Section 37.15.250. 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 or the committee's delegated representative 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 or the committee's delegated representative after considering market conditions. Interest rates may be fixed or variable.
   (b) The bonds mature at the time or times fixed by the committee or the committee's delegated representative. The bonds may be subject to redemption before their fixed maturities, as determined by the committee or the committee's delegated representative, with or without a premium or premiums. The bonds may be in denominations determined by the committee or the committee's delegated representative; 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 and relating to the funding of projects as found necessary by the committee or the committee's delegated representative.
   (c) If the committee or the committee's delegated representative finds it reasonably necessary, the committee or the committee's delegated representative 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 or the committee's delegated representative 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) - (c) of this section, the decisions of the committee shall be reasonably necessary for the best interests of the state and accomplish the most advantageous sale of the bonds. Decisions of the committee, as expressed in a bond resolution, are final and conclusively considered to comply with the requirements of AS 37.15.225 - 37.15.290.

Notes

History

(Sec. 12 ch 51 SLA 2014)