(a) The issuance and sale of bonds by the corporation is authorized as provided in this section for purposes of financing purchases, refunds, and payments under Alaska Stat. § 43.55.028 and the costs of issuance and administration of the bonds. The net proceeds of the sale of the bonds remaining after payment of costs of issuance and administration may be disbursed to the commissioner of revenue for purchases, refunds, and payments under Alaska Stat. § 43.55.028. Accrued interest paid on the bonds shall be paid into the reserve fund. The corporation may not issue bonds, except for refunding bonds, after December 31, 2021.
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Terms Used In Alaska Statutes 37.18.030

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(b) The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, issued by the corporation for the purposes of financing purchases, refunds, and payments under Alaska Stat. § 43.55.028 may not exceed $1,000,000,000.
(c) The bonds do not constitute a general obligation of the state and are not state debt within the meaning of art. IX, sec. 8, Constitution of the State of Alaska. Authorization by the legislature and ratification by qualified voters of the state is not required under art. IX, sec. 8, Constitution of the State of Alaska.
(d) The corporation may enter into agreements with other state agencies as necessary or convenient to implement this chapter.
(e) The corporation may contract for the services of underwriters, paying agents, trustees, escrow agents, bond printers, rating agencies, bond insurance, credit enhancement providers, accountants, financial advisors, disclosure counsel, and bond counsel, and other services as are necessary or desirable to accomplish the issuance and sale of bonds.
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