(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.
Terms Used In Alaska Statutes 37.15.230
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 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.
