Alaska Statutes Title 44, Chapter 44.85 - Alaska Municipal Bond Bank Authority

• Sec. 44.85.005 Legislative Findings.
  The legislature finds that(1) the rapid growth of municipalities in the state and the incorporation of new municipalities has created a demand for capital...
• Sec. 44.85.010 Legislative Policy.
  (a) It is the policy of the state to(1) foster and promote by all reasonable means the provision of adequate capital markets and facilities...
• Sec. 44.85.020 Municipal Bond Bank Authority.
  There is created the Alaska Municipal Bond Bank Authority. The authority is a public corporation of the state. The corporation is an instrumentality of...
• Sec. 44.85.030 Membership and Vacancies.
  The bond bank authority consists of the following five directors: the commissioner of revenue, the commissioner of commerce, community, and economic development, who shall...
• Sec. 44.85.040 Officers, Quorum, and Meetings.
  (a) The directors shall elect one of their number as chairman. The directors shall elect a secretary and a treasurer who need not be...
• Sec. 44.85.050 Bonding of Members.
  Before the issuance of bonds or notes under this chapter, each director shall execute a surety bond in the penal sum of $25,000 and...
• Sec. 44.85.060 Compensation and Expenses.
  The directors of the bond bank authority shall serve without compensation, but the bond bank authority shall reimburse its directors for actual expenses necessarily...
• Sec. 44.85.070 Staff.
  The bond bank authority shall employ an executive secretary who may with the approval of the bond bank authority select and employ additional staff...
• Sec. 44.85.080 Powers of Bond Bank Authority.
  The bond bank authority may(1) sue and be sued;(2) adopt and alter an official seal;(3) make and enforce bylaws and regulations for the conduct...
• Sec. 44.85.085 Creation of Subsidiary Corporation.
  (a) The bond bank authority may create one or more subsidiary corporations for the following purposes:(1) providing financial and other assistance to governmental employers...
• Sec. 44.85.086 Powers of Subsidiary Corporation.
  A subsidiary corporation created under AS 44.85.085 has the following powers in addition those granted to it under AS 44.85.085 (c):(1) to make loans...
• Sec. 44.85.090 Limitations.
  Under this chapter, the bond bank authority may not(1) make loans of money to a person, firm, or corporation except as provided in this...
• Sec. 44.85.095 Regulations.
  The bond bank authority shall adopt regulations, in accordance with AS 44.62 (Administrative Procedure Act), to implement this chapter.
• Sec. 44.85.100 Annual Report and Audit.
  (a) Before October 1 of each year the bond bank authority shall make a report of its activities for the preceding fiscal year to...
• Sec. 44.85.110 Annual Budget.
  The bond bank authority shall prepare and submit an annual budget under AS 37.07 (Executive Budget Act).
• Sec. 44.85.120 Care and Custody of Bonds.
  The bond bank authority, in accordance with AS 36.30 (State Procurement Code), may enter into agreements or contracts with a bank, trust company, banking...
• Sec. 44.85.130 Effect of Obligations.
  (a) Bonds and notes issued under this chapter are not a debt or liability of the state and do not create or constitute an...
• Sec. 44.85.140 Negotiability of Bonds or Notes.
  Notwithstanding other provisions of law, a bond or note issued under this chapter is fully negotiable for all purposes of AS 45.01 - AS...
• Sec. 44.85.150 Bonds or Notes As Legal Investments.
  Notwithstanding the restrictions of any other law, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment...
• Sec. 44.85.160 Tax Exemption.
  All property of the bond bank authority is public property devoted to an essential public and governmental function and purpose and is exempt from...
• Sec. 44.85.170 Loans to Political Subdivisions and Joint Insurance Arrangements.
  (a) The bond bank authority, to carry out the purposes and policies of this chapter, may lend money to municipalities through the purchase by...
• Sec. 44.85.180 Issuance of Bonds and Notes.
  (a) Subject to AS 44.85.100 (b), the bond bank authority may issue its bonds or notes in principal amounts that it considers necessary to...
• Sec. 44.85.190 Form of Issuance.
  Bonds or notes of the bond bank authority shall be authorized by resolution of the bond bank authority and may be issued in one...
• Sec. 44.85.200 Sale Price.
  Bonds or notes of the bond bank authority may be sold at public or private sale at the price the bond bank authority determines.
• Sec. 44.85.210 Payment or Refunding of Notes.
  The bond bank authority may from time to time issue its notes under this chapter and pay and retire or fund or refund the...
• Sec. 44.85.220 Terms of Agreement With the Bondholder or Noteholder.
  In a resolution of the bond bank authority authorizing or relating to the issuance of bonds or notes, the bond bank authority, in order...
• Sec. 44.85.230 Purchase and Disposition of Own Obligations.
  The bond bank authority may purchase bonds or notes of the bond bank authority out of its funds or money available for the purchase...
• Sec. 44.85.240 Bond Anticipation Notes.
  Notwithstanding any law applicable to a municipality as to the period for temporary financing of a public improvement or purpose by issuance of its...
• Sec. 44.85.250 Documentation.
  All municipal bonds purchased, held, or owned by the bond bank authority, upon delivery to the bond bank authority, must be accompanied by all...
• Sec. 44.85.260 Presumption of Validity.
  After issuance, all bonds or notes of the bond bank authority shall be conclusively presumed to be fully authorized and issued under the laws...
• Sec. 44.85.270 Reserve Fund.
  (a) The bond bank authority shall establish and maintain a special fund called the "Alaska municipal bond bank authority reserve fund" in which there...
• Sec. 44.85.280 Additional Funds and Accounts.
  The bond bank authority may establish additional reserves or other funds or accounts as may be, in its discretion, necessary, desirable, or convenient to...
• Sec. 44.85.290 Application of Funds.
  Money or investments in a fund or account of the bond bank authority established or held for bonds, notes, indebtedness, or liability to be...
• Sec. 44.85.300 Rights of Holders Paramount.
  In order to carry out its purpose under this chapter of making loans to municipalities by purchase of the municipal bonds of those municipalities...
• Sec. 44.85.310 Default in Payment; Appointment of Trustee.
  If the bond bank authority defaults in the payment of principal or interest on an issue of notes or bonds after they become due,...
• Sec. 44.85.320 Powers and Duties of Trustee on Default.
  (a) A trustee appointed under AS 44.85.310 may, and shall in the trustee's name, upon written request of the holders of 25 percent in...
• Sec. 44.85.330 Personal Liability.
  Neither a member of the bond bank authority nor a person executing bonds or notes issued under this chapter is liable personally on the...
• Sec. 44.85.340 Exemption From Execution and Sale.
  All property of the bond bank authority is exempt from levy and sale by virtue of an execution and no execution or other judicial...
• Sec. 44.85.350 Lien of Pledge.
  A pledge of revenues or other money made by the bond bank authority is binding from the time the pledge is made. Revenues or...
• Sec. 44.85.360 Insurance or Guaranty.
  The bond bank authority may obtain from a department or agency of the United States, or a nongovernmental insurer available insurance or guaranty for...
• Sec. 44.85.370 Surety for Deposits by Bank.
  All banks, trust companies, savings banks, investment companies, and other persons carrying on a banking business are authorized to give to the bond bank...
• Sec. 44.85.380 Expenses of Administration.
  All expenses incurred in carrying out this chapter are payable solely from revenues or funds appropriated under this chapter and nothing in this chapter...
• Sec. 44.85.390 Cooperation by Government Agencies.
  All officers, departments, boards, agencies, divisions, and commissions of the state shall render services to the bond bank authority that are within the area...
• Sec. 44.85.400 Public Records; Open Meetings.
  The provisions of AS 40.25.110 - 40.25.120 (public records) and AS 44.62.310 - 44.62.319 (Open Meetings Act) apply to the bond bank authority.
• Sec. 44.85.410 Definitions.
  In this chapter, unless the context requires otherwise,(1) "bond bank authority" means the Alaska Municipal Bond Bank Authority established by AS 44.85.020 ;(2) "bonds"...
• Sec. 44.85.420 Short Title.
  This chapter may be cited as the Alaska Municipal Bond Bank Authority Act or the Alaska Municipal Bond Bank Act. In transactions involving general...

Last modified: November 15, 2016