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1966-1968 American Bar Association. Section of Local Government Law. Committee Reports 1 (1966-1968)

handle is hein.journals/comreplgs2 and id is 1 raw text is: LOCAL GOVERNMENT LAW SERVICE LETTER Committee Reports Supplement November * Section of Local Government Law * American Bar Association 1966 GENERAL OBLIGATION BONDS Introduction: In accordance with the wishes of the Council of the Section of Local Government Law, this year's report of the Committee on General Obligation Bonds supple- ments the 1965 report by summarizing general legisla- tion and case law developments affecting general obli- gation borids of states, counties and political sub- divisions from June 1965 to the present time. Many state legislatures are still in session and complete re- ports are not yet available. Reports from each state have been presented in alphabetical order. There are no reports for the states of Arkansas, Delaware, Florida, Hawaii, Indiana, Iowa, Louisiana, Missouri, Nebraska, New Jersey, North Dakota, Ohio, South Carolina, South Dakota, Tennessee, Virginia, or West Virginia. The Committee Members express their appreciation to all who assisted in the preparation of this report. Respectfully submitted, James W. Beebe, Chairman ALABAMA by M. Camper O'Neal Birmingham, Alabama Legislation and Cases No significant developments, either judicial, took place in Alabama. statutory or ALASKA by Richard Thorgrimson Seattle, Washington Legislation 1965-While first and second class boroughs in the State of Alaska had heretofore been given the right by the Borough Act to issue general obligation bonds, such act did not contain any of the usual provisions for purposes, maturities, sales, covenants, etc. Chapter 8 Laws of Alaska 1965 incorporated into the Borough Act by reference all of the statutory pro- visions relating to the issuance of general obligation bonds by first class cities. Chapter 83 Laws of Alaska 1965 is a complete act authorizing the refunding, including advance refunding, of all outstanding general obligation bonds (also reve- nue bonds) of Alaska cities. 1966- Chapter 23 Laws of Alaska 1966 provided that bonds and other obligations of the Alaska State Housing Authority are exempt from taxes. Chapter 68 Laws of Alaska 1966 authorized the issuance of $15,000,000 of general obligation bonds of the state to provide fundsto meet the effects throughout the state of the March 27, 1964'earthquake without a vote of the people pursuant to Article IX, Section 8 of the Constitution, which provides that the state may con- tract debt without a vote for the purpose of meeting a natural disaster. Chapter 86 Laws of Alaska 1966 provided for a referendum to the people of the state on the question of whether or not it should issue its general obligation bonds in the principal amount of not to exceed $900,000 for the purpose of making capital improvements to parks, camp grounds and other outdoor recreational facilities within the state. Chapter 121 Laws of Alaska 1966 provided for a referendum to the people of the state on the question of whether or not it should issue its general obligation bonds in the principal amount of not to exceed $2,285,000 for the purpose of making capital improvements to existing state-owned elementary and secondary public schools throughout the state. Chapter 134 Laws of Alaska 1966 provided for a referendum to the people of the state on the question of whether or not it should issue its general obligation bonds in the principal amount of not to exceed $15,500,000 for the purpose of making capital improve- ments to state ferries and ferry facilities. This act also provides that these bonds may be paid out of such other sources as the legislature may determine - - presuma- bly from revenues of the ferry system. Cases No significant cases. 1

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