(a) For purposes of financing a portion of the costs of the Knik Arm bridge and appurtenant facilities or other toll bridges as the legislature may designate, including the costs of bond issuance, the issuance and sale of bonds of the state by the committee is authorized as provided in Alaska Stat. § 37.15.225 – 37.15.290. The net proceeds of the sale of the bonds remaining after payment of costs of issuance, capitalized interest, if any, and making deposits to the bond reserve fund under Alaska Stat. § 37.15.260, shall be transferred to the Knik Arm construction fund established in Alaska Stat. § 37.15.230 or may be held by a trustee to be disbursed to pay the costs of a toll bridge under the terms and conditions set out in a trust agreement. Accrued interest paid on the bonds shall be paid into the bond redemption fund.
Terms Used In Alaska Statutes 37.15.225
Contract: A legal written agreement that becomes binding when signed.
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
Trustee: A person or institution holding and administering property in trust.
(b) Prior to the issuance of bonds authorized under (a) of this section, the committee shall send notice of the issuance to the legislature.(c) The total unpaid principal amount of bonds, including refunding bonds, but excluding refunded bonds, is limited as provided in AS 37.15.235. The bonds do not constitute a general obligation of the state. Authorization by the voters of the state or the legislature is not required.(d) The committee may enter into agreements with other state agencies as necessary or convenient to implement Alaska Stat. § 37.15.225 – 37.15.290.(e) The committee may contract for the services of underwriters, paying agents, trustees, bond printers, rating agencies, bond insurance, credit enhancement providers, accountants, financial advisors, and bond counsel, and other services as are necessary to accomplish the bond issuance and sale.(f) The state may not issue bonds under (a) of this section for financing the Knik Arm bridge and appurtenant facilities until the Federal Highway Administration, United States Department of Transportation, has approved a loan to the state of at least 30 percent of the total project cost for construction of the Knik Arm bridge and appurtenant facilities under 23 U.S.C. § 601 – 609 (Transportation Infrastructure Finance and Innovation Act of 1998).
