Section 3.99.130. Review by authority.

	(a)  The authority will determine the appropriate bond, loan, and other documents to be presented to the board for approval of a conduit bond financing. The executive director will present documents to the board in substantially final form, together with a bond authorization resolution. The bond authorization resolution is a resolution of the board that approves the bond and loan documents substantially in the form presented to the board, and authorizes the authority to issue bonds under the conduit revenue bond program to provide financing for the proposed project.  
	(b)  The board will review the bond, loan, and other documents presented to it and may adopt, decline to adopt, or postpone taking action on the bond authorization resolution. If the board postpones taking action on a bond authorization resolution for a project, the authority will work with the applicant to obtain additional information or materials necessary to permit the board to make a final determination with respect to the bond authorization resolution.  
	(c)  If the board declines to adopt a bond authorization resolution, the authority will notify the applicant of that action.  
	(d)  If the board adopts a bond authorization resolution for a project, the authority may require that the applicant enter into an agreement in writing with the authority for the payment of fees and expenses of the authority relating to the issuance of the bonds and other administrative matters with respect to the financing. If a project approved by the authority requires the issuance of bonds that exceed $6,000,000, the applicant must obtain and file with the authority a certified copy of a resolution consenting to the location of the project passed by the governing body of the political subdivision, if any, in which the project is located. If the project is located within two political subdivisions, the applicant must obtain and file with the authority a certified copy of a resolution consenting to the location of the project passed by the governing body of each political subdivision.  
	(e)  If the bonds to be issued by the authority are intended to bear interest that is not included in gross income for federal income tax purposes under the code. the issuance of the bonds is conditioned upon compliance with the applicable provisions of the code.  

Authorities

44.88.080;44.88.085;44.88.090;44.88.095

Notes

Reference

3 AAC 99.110
3 AAC 99.120

Authority

AS 44.88.080 AS 44.88.085 AS 44.88.090 AS 44.88.095 Editor's note: Even though the amendment of 3 AAC 99.130 was effective 4/25/2013, it was not published until Register 207, October 2013.

History

In effect before 1988; am 1/11/88, Register 106; am 11/30/90, Register 118; am 7/19/91, Register 119; am 11/1/99, Register 153; am 12/3/2010, Register 197; am 4/25/2013, Register 207

References

3.99.130