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- Alaska Statutes.
- Title 18. Health, Safety, and Housing
- Chapter 55. Housing, Public Buildings, Urban Renewal, and Regional Housing Authorities
- Section 160. Limitation of Liability On Bonds.
previous: Section 150
. Security For Bonds.
next: Section 170
. Exemption From Taxes.
AS 18.55.160. Limitation of Liability On Bonds.
- (a) The members of the board of directors of the corporation and any person executing the bonds issued under AS 18.55.100
- 18.55.290 are not liable personally on the bonds by
reason of their issuance.
- (b) The bonds of the corporation issued under AS 18.55.100
- 18.55.290 are not a debt of the state or a
political or municipal corporation or other subdivision of the state and each bond shall so state on its face. Neither
the state nor a political or municipal corporation or other subdivision of the state other than the corporation is
liable on the bonds, nor are the bonds payable out of money or property other than those of the corporation.
- (c) The corporation may not pledge the faith of the people of the state for a loan or obligation that is entered into
under AS 18.55.100
- (d) Bonds of the corporation issued under AS 18.55.100
- 18.55.290 are not a debt, indebtedness, or the
borrowing of money within the meaning of any limitation or restriction on the issuance of bonds contained in the
constitution or laws of the state.
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