Before the issuance of bonds or notes under this chapter, each director shall execute a surety bond in the penal sum of $25,000 and the treasurer shall execute a surety bond in the penal sum of $50,000. Each surety bond shall be conditioned upon the faithful performance of the duties of the office of the director or treasurer, to be executed by a surety company authorized to transact business in the state as surety and filed in the office of the lieutenant governor. After issuance of bonds or notes by the bond bank authority each director shall maintain the surety bond in force. All costs of the surety bonds shall be borne by the bond bank authority.
Structure Alaska Statutes
Chapter 85. Alaska Municipal Bond Bank Authority
Sec. 44.85.005. Legislative findings.
Sec. 44.85.010. Legislative policy.
Sec. 44.85.020. Municipal Bond Bank Authority.
Sec. 44.85.030. Membership and vacancies.
Sec. 44.85.040. Officers, quorum, and meetings.
Sec. 44.85.050. Bonding of members.
Sec. 44.85.060. Compensation and expenses.
Sec. 44.85.080. Powers of bond bank authority.
Sec. 44.85.085. Creation of subsidiary corporation.
Sec. 44.85.086. Powers of subsidiary corporation.
Sec. 44.85.100. Annual report and audit.
Sec. 44.85.110. Annual budget.
Sec. 44.85.120. Care and custody of bonds.
Sec. 44.85.130. Effect of obligations.
Sec. 44.85.140. Negotiability of bonds or notes.
Sec. 44.85.150. Bonds or notes as legal investments.
Sec. 44.85.160. Tax exemption.
Sec. 44.85.170. Loans to political subdivisions and joint insurance arrangements.
Sec. 44.85.180. Issuance of bonds and notes.
Sec. 44.85.190. Form of issuance.
Sec. 44.85.210. Payment or refunding of notes.
Sec. 44.85.220. Terms of agreement with the bondholder or noteholder.
Sec. 44.85.230. Purchase and disposition of own obligations.
Sec. 44.85.240. Bond anticipation notes.
Sec. 44.85.250. Documentation.
Sec. 44.85.260. Presumption of validity.
Sec. 44.85.280. Additional funds and accounts.
Sec. 44.85.290. Application of funds.
Sec. 44.85.300. Rights of holders paramount.
Sec. 44.85.310. Default in payment; appointment of trustee.
Sec. 44.85.320. Powers and duties of trustee on default.
Sec. 44.85.330. Personal liability.
Sec. 44.85.340. Exemption from execution and sale.
Sec. 44.85.350. Lien of pledge.
Sec. 44.85.360. Insurance or guaranty.
Sec. 44.85.370. Surety for deposits by bank.
Sec. 44.85.380. Expenses of administration.
Sec. 44.85.390. Cooperation by government agencies.