Section 37.15.225. Bond authorization.

   (a) For purposes of financing a portion of the costs of the Knik Arm bridge and appurtenant facilities or other toll bridges as the legislature may designate, including the costs of bond issuance, the issuance and sale of bonds of the state by the committee is authorized as provided in AS 37.15.225 - 37.15.290. The net proceeds of the sale of the bonds remaining after payment of costs of issuance, capitalized interest, if any, and making deposits to the bond reserve fund under AS 37.15.260, shall be transferred to the Knik Arm construction fund established in AS 37.15.230 or may be held by a trustee to be disbursed to pay the costs of a toll bridge under the terms and conditions set out in a trust agreement. Accrued interest paid on the bonds shall be paid into the bond redemption fund.
   (b) Prior to the issuance of bonds authorized under (a) of this section, the committee shall send notice of the issuance to the legislature.
   (c) The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, is limited as provided in AS 37.15.235. 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 committee may enter into agreements with other state agencies as necessary or convenient to implement AS 37.15.225 - 37.15.290.
   (e) 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 other services as are necessary to accomplish the bond issuance and sale.
   (f) The state may not issue bonds under (a) of this section for financing the Knik Arm bridge and appurtenant facilities until the Federal Highway Administration, United States Department of Transportation, has approved a loan to the state of at least 30 percent of the total project cost for construction of the Knik Arm bridge and appurtenant facilities under 23 U.S.C. 601 - 609 (Transportation Infrastructure Finance and Innovation Act of 1998).

Authorities

19.75.021;37.15.225;37.15.230;37.15.235;37.15.250;37.15.260;37.15.265;37.15.275;37.15.285;37.15.290

Notes

References

AS 19.75.021 Establishment of authority.
AS 37.15.225 Bond authorization.
AS 37.15.230 Knik Arm construction fund.
AS 37.15.235 Toll bridge revenue bond limit.
AS 37.15.250 Bond terms.
AS 37.15.260 Bond reserve fund.
AS 37.15.265 Enforcement by bond owner.
AS 37.15.275 Refunding.
AS 37.15.285 Statutory construction.
AS 37.15.290 Definitions.

History

(Sec. 12 ch 51 SLA 2014)