If the bond bank authority defaults in the payment of principal or interest on an issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for 30 days, or if the bond bank authority fails or refuses to comply with this chapter or defaults in an agreement made with the holders of an issue of notes or bonds, the holders of 25 percent in the aggregate principal amount of the outstanding notes or bonds of that issue, by instrument filed in the office of the clerk of the district court of the first judicial district and executed in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of those notes or bonds for the purposes provided in this chapter.
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.