Section 30.13.055. Consideration of projects to be financed.

   (a) Before issuing bonds for any project under this chapter, an authority must find, on the basis of all information reasonably available to it, that
        (1) the project and its development under this chapter will be economically advantageous to the state and the general public welfare and will contribute to the economic growth of the state and the region within which the authority may exercise its powers;
        (2) the project is financially sound and can be expected to produce revenue adequate to repay the bonds with which it is financed; and
        (3) the scope of the project is sufficient to provide a reasonable expectation of a benefit to the region and the economy of the state.
   (b) An authority shall give fair and reasonable consideration to a project presented to it for financing.  When the authority determines whether to finance or assist in the financing of the project, the authority shall state the reasons for its determination in a written resolution upon request by a person who presented the project to the authority or a person who presented opposition to the project.  The authority shall base its reasons on the information presented to it concerning the project and on other information considered appropriate by the authority.

Authorities

30.13.060

Notes

References

AS 30.13.060 Bonds of an authority.

History

(Sec. 2 ch 98 SLA 1983)