reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 7. Private Activity Bonds. › Sec. 37.15.800. Tax-exempt bonds and tax credits.

(a) As authorized under 26 U.S.C. 146(e), the state bond committee shall allocate the private activity bond volume limit for the state. Each year at least 25 percent of the limit shall be allocated to municipalities. If the committee determines that a portion of the limit allocated to municipalities will not be used by a municipality during that year, the committee may reallocate that portion.
(b) The committee may make a carry-forward election under 26 U.S.C. 146(f) with respect to all or a portion of the private activity bond volume limit, including allocations that lapse under (c) or (d) of this section.
(c) An amount allocated under (a) of this section lapses on December 30 of the year in which the allocation was made unless
(1) the entity that received the allocation uses it before that date; or
(2) the amount allocated is the subject of a carry-forward election under 26 U.S.C. 146(f).
(d) The committee may adopt regulations relating to the lapsing of amounts under (c) of this section. Regulations adopted under this subsection may establish times when allocated amounts will lapse in addition to the time provided in (c) of this section.
(e) The committee shall allocate tax credit limits and tax-exempt bond limits for the state in accordance with requirements imposed by federal law in connection with the tax credits and tax-exempt bonds. This subsection does not apply to low-income housing tax credits, qualified veterans' mortgage bonds under applicable provisions of 26 U.S.C. (Internal Revenue Code), or private activity bonds.
(f) In this section,
(1) “private activity bond” means a bond described in 26 U.S.C. 141;
(2) “private activity bond volume limit” means the maximum amount of private activity bonds that may be issued under 26 U.S.C. 146 during a calendar year in the state by all issuers, including the state, municipalities in the state, and public corporations that are agencies of either the state or a municipality in the state.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 8. Pension Obligation Bonds. › Sec. 37.15.900. Bond authorization.

(a) For purposes of financing prepayment of all or a portion of a governmental employer's share of unfunded accrued actuarial liability of retirement systems, including the costs of issuance and administration, the issuance and sale of bonds of the state by the committee is authorized as provided in this section and AS 37.15.903 - 37.15.955, but only after submitting a proposal to the Legislative Budget and Audit Committee under (e) of this section and if the state bond rating is the equivalent of AA- or better. The net proceeds of the sale of the bonds remaining after payment of costs of issuance and administration shall be transferred to the commissioner of administration for the account of the governmental employer whose share of unfunded accrued actuarial liability is to be prepaid for application to that liability. Accrued interest paid on the bonds shall be paid into the pension obligation bond redemption fund.
(b) The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, is limited as provided in AS 37.15.903. The bonds do not constitute a general obligation of the state. Authorization by the voters of the state or the legislature is not required.
(c) The committee may enter into agreements with other state agencies as necessary or convenient to implement this section and AS 37.15.903 - 37.15.955.
(d) 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 for other services as are necessary to accomplish the bond issuance and sale.
(e) Before the issuance and sale of bonds under this section, the committee shall submit a proposal to the Legislative Budget and Audit Committee for review, and 45 days shall elapse before bonds are issued and sold, unless the Legislative Budget and Audit Committee earlier recommends that the committee proceed with the issuance. Should the Legislative Budget and Audit Committee recommend within the 45-day period that the committee not proceed with the issuance and sale of bonds, the committee shall again review the proposal, and, if the committee decides to issue and sell the bonds, the committee shall provide the Legislative Budget and Audit Committee with a statement of the committee's reasons for doing so before issuance under this section.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 8. Pension Obligation Bonds. › Sec. 37.15.903. Pension obligation bond limit.

The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, issued by all state entities added together, for the purposes of financing prepayment of all or a portion of a governmental employer's share of unfunded accrued liability of retirement systems, may not exceed $1,500,000,000 or a funding ratio of actuarial assets to accrued liability greater than 85 percent, whichever is less.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 8. Pension Obligation Bonds. › Sec. 37.15.905. Bond redemption fund.

(a) There is established a special fund of the state, known as the pension obligation 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 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 investing 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.
(c) Separate accounts may be created in the bond redemption fund 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 37.15.910(c).
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 8. Pension Obligation Bonds. › Sec. 37.15.910. Bond terms.

(a) The bonds may be issued and sold at public or negotiated sale in the manner, in the amounts or series, and at the time or times that the committee determines. The bonds, or each series of them, shall be sold at the price and on the terms, conditions, and covenants set by the committee after considering market conditions. Interest rates may be fixed or variable.
(b) The bonds mature at the time or times fixed by the committee. The bonds may be subject to redemption before their fixed maturities, as determined by the committee, with or without a premium or premiums. The bonds may be in denominations determined by the committee; may be issued in fully or partially registered form; must be payable as to principal and interest at the place or places determined by the committee; must be signed on behalf of the state in the manner provided by the committee; and must be issued under and subject to the terms, conditions, covenants, and protective features safeguarding payment of the bonds as found necessary by the committee.
(c) If the committee finds it reasonably necessary, the committee may select a trustee or trustees for the holders of the bonds, or any series of them, for the safeguarding and disbursement of any of the money in the bond redemption fund or for duties with respect to the enforcement, authentication, delivery, payment, and registration of the bonds as the committee may determine. The committee shall fix the rights, duties, powers, and obligations of the trustee or 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) of this section, the decisions of the committee shall be those that are reasonably necessary for the best interests of the state and its inhabitants and that will accomplish the most advantageous sale of the bonds. Decisions of the committee, as expressed in a bond resolution, are final and are conclusively considered to comply with the requirements of AS 37.15.900 - 37.15.955.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 8. Pension Obligation Bonds. › Sec. 37.15.915. 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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 8. Pension Obligation Bonds. › Sec. 37.15.920. 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 37.15.900 - 37.15.955, 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 8. Pension Obligation Bonds. › Sec. 37.15.925. 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 commissioner of revenue and the commissioner of administration the amounts required in the current fiscal year and the next ensuing fiscal year by the bond resolution or resolutions to be paid from the general fund 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, and shall also certify to the commissioners the last date or dates on which payments may be made.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 8. Pension Obligation Bonds. › Sec. 37.15.930. Purposes and sufficiency of revenue.

The proceeds of bonds may be used for the purposes described in AS 37.15.900(a), as appropriate. Bonds may not be issued unless the committee first finds that the actuarially assumed rate of return on the funds managed by the Alaska Retirement Management Board is projected to exceed the true interest cost to be paid on the bonds by at least 1.5 percent annually.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 15. Bonding › Article 8. Pension Obligation Bonds. › Sec. 37.15.935. 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 bonds of the state if the state bond rating is the equivalent of AA- or better and 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 37.15.900 - 37.15.955 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 to call or retire the outstanding bonds and the interest accruing on them to the date of the call or retirement; and other of these costs. The committee is authorized to incur expenses to carry out this section.
(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 8. Pension Obligation Bonds. › Sec. 37.15.940. 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 8. Pension Obligation Bonds. › Sec. 37.15.955. Definitions.

In AS 37.15.900 - 37.15.955,
(1) “bond redemption fund” means the pension obligation bond redemption fund established in AS 37.15.905;
(2) “bond resolution” means a resolution or resolutions adopted by the committee under AS 37.15.915 authorizing the issuance of bonds;
(3) “bonds” means the pension obligation bonds authorized in AS 37.15.900 - 37.15.955;
(4) “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;
(5) “costs of issuance and administration” means all costs associated with issuance and administration of pension obligation 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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 16. Alaska Pension Obligation Bond Corporation › Sec. 37.16.010. Alaska Pension Obligation Bond Corporation.

There is established the Alaska Pension Obligation Bond Corporation. The corporation is a public corporation and government instrumentality in the Department of Revenue managed by a board of directors. The purpose of the corporation is to finance prepayment of all or a portion of a governmental employer's share of unfunded accrued actuarial liability of retirement systems.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 16. Alaska Pension Obligation Bond Corporation › Sec. 37.16.020. Board of directors.

The directors of the corporation are the commissioner of commerce, community, and economic development, the commissioner of administration, and the commissioner of revenue. If a director is absent or otherwise unable to act, the director's designee in the department shall act as a director of the corporation in the director's place.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 16. Alaska Pension Obligation Bond Corporation › Sec. 37.16.030. Bond authorization.

(a) For purposes of financing prepayment of all or a portion of a governmental employer's share of unfunded accrued actuarial liability of retirement systems, including the costs of issuance and administration, the issuance and sale of bonds by the corporation is authorized as provided in this section and AS 37.16.040 - 37.16.900, but only after submitting a proposal to the Legislative Budget and Audit Committee under (e) of this section and if the state bond rating is the equivalent of AA- or better. The net proceeds of the sale of the bonds remaining after payment of costs of issuance and administration shall be transferred to the commissioner of administration for the account of the governmental employer whose share of unfunded accrued actuarial liability is to be prepaid for application to that liability. Accrued interest paid on the bonds shall be paid into the reserve fund.
(b) The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, is limited as provided in AS 37.15.903. The bonds do not constitute a general obligation of the state. Authorization by the voters of the state or the legislature is not required.
(c) The corporation may enter into agreements with other state agencies as necessary or convenient to implement this section and AS 37.16.040 - 37.16.900.
(d) The corporation 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.
(e) Before the issuance and sale of bonds under this section, the corporation shall submit a proposal to the Legislative Budget and Audit Committee for review, and 45 days shall elapse before bonds are issued and sold, unless the Legislative Budget and Audit Committee earlier recommends that the corporation proceed with the issuance. Should the Legislative Budget and Audit Committee recommend within the 45-day period that the corporation not proceed with the issuance and sale of bonds, the corporation shall again review the proposal, and, if the corporation decides to issue and sell the bonds, the corporation shall provide the Legislative Budget and Audit Committee with a statement of the corporation's reasons for doing so before issuance under this section.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 16. Alaska Pension Obligation Bond Corporation › Sec. 37.16.050. 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 corporation determines the bonds, or each series of them, shall be sold at the price and on the terms, conditions, and covenants set by the corporation after considering market conditions. Interest rates may be fixed or variable.
(b) The bonds mature at the time or times fixed by the corporation. The bonds may be subject to redemption before their fixed maturities, as determined by the corporation, with or without a premium or premiums. The bonds may be in denominations determined by the corporation; 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 corporation; must be signed in the manner provided by the corporation; and must be issued under and subject to the terms, conditions, covenants, and protective features safeguarding payment of the bonds as found necessary by the corporation.
(c) If the corporation finds it reasonably necessary, the corporation 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 reserve fund or for duties with respect to the enforcement, authentication, delivery, payment, and registration of the bonds as the corporation may determine. The corporation 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) of this section, the decisions of the corporation shall be those that are reasonably necessary for the best interests of the state and its inhabitants and that will accomplish the most advantageous sale of the bonds. Decisions of the corporation, as expressed in a bond resolution, are final and are conclusively considered to comply with the requirements of this chapter.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 16. Alaska Pension Obligation Bond Corporation › Sec. 37.16.060. Bond resolution.

The corporation 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.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 16. Alaska Pension Obligation Bond Corporation › Sec. 37.16.070. 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 this chapter, 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 16. Alaska Pension Obligation Bond Corporation › Sec. 37.16.080. Purposes and sufficiency of revenue.

The proceeds of bonds may be used for the purposes described in AS 37.16.030(a), as appropriate. Bonds may not be issued unless the corporation first finds that the actuarially assumed rate of return on the funds managed by the Alaska Retirement Management Board is projected to exceed the true interest cost to be paid on the bonds by at least 1.5 percent annually.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 16. Alaska Pension Obligation Bond Corporation › Sec. 37.16.090. Refunding.

(a) The corporation may refund the bonds or any part of them at or before their maturities or redemption dates by the issuance of refunding bonds of the corporation if the state bond rating is the equivalent of AA- or better and if, in the opinion of the corporation, 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 corporation 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 this chapter 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 to call or retire the outstanding bonds and the interest accruing on them to the date of the call or retirement; and other of these costs. The corporation is authorized to incur expenses to carry out this section.
(d) The corporation 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 16. Alaska Pension Obligation Bond Corporation › Sec. 37.16.100. 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 16. Alaska Pension Obligation Bond Corporation › Sec. 37.16.900. Definitions.

In this chapter,
(1) “bond resolution” means the resolution or resolutions adopted by the corporation under AS 37.16.060 authorizing the issuance of bonds;
(2) “bonds” means the pension obligation bonds authorized in this chapter;
(3) “corporation” means the Alaska Pension Obligation Bond Corporation created in AS 37.16.010;
(4) “costs of issuance and administration” means all costs associated with issuance and administration of pension obligation 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, bonds registrars, bond and escrow trustees, arbitrage rebate, and all other costs, including administrative costs, both direct and indirect;
(5) “reserve fund” means the Alaska Pension Obligation Bond Corporation reserve fund established in AS 37.16.040.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 18. Alaska Tax Credit Certificate Bond Corporation › Sec. 37.18.010. Alaska Tax Credit Certificate Bond Corporation.

The Alaska Tax Credit Certificate Bond Corporation is established in the Department of Revenue. The corporation is a public corporation and government instrumentality managed by a board of directors. The purpose of the corporation is to finance under AS 43.55.028
(1) the purchase of
(A) transferable tax credit certificates issued under AS 43.55.023;
(B) production tax credit certificates issued under AS 43.55.025; and
(2) the payment of refunds and payments claimed under AS 43.20.046, 43.20.047, or 43.20.053.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 18. Alaska Tax Credit Certificate Bond Corporation › Sec. 37.18.020. Board of directors.

The directors of the corporation are the commissioner of commerce, community, and economic development, the commissioner of administration, and the commissioner of revenue. If a director is absent or otherwise unable to act, the director's designee in the department shall act as a director of the corporation in the director's place.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 18. Alaska Tax Credit Certificate Bond Corporation › Sec. 37.18.030. Bond authorization; powers of the corporation.

(a) The issuance and sale of bonds by the corporation is authorized as provided in this section for purposes of financing purchases, refunds, and payments under AS 43.55.028 and the costs of issuance and administration of the bonds. The net proceeds of the sale of the bonds remaining after payment of costs of issuance and administration may be disbursed to the commissioner of revenue for purchases, refunds, and payments under AS 43.55.028. Accrued interest paid on the bonds shall be paid into the reserve fund. The corporation may not issue bonds, except for refunding bonds, after December 31, 2021.
(b) The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, issued by the corporation for the purposes of financing purchases, refunds, and payments under AS 43.55.028 may not exceed $1,000,000,000.
(c) The bonds do not constitute a general obligation of the state and are not state debt within the meaning of art. IX, sec. 8, Constitution of the State of Alaska. Authorization by the legislature and ratification by qualified voters of the state is not required under art. IX, sec. 8, Constitution of the State of Alaska.
(d) The corporation may enter into agreements with other state agencies as necessary or convenient to implement this chapter.
(e) The corporation may contract for the services of underwriters, paying agents, trustees, escrow agents, bond printers, rating agencies, bond insurance, credit enhancement providers, accountants, financial advisors, disclosure counsel, and bond counsel, and other services as are necessary or desirable to accomplish the issuance and sale of bonds.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 18. Alaska Tax Credit Certificate Bond Corporation › Sec. 37.18.050. 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 corporation determines the bonds, or each series of them, shall be sold at the price and on the terms, conditions, and covenants set by the corporation after considering market conditions. Interest rates may be fixed or variable. The corporation shall publish notice of an adopted resolution.
(b) The bonds mature at the time or times fixed by the corporation. The bonds may be subject to redemption before their fixed maturities, as determined by the corporation, with or without a premium or premiums. The bonds may be in denominations determined by the corporation; 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 corporation; must be signed in the manner provided by the corporation; and must be issued under and subject to the terms, conditions, covenants, and protective features safeguarding payment of the bonds as found necessary by the corporation. The corporation may, when necessary or desirable, enter into an agreement with a provider of credit enhancement to provide liquidity or security for the bonds, including bond insurance, letters of credit, surety bonds, or standby bond purchase agreements.
(c) If the corporation finds it reasonably necessary, the corporation 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 reserve fund or for duties with respect to the enforcement, authentication, delivery, payment, and registration of the bonds as the corporation may determine. The corporation 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) and (b) of this section, the decisions of the corporation shall be those that are reasonably necessary for the best interests of the state and its inhabitants and that will accomplish the most advantageous sale of the bonds. Decisions of the corporation, as expressed in a bond resolution, are final and are conclusively considered to comply with the requirements of this chapter.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 18. Alaska Tax Credit Certificate Bond Corporation › Sec. 37.18.060. Bond resolution.

The corporation 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. The corporation shall publish notice of the adopted resolution.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 18. Alaska Tax Credit Certificate Bond Corporation › Sec. 37.18.070. Enforcement by bond owner.

(a) The owner or owners of not less than 10 percent, or a higher percentage as specified in a bond resolution, 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 this chapter, 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 18. Alaska Tax Credit Certificate Bond Corporation › Sec. 37.18.080. Purposes; limitation on issuance.

The proceeds of bonds may be used for the purposes described in AS 37.18.030, as appropriate. Bonds may not be issued unless the corporation first finds that the discount rate under AS 43.55.028(m) exceeds the true interest cost to be paid on the bonds by at least 1.5 percent annually.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 18. Alaska Tax Credit Certificate Bond Corporation › Sec. 37.18.090. Refunding.

(a) The corporation may refund the bonds or any part of them at or before their maturities or redemption dates by the issuance of refunding bonds of the corporation if, in the opinion of the corporation, refunding is advantageous to and in the best interest of the corporation, the state, and the state's inhabitants.
(b) The issuance of refunding bonds need not be authorized by the legislature or ratified by qualified voters of the state, as required by art. IX, sec. 8, Constitution of the State of Alaska. The corporation 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 this chapter 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. Those 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 to call or retire the outstanding bonds and the interest accruing on them to the date of the call or retirement; and other of those costs.
(d) The corporation 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, or other obligations specified in a bond resolution.
(e) The corporation is authorized to incur expenses to carry out this section.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 18. Alaska Tax Credit Certificate Bond Corporation › Sec. 37.18.100. 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 18. Alaska Tax Credit Certificate Bond Corporation › Sec. 37.18.110. Limitation on judicial action.

A person may not bring a judicial action to contest the constitutionality or validity of this chapter or the constitutionality or validity of a bond issued and sold under this chapter unless the action is commenced in a court of the state of competent jurisdiction within 45 days after the corporation adopts a resolution under AS 37.18.060 authorizing the issuance of bonds. A person that fails to commence an action in the time provided under this section is barred from commencing an action to contest the constitutionality or validity of a bond issued and sold under this chapter.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 18. Alaska Tax Credit Certificate Bond Corporation › Sec. 37.18.190. Definitions.

In this chapter,
(1) “bond resolution” means the resolution or resolutions adopted by the corporation under AS 37.18.060 authorizing the issuance of bonds;
(2) “bonds” means the bonds authorized in this chapter;
(3) “corporation” means the Alaska Tax Credit Certificate Bond Corporation created in AS 37.18.010;
(4) “costs of issuance and administration” means all costs associated with issuance and administration of 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, remarketing agents, legal services, paying agents, bonds registrars, bond and escrow trustees, arbitrage rebate, administrative costs, both direct and indirect, and all other costs;
(5) “reserve fund” means the Alaska Tax Credit Certificate Bond Corporation reserve fund established in AS 37.18.040.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 20. Acceptance of Federal Funds › Sec. 37.20.030. Jurisdiction of accepted property.

(a) All chattels accepted under the provisions of AS 37.20.010 are subject to the jurisdiction of the Department of Administration for distribution to the appropriate department.
(b) All land accepted under the provisions of AS 37.20.010 is subject to the jurisdiction of the Department of Natural Resources.
(c) All public buildings accepted under the provisions of AS 37.20.010 are subject to the jurisdiction of the Department of Transportation and Public Facilities.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 23. Investment Pools for Public Entities › Sec. 37.23.010. Investment pool participation.

(a) Subject to this chapter, a public entity may enter into an agreement with other public entities to form and manage an investment pool under which funds of the participating public entities are administered and invested jointly. A public entity, by itself or with other public entities, may form a nonprofit corporation for the purpose of managing an investment pool.
(b) A public entity participating in an investment pool or a nonprofit corporation formed under (a) of this section may spend money reasonably necessary for the management of the pool, including the employment of staff. Income from investments of the pool may be used for management costs.
(c) The registration requirements of AS 45.56 do not apply to an investment pool formed under this chapter or to participating public entities with respect to activities of the pool.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 23. Investment Pools for Public Entities › Sec. 37.23.020. Authorized investments.

An investment pool may invest only in securities that have a final maturity date within 13 months after the date of purchase, except that floating rate securities with a final maturity date that is longer than 13 months may be purchased if they are subject to at least an annual reset. Investments may only include
(1) obligations of the United States and of an agency or instrumentality of the United States;
(2) repurchase and reverse repurchase agreements secured by the Treasury of the United States and obligations of an agency or instrumentality of the United States;
(3) certificates of deposit, bankers acceptances, and other similar obligations of a bank domiciled in the United States that has
(A) outstanding debt rated A or higher by at least one of the nationally recognized rating services, including dollar-denominated obligations issued by a United States branch of a foreign bank if the debt of the parent is rated A or higher; and
(B) a combined capital and surplus aggregating at least $500,000,000;
(4) commercial paper and other short-term taxable instruments that, at the time of investment, maintain the highest rating by at least two nationally recognized rating services;
(5) obligations of a corporation domiciled in the United States or obligations of a municipality that are taxable under federal law if the obligations are rated A or higher by at least two nationally recognized rating services at the time of investment;
(6) certificates of deposit that are issued by a state or federally chartered financial institution that is a commercial or mutual bank, savings and loan association, or credit union and if the institution's accounts are insured through the appropriate federal insuring agency of the United States, regardless of whether the institution meets the requirements of (3) of this section;
(7) money market funds in which the securities of the fund consist of obligations listed in this section and otherwise meet the requirements of this chapter;
(8) other cash equivalent investments with a maturity date of one year or less after date of the investment that are of similar quality to those listed in (1) - (7) of this section, are rated A or higher by at least one of the nationally recognized rating services, and are approved by the public entities participating in that investment pool.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 23. Investment Pools for Public Entities › Sec. 37.23.030. Collateralization.

Investment in certificates of deposit under AS 37.23.020(6) and the entire amount of principal and interest payable upon maturity of the certificates must be collateralized by a combination of securities that are marked to market at least monthly and have maturity dates that do not exceed five years. Only the following securities may serve as collateral:
(1) obligations of the United States with a maturity date of five years or less after the date of the pool's investment transaction, and with a market value of at least 102 percent;
(2) securities in United States agencies or instrumentalities that are actively traded, other than mortgage pass-through securities, with a maturity date of
(A) one year or less after the date of the pool's investment transaction, and with a market value of at least 103 percent;
(B) more than one year and less than five years after the date of the pool's investment transaction, and with a market value of at least 107 percent;
(3) mortgage pass-through securities issued by the Government National Mortgage Association with a market value of at least 120 percent;
(4) obligations of the state or its political subdivisions secured by the full faith, credit, and taxing power of the state or its political subdivisions, rated A or higher by at least one of the nationally recognized rating services, with a maturity date of
(A) one year or less after the date of the pool's investment transaction, and with a market value of at least 102 percent;
(B) more than one and less than five years after the date of the pool's investment transaction, and with a market value of at least 107 percent.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 23. Investment Pools for Public Entities › Sec. 37.23.035. Securities lending.

Securities held by an investment pool may be loaned if the securities are fully collateralized and the collateral is, for safekeeping, in the possession of a person who is independent of the borrowers. The collateral must meet institutional and prudent investor standards. All pool proceeds from securities lending must inure to the benefit of investment pool participants.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 23. Investment Pools for Public Entities › Sec. 37.23.040. Portfolio restrictions.

The portfolio of an investment pool under this chapter may not contain
(1) more than five percent of total investments in securities of one issuer unless the securities are an obligation of or guaranteed by the United States; or
(2) transactions in futures, options, derivative securities, or short sales.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 23. Investment Pools for Public Entities › Sec. 37.23.050. Investment management.

The public entities participating in an investment pool under this chapter shall provide for management of investments in the pool by contracting for investment management and related services with
(1) a securities broker-dealer registered under AS 45.56.300 and under 15 U.S.C. 78o (Securities Exchange Act of 1934);
(2) an investment adviser registered under AS 45.56.340 or a federal covered investment adviser that has made a notice filing under AS 45.56.360(c);
(3) the Department of Revenue; or
(4) a financial institution that is a state or federally chartered commercial or mutual bank, savings and loan association, or credit union if the institution's accounts are insured through the appropriate federal insuring agency of the United States and if the institution has trust powers under state or federal law.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 23. Investment Pools for Public Entities › Sec. 37.23.070. Reports; disclosure statement.

(a) The manager of an investment pool shall provide to the participating public entities a monthly report on the allocation of income of investments of the pool and describing activities of the pool. At least annually, the manager of an investment pool shall provide a disclosure statement on the management and operation of the pool to each public entity participating in the pool. The disclosure statement must include a copy of the annual audit required under AS 37.23.080.
(b) A public entity participating in an investment pool that is an organization composed of political subdivisions of the state shall promptly provide a copy of each report or statement received under (a) of this section to its members who are participating in the investment pool.
(c) The manager of an investment pool shall provide to a prospective participant in the pool copies of monthly reports prepared under (a) of this section for the past year, and a copy of the most recent disclosure statement prepared under (a) of this section.
2023 Alaska Statutes › Title 37. Public Finance › Chapter 23. Investment Pools for Public Entities › Sec. 37.23.080. Annual audit.

By September 30 of each year, the manager of an investment pool shall submit to the participating public entities an audit of the pool's investments as of June 30 of that year. The audit must be performed by a certified public accountant licensed under AS 08.04 who is not
(1) an employee of a public entity participating in the investment pool; or
(2) a contractor or an employee of a contractor who performed investment services for the investment pool.