Section 37.15.620. Construction fund.

   (a) The toll facilities construction fund is established for deposit of proceeds of the sale of the bonds authorized by AS 37.15.610 and any grant or other money that is legally provided for the same purposes for which the bonds are authorized except for any accrued interest paid on the bonds by the purchaser.  The money in the construction fund is used to pay the cost of acquiring, constructing, and equipping facilities authorized in AS 37.15.720 and 37.15.730 and costs incidental to those activities, including costs of the authorization, issuance, and sale of the bonds.  To the extent allowed in the bond resolution, money in the construction fund may also be used for the payment of interest on the bonds during the time of actual construction, and for any additional time, not exceeding one year after construction is completed. Money in the construction fund may also be transferred to the bond redemption fund, as permitted by the bond resolution, to establish a reserve for the payment of the principal and interest on the bonds.
   (b) The bond resolution may provide for the investment of money in the construction fund as the committee determines.  The interest earned upon or any profit derived from the sale of the investment is deposited in the construction fund.

Authorities

37.15.650;37.15.760

Notes

References

AS 37.15.650 Bond terms.
AS 37.15.760 Definitions.

History

(Sec. 1 ch 162 SLA 1984)