Sec. 44.85.420. Short title.
This chapter may be cited as the Alaska Municipal Bond Bank Authority Act or the Alaska Municipal Bond Bank Act. In transactions involving general obligation bonds of municipalities, the Alaska Municipal Bond Bank Authority created by this chapter may be referred to as the Alaska Municipal Bond Bank with the same legal effect as if […]
Sec. 44.85.260. Presumption of validity.
After issuance, all bonds or notes of the bond bank authority shall be conclusively presumed to be fully authorized and issued under the laws of the state, and a person or a municipality is estopped from questioning their authorization, sale, issuance, execution, or delivery by the bond bank authority.
Sec. 44.85.270. Reserve fund.
(a) The bond bank authority shall establish and maintain a special fund called the “Alaska municipal bond bank authority 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 […]
Sec. 44.85.280. Additional funds and accounts.
The bond bank authority may establish additional reserves or other funds or accounts as may be, in its discretion, necessary, desirable, or convenient to further the accomplishment of its purposes or to comply with the provisions of any of its agreements or resolutions.
Sec. 44.85.290. Application of funds.
Money or investments in a fund or account of the bond bank authority established or held for bonds, notes, indebtedness, or liability to be paid, funded, or refunded by issuance of bonds or notes, unless the resolution authorizing the bonds or notes provides otherwise, shall be applied to the payment or retirement of the bonds, […]
Sec. 44.85.300. Rights of holders paramount.
In order to carry out its purpose under this chapter of making loans to municipalities by purchase of the municipal bonds of those municipalities and by receipt of its income from service charges and from payments of interest on the maturing principal of municipal bonds purchased and held by it, and in order to produce […]
Sec. 44.85.310. Default in payment; appointment of trustee.
If the bond bank authority defaults in the payment of principal or interest on an issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for 30 days, or if the bond bank authority fails or refuses to comply with this chapter or defaults […]
Sec. 44.85.320. Powers and duties of trustee on default.
(a) A trustee appointed under AS 44.85.310 may, and shall in the trustee’s name, upon written request of the holders of 25 percent in principal amount of the outstanding notes or bonds, (1) by civil action enforce all rights of the noteholders or bondholders, including the right to require the bond bank authority to collect […]
Sec. 44.85.330. Personal liability.
Neither a member of the bond bank authority nor a person executing bonds or notes issued under this chapter is liable personally on the bonds or notes.
Sec. 44.85.340. Exemption from execution and sale.
All property of the bond bank authority is exempt from levy and sale by virtue of an execution and no execution or other judicial process may issue against the property. A judgment against the bond bank authority may not be a charge or lien upon its property; however, nothing in this section applies to or […]