(a) The corporation may create subsidiary corporations for the purpose of financing or facilitating the financing of school construction, facilities for the University of Alaska, facilities for ports and harbors, the acquisition, development, management, or operation of affordable housing, prepayment of all or a portion of a governmental employer's share of unfunded accrued actuarial liability of retirement systems, or other capital projects. A subsidiary corporation created under this section may be incorporated under AS 10.20.146 - 10.20.166. The corporation may transfer assets of the corporation to a subsidiary created under this section. A subsidiary created under this section may borrow money and issue bonds as evidence of that borrowing, and has all the powers of the corporation that the corporation grants to it. However, a subsidiary created for the purpose of financing or facilitating the financing of prepayment of a governmental employer's share of unfunded accrued actuarial liability of retirement systems may borrow money and issue bonds only after submitting a proposal to the Legislative Budget and Audit Committee under (b) of this section, if the state bond rating is the equivalent of AA- or better , and subject to AS 37.15.903. Unless otherwise provided by the corporation, the debts, liabilities, and obligations of a subsidiary corporation created under this section are not the debts, liabilities, or obligations of the corporation.
(b) Before the issuance of bonds under this section, the subsidiary corporation shall submit a proposal to the Legislative Budget and Audit Committee for review, and 45 days shall elapse before bonds are issued, unless the Legislative Budget and Audit Committee earlier recommends that the subsidiary corporation proceed with the issuance. Should the Legislative Budget and Audit Committee recommend within the 45-day period that the subsidiary corporation not proceed with the issuance of bonds, the subsidiary corporation shall again review the proposal, and, if the subsidiary corporation decides to issue the bonds, the subsidiary corporation shall provide the Legislative Budget and Audit Committee with a statement of the subsidiary corporation's reasons for doing so before issuance under this section.
Structure Alaska Statutes
Title 18. Health, Safety, Housing, Human Rights, and Public Defender
Chapter 56. Alaska Housing Finance Corporation
Article 1. Alaska Housing Finance Corporation.
Sec. 18.56.010. Findings and purpose.
Sec. 18.56.020. Alaska Housing Finance Corporation.
Sec. 18.56.030. Corporation governing body.
Sec. 18.56.040. Meetings of board.
Sec. 18.56.045. Minutes of meetings.
Sec. 18.56.050. Administration of affairs.
Sec. 18.56.052. Executive director.
Sec. 18.56.055. Legal advisor.
Sec. 18.56.060. Employment of personnel.
Sec. 18.56.070. Personnel exempt from state Personnel Act.
Sec. 18.56.080. Interdepartmental cooperation.
Sec. 18.56.082. Alaska housing finance revolving fund.
Sec. 18.56.084. International borrowing.
Sec. 18.56.086. Creation of subsidiaries.
Sec. 18.56.088. Administrative procedure; regulations.
Sec. 18.56.089. Compliance with Executive Budget Act; corporation finances; dividend.
Sec. 18.56.090. General powers and limitations.
Sec. 18.56.091. Home ownership assistance program.
Sec. 18.56.095. Mortgage insurance.
Sec. 18.56.096. Limitation on power to make or purchase mortgage loans.
Sec. 18.56.097. Collateral for loans.
Sec. 18.56.098. Special mortgage loan purchase program.
Sec. 18.56.099. Powers of corporation to deal in mortgage loans.
Sec. 18.56.100. Housing development fund.
Sec. 18.56.101. Eligibility for veterans' interest rates.
Sec. 18.56.103. Federal taxation of interest on bonds and bond anticipation notes.
Sec. 18.56.105. Allocation of lending activities.
Sec. 18.56.106. Nonconforming housing loan program.
Sec. 18.56.107. Loan origination and service fees for rural areas.
Sec. 18.56.108. Simplified refinancing mortgage loan purchase program.
Sec. 18.56.110. Bonds and notes.
Sec. 18.56.115. Independent financial advisor.
Sec. 18.56.120. Validity of any pledge.
Sec. 18.56.125. Capital reserve fund.
Sec. 18.56.135. Loan servicing requirements.
Sec. 18.56.140. Negotiable instruments.
Sec. 18.56.150. Obligations eligible for investment.
Sec. 18.56.160. Refunding obligations.
Sec. 18.56.170. Credit of state not pledged.
Sec. 18.56.180. Officers not liable.
Sec. 18.56.190. Tax exemption.
Sec. 18.56.200. Annual report.
Sec. 18.56.205. Residential mortgage assistance for members of the Alaska delegation to Congress.
Sec. 18.56.210. Market stabilization powers.
Sec. 18.56.220. Duty to advise about corporation's programs.
Sec. 18.56.300. Construction standards for housing eligible for purchase of loans.