Alaska Statutes.
Title 29. Municipal Government
Chapter 45. Municipal Taxation
Section 590. Limited Property Taxing Power For Second Class Cities.
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AS 29.45.590. Limited Property Taxing Power For Second Class Cities.

A second class city may by referendum levy property taxes as provided for first class cities. However, levy of an ad valorem tax by a second class city may not exceed two percent of the assessed value of the property taxed, except that the limit does not apply to a levy necessary to avoid a default upon payment of principal and interest of bonded or other indebtedness that is secured by a pledge to levy ad valorem or other taxes without limit to meet debt payments.

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