Section 37.15.170. State bond committee to certify annual principal, interest, and reserve requirements.

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

Notes

History

(Sec. 4 ch 175 SLA 1960; am Sec. 5, 6 ch 87 SLA 1991; am Sec. 64 ch 21 SLA 1995)