State of Alaska General Fund Revenues
NEW ISSUE – BOOK-ENTRY ONLY RATINGS: See “RATINGS” herein In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986. In the further opinion of Bond Counsel, interest on the Bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although Bond Counsel observes that such interest is included in adjusted current earnings when calculating corporate alternative minimum taxable income. Interest on the Bonds is not included in taxable income for purposes of the Alaska income tax imposed on corporations. Interest on the Bonds may be indirectly subject to the Alaska alternative minimum tax imposed on corporations to the extent that interest on the Bonds is subject to the federal alternative minimum tax on corporations. See “TAX MATTERS. $134,790,000 STATE OF ALASKA General Obligation Bonds Series 2016A Dates, Interest Rates, Prices and Yields Are Shown on the Inside Cover Page The State of Alaska (the “State”) is issuing $134,790,000 aggregate principal amount of General Obligation Bonds, Series 2016A (the “Bonds”). The Bonds will be general obligations of the State and the full faith, credit and resources of the State will be pledged to the payment of principal of and interest on the Bonds. See “THE BONDS – Security for the Bonds” herein.
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