Sec. 30.17.350. Operation of certain statutes excepted.
(a) The authority may not be considered to be or constitute (1) a political subdivision of the state as the term is used in AS 37.10.085, (2) a municipal corporation or political subdivision of the state as the terms are used in AS 29, or (3) except as provided in AS 30.17.360, a state agency […]
Sec. 30.17.360. Compliance with Executive Budget Act; finances.
(a) The operating budget of the authority is subject to AS 37.07 (Executive Budget Act). (b) To further ensure effective budgetary decision making by the legislature, the authority shall (1) annually review the authority’s assets to determine whether assets of the authority exceed an amount required to fulfill the purposes of the authority as defined […]
Sec. 30.17.370. Reports and publications.
By January 10 of each year, the authority shall publish a report for distribution to the governor, legislature, and the public. The authority shall notify the legislature that the report is available. The report shall be written in easily understandable language. The report must include a financial statement audited by an independent outside auditor, a […]
Sec. 30.17.900. Definitions.
In this chapter, (1) “authority” means the Adak Reuse Authority created by this chapter; (2) “bonds” means bonds or other obligations issued under this chapter; (3) “business enterprise” means a single proprietorship, cooperative, corporation, firm, partnership, or other association of persons organized in any manner, for any creditworthy business purpose; (4) “facility” means real property, […]
Sec. 30.17.250. Pledge of the state.
The state pledges to and agrees with the holders of bonds issued under this chapter and with the federal agency that loans or contributes funds in respect to a project, that the state will not limit or alter the rights and powers vested in the authority by this chapter to fulfill the terms of a […]
Sec. 30.17.260. Exemption from taxation.
(a) The real and personal property of the authority and its assets, income, and receipts are declared to be the property of a political subdivision of the state and are exempt from taxes and special assessments of the state or a political subdivision of the state. Bonds of the authority are declared to be issued […]
Sec. 30.17.270. Bonds legal investments for fiduciaries.
The bonds of the authority are securities in which public officers and bodies of the state; municipalities and municipal subdivisions; insurance companies and associations and other persons carrying on an insurance business; banks, bankers, trust companies, savings banks, savings associations, including savings and loan associations and building and loan associations, investment companies, and other persons […]
Sec. 30.17.280. Enterprise development account.
(a) The enterprise development account is established in the authority. The enterprise development account is a trust fund for the uses and purposes of this chapter. The enterprise development account consists of money or assets appropriated or transferred to the authority and other money or assets deposited in it by the authority. (b) The authority […]
Sec. 30.17.300. Audit.
The legislative auditor shall audit or shall cause to have audited annually the financial records of the authority. The legislative auditor may prescribe the form and content of the financial records of the authority and shall have access to these records at reasonable times.
Sec. 30.17.310. Equal use and access.
If the authority owns, leases, or otherwise operates or controls, or participates in the financing of, a facility, the authority shall, to the maximum extent possible, provide for equal rights of access to and use of the facility by members of the public and other persons or entities upon terms and conditions that are fair […]