Sec. 37.16.090. Refunding.
(a) The corporation may refund the bonds or any part of them at or before their maturities or redemption dates by the issuance of refunding bonds of the corporation if the state bond rating is the equivalent of AA- or better and if, in the opinion of the corporation, refunding is advantageous to and in […]
Sec. 37.16.100. Bonds as legal investments.
The bonds are legal investments for all banks, trust companies, savings banks, savings and loan associations, and other persons carrying on a banking business, all insurance companies and other persons carrying on an insurance business, and all executors, administrators, trustees, and other fiduciaries. The bonds may be accepted as security for deposits of all money […]
Sec. 37.16.110. Debt service repayment contracts.
The corporation shall enter into contracts with governmental employers for the purpose of recouping amounts paid as debt service on bonds issued by the corporation for the benefit of governmental employers. The corporation may pledge the revenue of the contracts as security for the bonds issued by the corporation.
Sec. 37.16.800. Statutory construction.
This chapter shall be liberally construed to carry out the purposes for which it was enacted.
Sec. 37.16.810. Regulations.
The corporation may adopt regulations necessary to implement the provisions of this chapter.
Sec. 37.16.900. Definitions.
In this chapter, (1) “bond resolution” means the resolution or resolutions adopted by the corporation under AS 37.16.060 authorizing the issuance of bonds; (2) “bonds” means the pension obligation bonds authorized in this chapter; (3) “corporation” means the Alaska Pension Obligation Bond Corporation created in AS 37.16.010; (4) “costs of issuance and administration” means all […]
Sec. 37.16.010. Alaska Pension Obligation Bond Corporation.
There is established the Alaska Pension Obligation Bond Corporation. The corporation is a public corporation and government instrumentality in the Department of Revenue managed by a board of directors. The purpose of the corporation is to finance prepayment of all or a portion of a governmental employer’s share of unfunded accrued actuarial liability of retirement […]
Sec. 37.16.020. Board of directors.
The directors of the corporation are the commissioner of commerce, community, and economic development, the commissioner of administration, and the commissioner of revenue. If a director is absent or otherwise unable to act, the director’s designee in the department shall act as a director of the corporation in the director’s place.
Sec. 37.16.030. Bond authorization.
(a) For purposes of financing prepayment of all or a portion of a governmental employer’s share of unfunded accrued actuarial liability of retirement systems, including the costs of issuance and administration, the issuance and sale of bonds by the corporation is authorized as provided in this section and AS 37.16.040 – 37.16.900, but only after […]
Sec. 37.16.040. Reserve fund.
(a) The corporation may establish and maintain a special fund called the Alaska Pension Obligation Bond Corporation reserve fund in which there shall be deposited or transferred (1) all money appropriated by the legislature for the purpose of the fund in accordance with the provisions of (g) of this section; (2) all proceeds of bonds […]