A subsidiary corporation created under Alaska Stat. § 44.85.085 has the following powers in addition to those granted to it under Alaska Stat. § 44.85.085 (c):

(1) to make loans to and enter into contracts with governmental employers;
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Terms Used In Alaska Statutes 44.85.086

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
(2) to incur debt, subject to obligation bond limit” class=”unlinked-ref” datatype=”S” sessionyear=”2023″ statecd=”AK”>Alaska Stat. § 37.15.903, in furtherance of its purposes, in the form of bonds, notes, commercial paper, or other obligations as the subsidiary corporation considers appropriate, but only after submitting a proposal to the Legislative Budget and Audit Committee under Alaska Stat. § 44.85.085 (e) and if the state bond rating is the equivalent of AA- or better;
(3) to secure its debt with a pledge of any assets that are available to the subsidiary corporation for the purpose, including identified revenue and contractual payments from participating governmental employers, and the general assets and revenue of the subsidiary corporation; and
(4) to enter into contracts with underwriters, bond counsel, financial advisors, accountants, actuaries, and other contractors to provide assistance as the subsidiary corporation considers desirable to accomplish its purposes.
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