute direct obligations of, or obligations guaranteed by the United States.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. › Sec. 37.15.595. Bonds as legal investments.

The bonds are legal investments for all banks, trust companies, savings banks, savings and loan associations, and other persons carrying on a banking business, all insurance companies and other persons carrying on an insurance business, and all executors, administrators, trustees, and other fiduciaries. The bonds may be accepted as security for deposits of all money of the state and its political subdivisions.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 5. Alaska Clean Water Fund and Drinking Water Fund Bonds. › Sec. 37.15.605. Definitions.

In AS 37.15.560 - 37.15.605,
(1) “bond redemption funds” means the Alaska clean water fund revenue bond redemption fund and the Alaska drinking water fund revenue bond redemption fund established in AS 37.15.565, as applicable;
(2) “bond resolution” means the resolution or resolutions adopted by the committee under AS 37.15.573 authorizing the issuance of bonds;
(3) “bonds” means the Alaska clean water fund revenue bonds or the Alaska drinking water fund revenue bonds authorized in AS 37.15.560 - 37.15.605, as applicable;
(4) “commissioner of environmental conservation” means the principal executive officer the Department of Environmental Conservation as provided in AS 44.46.010, or a successor;
(5) “commissioner of revenue” means the principal executive officer of the Department of Revenue as provided in AS 44.25.010, or a successor;
(6) “committee” means the state bond committee created in AS 37.15.110 or any other committee, body, department, or officer of the state that succeeds to the rights, powers, duties, and obligations of the state bond committee by lawful act of the legislature;
(7) “costs of issuance and administration” means all costs associated with issuance and administration of Alaska clean water fund revenue bonds or the Alaska drinking water fund revenue bonds, as applicable, and refunding bonds, including costs of bond printing, official statements, financial advisors, travel costs, rating agencies, bond insurance, letters and lines of credit for credit enhancement, underwriters, legal services, paying agents, bonds registrars, bond and escrow trustees, arbitrage rebate, and all other costs, including administrative costs, both direct and indirect.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.610. Bond authorization.

For the purpose of providing part or all of the money to be used, with or without any grants or other money that may become available, the issuance and sale of revenue bonds of the state in the total principal sum of not to exceed $500,000,000 is authorized to acquire, construct, equip, and install the additions, improvements, extensions, and facilities authorized in AS 37.15.720 and 37.15.730. The principal of and interest on these bonds are paid out of and secured by the gross revenue derived by the state from the ownership, use, and operation of the toll facilities, and out of any other revenue or money that the state legislature may provide exclusive of any state tax or license. Bonds may not be issued to assist in the acquisition, financing, or operation of projects without prior approval from the legislature.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.620. Construction fund.

(a) The toll facilities construction fund is established for deposit of proceeds of the sale of the bonds authorized by AS 37.15.610 and any grant or other money that is legally provided for the same purposes for which the bonds are authorized except for any accrued interest paid on the bonds by the purchaser. The money in the construction fund is used to pay the cost of acquiring, constructing, and equipping facilities authorized in AS 37.15.720 and 37.15.730 and costs incidental to those activities, including costs of the authorization, issuance, and sale of the bonds. To the extent allowed in the bond resolution, money in the construction fund may also be used for the payment of interest on the bonds during the time of actual construction, and for any additional time, not exceeding one year after construction is completed. Money in the construction fund may also be transferred to the bond redemption fund, as permitted by the bond resolution, to establish a reserve for the payment of the principal and interest on the bonds.
(b) The bond resolution may provide for the investment of money in the construction fund as the committee determines. The interest earned upon or any profit derived from the sale of the investment is deposited in the construction fund.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.630. Revenue fund.

(a) The toll facilities revenue fund is established and shall be set apart from all other money of the state. The toll facilities revenue fund is a trust fund for the purposes under AS 37.15.610 - 37.15.760, where all revenue, fees, tolls, charges, and rentals are deposited that are derived by the state from the ownership, lease, use, and operation of the facilities authorized by AS 37.15.720 and 37.15.730. The revenue, fees, tolls, charges, and rentals may not include the proceeds of any state tax or license. The money in the revenue fund may only be used to
(1) pay or secure the payment of the principal of and interest on the toll facilities bonds and principal of and interest on any other revenue bonds issued by authorization of the legislature to provide money to acquire, construct, and equip facilities authorized by AS 37.15.720 and 37.15.730 and to be payable out of the revenue fund;
(2) pay the normal and necessary costs of maintaining and operating the facilities acquired, constructed, or equipped under AS 37.15.610 - 37.15.760;
(3) pay the costs of renewals, replacements, and extraordinary repairs to facilities acquired, constructed, or equipped under AS 37.15.610 - 37.15.760;
(4) redeem before their fixed maturities any and all revenue bonds issued for the purpose of acquiring, constructing, and equipping facilities authorized by AS 37.15.720 and 37.15.730;
(5) provide money to acquire, construct, and equip necessary additions and improvements to facilities authorized by AS 37.15.720 and 37.15.730; and
(6) provide money to pay any and all other costs relating to the ownership, use, and operation of the facilities.
(b) The investment of money in the revenue fund may be made as the committee determines. The interest earned upon or any profits derived from the sale of an investment under this subsection shall be deposited in the revenue fund.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.640. Bond redemption fund.

The toll facilities revenue bond redemption fund is established for deposit in trust of money for paying and securing the payment of principal of and interest and redemption premium, if any, on bonds and is set apart from all other money of the state. The committee, on behalf of the state, shall obligate the state to set aside and pay into the bond redemption fund from the revenue fund an amount of money sufficient to pay the principal of and interest and redemption premium, if any, on the bonds as the payments become due and, if the committee considers it necessary, to set aside and maintain a reserve for this purpose. The bond redemption fund is drawn upon for the purpose of paying the principal of and interest and redemption premium, if any, on the bonds, and the bonds do not constitute a general obligation of the state.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.660. Bond resolution.

The committee is authorized and directed to adopt the bond resolution and 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 shall fix the principal amount, denomination, date, maturities, place or places of payment, rights of redemption, if any, terms, form, conditions, and covenants of the bonds or each series of them. The committee shall also determine and provide for the date and manner of sale of the bonds, and shall provide whether the notice of sale is to be published elsewhere in addition to the publication required by AS 37.15.650.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.670. Enforcement by holder.

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 courts of record of the state, compel the transfer, setting aside, and payment of money and the enforcement of all of the terms, conditions, and covenants as required and provided in AS 37.15.610 - 37.15.760 and in the bond resolution.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.680. Amounts required for payments.

The committee shall, before December 31 of each year, commencing with the year in which the bonds are issued, certify to the commissioner of revenue and the commissioner of transportation and public facilities the amounts required in the next ensuing calendar year by a bond resolution to be paid out of the revenue fund into the bond redemption fund and to be paid into and maintained in any reserve fund or account or any other fund or account created by a bond resolution. The committee shall also certify to the commissioners the last date upon which payments may be made.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.700. Refunding.

(a) The bonds or any part of them may be refunded at or before their maturity by the issuance of refunding revenue bonds of the state if in the opinion of the committee refunding is advantageous to and in the best interest of the state and its inhabitants.
(b) The issuance of refunding bonds need not be authorized by an act of the legislature, and the committee shall adopt the resolution and prepare all other documents and proceedings necessary for the issuance, exchange or sale, and delivery of the bonds. All provisions of AS 37.15.610 - 37.15.760 applicable to revenue bonds are applicable to the refunding bonds and to the issuance, sale, or exchange of the bonds, except as otherwise provided in this section.
(c) Refunding bonds may be issued in a principal amount sufficient to provide money for the payment of all bonds to be refunded by them, and, in addition, for the payment of all expenses incident to the calling, retiring, or paying of the outstanding bonds, and the issuance of the refunding bonds. These expenses include the difference in amount between the par value of the refunding bonds and any amount less than par for which the refunding bonds are sold, any amount necessary to be made available for the payment of interest on the refunding bonds from the date of sale of them to the date of payment of the bonds to be refunded or to the date upon which the bonds to be refunded will be paid under the call of the bonds or agreement with the holders of them, and the premium, if any, necessary to be paid in order to call or retire the outstanding bonds and the interest accruing on the outstanding bonds to the date of the call or retirement.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.710. Bonds as legal investments.

Toll facilities bonds are legal investments for all banks, trust companies, savings banks, savings and loan associations, and other persons carrying on a banking business, all insurance companies and other persons carrying on an insurance business, and all executors, administrators, trustees, and other fiduciaries. The bonds may be accepted as security for deposits of all money of the state and its political subdivisions.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.730. Review of toll facility projects.

A toll facility may be financed under AS 37.15.610 - 37.15.760 if the following conditions are met for that toll facility:
(1) the department submits to the governor and the legislature a feasibility study that finds that the toll facility is financially feasible and able to produce revenue adequate to repay the bonds with which it is financed;
(2) if financing in addition to revenue bonds is required to finance the toll facility, the department submits to the governor and legislature a finance plan that includes an estimate of the total cost of the toll facility and a description of the sources of money that will be used to finance the total cost of the toll facility; and
(3) the office of management and budget reviews the feasibility study and the finance plan, if required, and reports its findings and recommendations to the governor and legislature not later than 90 days after the study and plan are received by the office.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.740. Toll facility charges.

The commissioner of transportation and public facilities shall fix and collect the fees, charges, tolls, and rentals derived by the state from the ownership, lease, use, and operation of the facilities authorized by AS 37.15.720 and 37.15.730 and improvements of the facilities as will provide revenue sufficient to comply with all of the covenants of the bond resolution.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.750. Statutory construction.

AS 37.15.610 - 37.15.760 shall be liberally construed in order to carry out the purposes for which the provisions were enacted, and all existing laws in conflict with AS 37.15.610 - 37.15.760 are superseded as necessary to accomplish the purposes of AS 37.15.610 - 37.15.760.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 6. Toll Facilities Revenue Bonds. › Sec. 37.15.760. Definitions.

In AS 37.15.610 - 37.15.760, unless the context requires otherwise,
(1) “bond redemption fund” means the toll facilities revenue bond redemption fund created by AS 37.15.640, including any accounts that are created in that fund after October 4, 1984;
(2) “bond resolution” means the resolution authorizing the issuance of bonds, adopted by the committee under AS 37.15.660;
(3) “bonds” means the toll facilities revenue bonds authorized by AS 37.15.610 - 37.15.760;
(4) “committee” means the state bond committee created by AS 37.15.110, or any other committee, body, department, or officer of the state that or who succeeds to the rights, powers, duties, and obligations of the state bond committee by act of the legislature;
(5) “construction fund” means the toll facilities construction fund created by AS 37.15.620;
(6) “revenue fund” means the toll facilities revenue fund created by AS 37.15.630;
(7) “toll facilities” means highways, roads, bridges, tunnels, crossings, and causeways upon which tolls, charges, rentals, or other user fees are placed by the commissioner of transportation and public facilities.