(a) The Knik Arm construction fund is established in the general fund to receive the proceeds of the sale of bonds issued under AS 37.15.225, and other state or federal money that is appropriated for the same purpose for which the bonds are issued. The Department of Transportation and Public Facilities shall use money in the construction fund to pay the cost of acquiring, constructing, and equipping the Knik Arm bridge and appurtenant facilities. To the extent allowed by the bond resolution, money in the construction fund may also be used for the payment of interest on the bonds during the time of construction. Money in the construction fund may be transferred to the bond redemption fund, as permitted by the bond resolution.
(b) The bond resolution may provide for the investment of money in the construction fund as the committee determines. The interest earned on the investment of money in the fund shall be retained in the fund.
Section: Previous 37.15.225 37.15.230 37.15.235 37.15.240 37.15.245 37.15.250 37.15.255 37.15.260 37.15.265 37.15.270 37.15.275 37.15.280 37.15.285 37.15.290 NextLast modified: November 15, 2016