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- Alaska Statutes.
- Title 19. Highways and Ferries
- Chapter 75. Knik Arm Bridge and Toll Authority
- Section 241. Nonliability On Bonds.
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. Validity of Pledge.
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. Pledge of the State.
AS 19.75.241. Nonliability On Bonds.
- (a) Neither the members of the board nor a person executing the bonds of the authority is liable personally on the bonds
or is subject to personal liability or accountability by reason of the issuance of the bonds.
- (b) The bonds issued by the authority do not constitute an indebtedness or other liability of the state or of a political
subdivision of the state other than the authority, but shall be payable solely from the income, receipts, or other
money or property of the authority. All documents published by the authority or to which the authority is a signatory and used in or for
the issuance of bonds by the authority must state that they are prepared by or for the authority.
- (c) The authority may not pledge the faith or credit of the state or of a political subdivision of the state other than
the authority, and the issuance of a bond by the authority does not directly, indirectly, or contingently obligate the
state or a political subdivision of the state to apply money from, levy, or pledge any form of taxation to the payment
of the bond or to make payments due on the bonds from any source of funds not pledged for repayment of the bonds.
- (d) Each obligation issued under this chapter other than a state guaranteed bond shall contain on its face a statement
that the authority is not obligated to pay it nor the interest on it except from the revenue or assets of the authority
and that neither the faith and credit nor the taxing power of the state or of any political subdivision of the state is
pledged to the payment of the principal of or the interest on the obligation.
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