Sec. 26.27.010. Creation and termination of corporation.
(a) The Alaska Aerospace Corporation is created as a public corporation of the state. The corporation is a body corporate and politic located for administrative purposes within the Department of Military and Veterans’ Affairs and affiliated with the University of Alaska but with a separate and independent legal existence. (b) The corporation may not be […]
Sec. 26.27.170. Limitation of liability on bonds.
The members of the corporation and a person executing the bonds are not liable personally on the bonds by reason of their issuance. The bonds of the corporation are not a debt of the state or a political or municipal corporation or other subdivision of the state, including the University of Alaska, and each bond […]
Sec. 26.27.020. Board of directors.
(a) The powers and responsibilities of the corporation are vested in the board of directors. The board of directors of the corporation consists of nine members appointed by the governor as follows: (1) three state residents who have a significant high level of experience in the private business sector, specializing in financing or economic development […]
Sec. 26.27.180. Issuance and sale of bonds and notes.
Bonds and notes of the corporation are authorized by adoption of a resolution prescribing the date of issuance and maturity, interest rate, denomination, form, conversion privilege, rank or priority, execution, terms of redemption, medium, and place of payment. Bonds and notes may be sold in the manner, on the terms, and at the price the […]
Sec. 26.27.030. Chair and vice-chair.
The board of directors of the corporation shall select a chair and vice-chair from among the members of the board of directors of the corporation who are state residents. The vice-chair presides over all meetings in the absence of the chair and has other duties the board of directors of the corporation may direct.
Sec. 26.27.190. Bonds exempt from taxes.
Bonds and other obligations of the corporation are issued for an essential public and governmental purpose and are public instrumentalities and, together with interest on them and income from them, are exempt from taxes.
Sec. 26.27.040. Meetings; staff.
(a) A majority of the members of the corporation constitutes a quorum for the transaction of business or the exercise of a power or function at a meeting of the corporation. The corporation shall meet at least every three months. The corporation may meet and transact business by electronic media if (1) public notice of […]
Sec. 26.27.200. Independent financial advisor.
In negotiating the private sale of bonds or bond anticipation notes to an underwriter, the corporation shall retain a financial advisor who is independent from the underwriter. The financial advisor may not bid on the bonds or notes if offered at public sale or negotiate for their purchase if sold at private sale.
Sec. 26.27.050. Alaska Aerospace Corporation fund.
(a) The Alaska Aerospace Corporation fund is established in the corporation. The fund consists of appropriations made to the fund by the legislature, and rents, fees, or other money or assets transferred to the fund by the corporation. Amounts deposited in the fund may be pledged to the payment of bonds of the corporation or […]
Sec. 26.27.060. Insurance coverage; safety program.
(a) The corporation may engage actuarial experts and shall develop probability models to indicate the degree of potential harm to the public and private enterprise from the corporation’s activities. (b) The corporation shall, to the extent available and consistent with federal requirements, secure insurance coverage within reasonable limits for liability that may arise as a […]