- Alaska Statutes.
- Title 29. Municipal Government
- Chapter 46. Special Assessments
- Section 140. Special Assessment Bonds.
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AS 29.46.140. Special Assessment Bonds.
- (a) A municipality may by ordinance authorize the issuance and sale of special assessment bonds to pay all or part of the
cost of an improvement in a special assessment district. The principal and interest of bonds issued shall be payable
solely from the levy of special assessments against the property to be benefited. The assessments shall constitute a
sinking fund for the payment of principal and interest on the bonds. The benefited property may be pledged by the
governing body to secure a payment.
- (b) On default in a payment due on a special assessment bond, a bondholder may enforce payment of principal, interest, and
costs of collection in a civil action in the same manner and with the same effect as actions for the foreclosure of
mortgages on real property. Foreclosure shall be against all property on which assessments are in default. The period
for redemption is the same as for a mortgage foreclosure on real property.
- (c) Before the governing body may issue special assessment bonds, it shall establish a guarantee fund and appropriate to
the fund annually a sum adequate to cover a deficiency in meeting payments of principal and interest on bonds if the
reason for the deficiency is nonpayment of assessments when due. Money received from actions taken against property
for nonpayment of assessments shall be credited to the guarantee fund.
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