(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 29.35.625 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.
Section: Previous 29.35.605 29.35.610 29.35.615 29.35.620 29.35.625 29.35.630 29.35.635 29.35.640 29.35.645 29.35.650 29.35.655 29.35.660 29.35.665 29.35.670 29.35.675 NextLast modified: November 15, 2016