CHAPTER 3.16: REVENUE ANTICIPATION NOTES

Section

3.16.010    Authorization, details and maturity

3.16.020    Date, interest rate, sale and delivery

3.16.030    Covenant

3.16.040    Execution

3.16.010 AUTHORIZATION, DETAILS AND MATURITY.

For the purpose of meeting appropriations made by the borough for a fiscal year ending June 30, in anticipation of the collection of the revenues of the borough for the fiscal year as authorized by Alaska Constitution Article IX, Section 10, and A.S. 29.47.010, 29.47.020, 29.47.030, 29.47.040 and 29.47.400, notes of the borough in an aggregate principal amount of not to exceed 50 percent of the amount of revenues estimated to be collected in the fiscal year in which the notes are issued, less the amount of estimated revenues actually collected in the fiscal year before the issuance of the notes are authorized to be issued. The notes shall be of denominations and in a form, not inconsistent with this chapter. The notes shall mature at a time or times from the date of issuance as may be determined by the manager, provided that all notes shall mature on or before June 30 of the fiscal year of issuance.

(Ord. 94-001AM, § 4 (part), 1994; Ord. 73-14, § 3(a), 1973)

3.16.020 DATE, INTEREST RATE, SALE AND DELIVERY.

Each note shall be dated as of the date of delivery and payment of the note, and shall bear interest from that date, payable at maturity, at a rate determined by the manager. The manager shall sell and deliver the notes to the purchasers at the time or times as the manager determines advisable to accomplish the purposes of this chapter.

(Ord. 94-001AM, § 4 (part), 1994; Ord. 73-14, § 3(b), 1973)

3.16.030 COVENANT.

The borough irrevocably covenants with the purchaser of the notes, or any holder of the notes, that it will levy and collect taxes upon all taxable property within the borough without limitation as to rate or amount, in amounts sufficient, together with other funds available, during the period ending June 30 of the fiscal year of issuance to pay the indebtedness evidenced by the notes. The full faith, credit and unlimited taxing power of the borough are pledged for the payment. Each note shall contain a statement of the covenant and pledge as it relates to the note.

(Ord. 94-001AM, § 4 (part), 1994; Ord. 73-14, § 3(c), 1973)

3.16.040 EXECUTION.

The notes shall be signed on behalf of the borough by the manager, sealed with the corporate seal of the borough and attested by signature of the clerk.

(Ord. 73-14, § 3(d), 1973)