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- Alaska Statutes.
- Title 29. Municipal Government
- Chapter 35. Municipal Powers and Duties
- Section 640. Credit of State or a Municipality Not Pledged.
previous: Section 635
. Validity of Pledge.
next: Section 645
. Pledges of the State and Municipalities.
AS 29.35.640. Credit of State or a Municipality Not Pledged.
- (a) The state and municipalities participating in an authority are not liable for the debts of that authority. Bonds
issued under AS 29.35.625
are payable solely from the revenue of the authority and do not constitute a
- (1) debt, liability, or obligation of the state or a municipality; or
- (2) pledge of the faith and credit of the state or a municipality.
- (b) An authority may not pledge the credit or the taxing power of the state or its municipalities. A bond issued under AS
must contain on its face a statement that
- (1) the authority is not obligated to pay it or the interest on it except from the revenue pledged for it; and
- (2) the faith and credit of the taxing power of the state or of a political subdivision of the state is not pledged to the
payment of it.
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