Section 30.13.060. Bonds of an authority.

   (a) Subject to the provisions of AS 30.13.055(a), an authority may borrow money and may issue revenue bonds, including but not limited to bonds on which the principal and interest are payable
        (1) exclusively from the income and receipts or other money derived from the project financed with the proceeds of the bonds;
        (2) exclusively from the income and receipts or other money derived from designated projects whether or not they are financed in whole or in part with the proceeds of the bonds; or
        (3) from the income and receipts or assets generally, or a designated part or parts of them, of the authority or of any other person.
   (b) Bonds shall be authorized by resolution of the authority, and be dated and shall mature as the resolution may provide, except that no bond may mature more than 40 years from the date of its issue. Bonds shall bear interest at the rate or rates, be in the denominations, be in the form, either coupon or registered, carry the registration privileges, be executed in the manner, be payable in the medium of payment, at the place or places, and be subject to the terms of redemption which the resolution or a subsequent resolution may provide.
   (c) All bonds, regardless of form or character, shall be negotiable instruments for the purposes of the Uniform Commercial Code.
   (d) All bonds may be sold at public or private sale in the manner, for the price or prices, and at the time or times that the authority may determine.
   (e) The superior court shall have jurisdiction to hear and determine suits, actions, or proceedings relating to an authority, including without limitation suits, actions, or proceedings brought to foreclose or otherwise enforce a mortgage, pledge, assignment, or security interest or brought by or for the benefit or security of a holder of its bonds or by a trustee for or other representative of the holders.
   (f) Before issuing bonds for a project under this chapter an authority shall submit to the state bond committee a description of the bond issue and an independent economic feasibility analysis of the project and expected revenues. This information may be contained in a preliminary prospectus, offering circular, or official statement relating to the bond issue.  Bonds may not be issued unless the state bond committee finds, based upon the information submitted by the authority under this subsection and other information that is reasonably available to it, that the project revenues can be reasonably expected to be adequate for payment of the principal and interest on the bonds to be issued if the bonds are to be secured by project revenues alone, and in any event that issuance of the bonds by the authority would not be expected to adversely affect the ability of the state or its political subdivisions to market bonds.
   (g) The total principal sum of bonds issued under this section for all authorities formed under this chapter is $400,000,000 exclusive of refunding bonds.

Notes

History

(Sec. 2 ch 98 SLA 1983)