Sec. 29.47.190. Vote and notice of existing indebtedness required.
(a) A municipality may incur general obligation bond debt only after a bond authorization ordinance is approved by a majority vote at an election. Any municipal voter may vote in the bond election, except as otherwise provided by law. (b) Before a general obligation bond issue election, the governing body shall have published a notice […]
Sec. 29.47.200. Payment.
(a) The full faith and credit of a municipality are pledged for the payment of principal and interest on general obligation bonds. The municipality may levy ad valorem taxes for payment without limitation of rate or amount to pay or secure the payment of the principal and interest on bonds, regardless of whether the bonds […]
Sec. 29.47.240. Revenue bonds.
(a) A municipality may issue negotiable or nonnegotiable revenue bonds for a public enterprise or public corporation of the municipality where the only security is the revenue of the public enterprise or corporation. (b) A municipality may issue its revenue bonds to finance the purchase of residential mortgage loans. The revenue bonds issued under this […]
Sec. 29.47.250. No election required.
An election is not required to authorize the issuance and sale of revenue bonds, unless otherwise provided by ordinance.
Sec. 29.47.260. Applicability of AS 37.10.085.
The prohibitions of AS 37.10.085 do not apply to the issuance of revenue bonds or the use of proceeds from revenue bonds by a home rule or general law municipality.
Sec. 29.47.300. Authorization.
If a municipality has outstanding general obligation or revenue bonds and the governing body determines that it would be financially advantageous to refund the bonds, the municipality may provide by ordinance or resolution for the issuance of negotiable or nonnegotiable (1) general obligation refunding bonds; or (2) revenue refunding bonds.
Sec. 29.47.030. Issuance of notes in anticipation of state or federal grants.
(a) A municipality, on adoption of a long-range capital improvement budget by ordinance or resolution, may by resolution provide for negotiable or nonnegotiable revenue anticipation notes in an amount not to exceed the total amount of any state or federal grants finally committed for these projects. The notes mature no later than the end of […]
Sec. 29.47.310. Effect of refunding bonds.
The refunding bonds may take up and refund all or part of outstanding bonds at or before their maturity or redemption date. The governing body may include various series and issues of bonds in a single issue of refunding bonds.
Sec. 29.47.040. Priority of repayment.
The payment of the principal and interest on revenue anticipation notes is payable from revenues, and their payment additionally shall be secured by a pledge of the full faith and credit of the municipality issuing them.
Sec. 29.47.320. No election required.
An election is not required to authorize the issuance and sale of refunding bonds. Their issuance may be authorized and all proceedings with reference to them prescribed by ordinance. However, when it is desirable to use general obligation bonds to refund a revenue bond issue, the governing body shall call an election on the question.