- Alaska Statutes.
- Title 30. Navigation, Harbors, and Shipping
- Chapter 17. Adak Reuse Authority
- Section 240. Nonliability On Bonds.
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. Validity of Pledge.
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. Pledge of the State.
AS 30.17.240. Nonliability On Bonds.
- (a) Neither the members of the authority nor a person executing the bonds are liable personally on the bonds issued by the
authority or are 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, but shall be payable solely from the income and receipts or other funds or property of the
authority. The authority may not pledge the faith or credit of the state or of a political subdivision of the state,
except the authority, to the payment of a bond, 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.
- (c) The authority shall print the language of (b) of this section in substantial form on the face of all bonds issued and
in any offering circular, or statement issued in connection with the bonds.
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