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(a) After filing a petition under AS 29.06.450 (a)(1), a borough may dissolve if the commission determines that
(1) dissolution of the borough is in the best interests of the state;
(2) the borough is free of debt or has satisfied each creditor with a method of repayment; and
(3) the borough
(B) has ceased to exercise any of its mandatory powers.
(b) The commission may determine whether its decision favoring dissolution of a borough will be submitted for legislative review in accordance with art. X, sec. 12, Constitution of the State of Alaska.
(c) Except as otherwise provided in this subsection, in determining whether a borough is free of debt or has satisfied each creditor with a method of repayment, the commission will require an audit to be performed by an independent certified accountant identifying all assets and liabilities of the borough.
History: Eff. 7/31/92, Register 123; am 5/19/2002, Register 162
Authority: Art. X, sec. 12,
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Last modified 7/05/2006