(a) The corporation may borrow money and may issue bonds, on which the principal and interest are payable from its income and receipts or other assets or a designated part or parts of them. The corporation may use the proceeds of its bonds for any purposes that the corporation considers appropriate, including providing money to

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Terms Used In Alaska Statutes 14.42.220

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • board: means the state Board of Education and Early Development. See Alaska Statutes 14.60.010
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
  • Trustee: A person or institution holding and administering property in trust.
(1) make or purchase education loans;
(2) finance programs identified in Alaska Stat. § 14.42.210;
(3) finance projects of the state as those projects may be identified by law; and
(4) pay for any other purpose or program of the corporation that is authorized in Alaska Stat. § 14.42.100 – 14.42.310.
(b) Bonds may be authorized only by resolution of the board. Bonds shall be dated, bear interest at the rate or rates, be in the denominations, be in the form, either coupon or registered, carry the registration privileges, be executed in the manner, be payable in the medium of payment, at the place or places, be subject to the terms of redemption, and mature as provided by the resolution or a subsequent resolution. However, a bond may not mature more than 40 years after the date it is issued.
(c) Bonds of the corporation, regardless of form or character, are negotiable instruments for all the purposes of Alaska Stat. Chapter 45.01 – Alaska Stat. Chapter 45.08, Alaska Stat. Chapter 45.12, Alaska Stat. Chapter 45.14, and Alaska Stat. Chapter 45.29 (Uniform Commercial Code).
(d) Bonds of the corporation may be sold at public or private sale in the manner, for the price or prices, and at the time or times that the board determines.
(e) The superior court has jurisdiction to hear and determine proceedings relating to the corporation, including proceedings brought by or for the benefit of a bondholder or by a trustee for or other representative of a bondholder.
(f)[Repealed, Sec. 31 ch 63 SLA 2004].
(g) The corporation may not issue bonds to finance projects under (a)(3) of this section in an aggregate amount that exceeds $280,000,000.
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