(a) The Knik Arm construction fund is established in the general fund to receive the proceeds of the sale of bonds issued under AS 37.15.225, and other state or federal money that is appropriated for the same purpose for which the bonds are issued. The Department of Transportation and Public Facilities shall use money in the construction fund to pay the cost of acquiring, constructing, and equipping the Knik Arm bridge and appurtenant facilities. To the extent allowed by the bond resolution, money in the construction fund may also be used for the payment of interest on the bonds during the time of construction. Money in the construction fund may be transferred to the bond redemption fund, as permitted by the bond resolution.
(b) The bond resolution may provide for the investment of money in the construction fund as the committee determines. The interest earned on the investment of money in the fund shall be retained in the fund.
Structure Alaska Statutes
Article 2. Toll Bridge Revenue Bonds.
Sec. 37.15.225. Bond authorization.
Sec. 37.15.230. Knik Arm construction fund.
Sec. 37.15.235. Toll bridge revenue bond limit.
Sec. 37.15.240. Toll bridge revenue fund.
Sec. 37.15.245. Toll bridge revenue bond redemption fund.
Sec. 37.15.255. Bond resolution.
Sec. 37.15.260. Bond reserve fund.
Sec. 37.15.265. Enforcement by bond owner.
Sec. 37.15.270. Amounts required for payments.
Sec. 37.15.280. Bonds as legal investments.