SB 269 Summary

• Allows boroughs and census areas in Alaska to waive unused allocations of federal recovery zone economic development bonds and recovery zone facility bonds authorized under the American Recovery and Reinvestment Act of 2009.

• Authorizes the Alaska Municipal Bond Bank Authority to reallocate waived recovery zone economic development bond volume cap, prioritizing projects that benefit areas with employment declines and giving preference to originally-allocated boroughs and census areas.

• Authorizes the Alaska Industrial Development and Export Authority to reallocate waived recovery zone facility bond volume cap and adopt regulations for applications, including charging up to 1% fee to cover administrative costs.

• Increases the maximum outstanding bonds and notes for the Alaska Municipal Bond Bank Authority from $750,000,000 to $1,000,000,000.

• Expands the definition of "municipal bonds" to include revenue bonds and lease-secured obligations issued by the Alaska Municipal Bond Bank Authority.