(a) A municipality may authorize by ordinance or resolution the issuance of negotiable or nonnegotiable revenue bonds to finance any project that serves a public purpose, and the bonds shall be secured and payable from any source except revenues, including tax revenue, of the municipality.
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Terms Used In Alaska Statutes 29.47.390

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • municipality: means a political subdivision incorporated under the laws of the state that is a home rule or general law city, a home rule or general law borough, or a unified municipality. See Alaska Statutes 01.10.060
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • property: includes real and personal property. See Alaska Statutes 01.10.060
(b) Bonds issued under this section are not a debt or liability of the municipality and do not create or constitute an indebtedness, liability, or obligation of the municipality, nor do they constitute a pledge of faith, credit, or taxing power of the municipality. Each bond must contain on its face a statement that the municipality is not obligated to pay the principal or the interest on the bonds except from those sources indicated, and that neither the faith and credit nor the taxing power of the municipality is pledged to the payment of principal or interest on the bond.
(c) A municipality may

(1) loan the proceeds of the bonds issued under this section;
(2) pledge, mortgage or assign money, leases, agreements, property, or other assets of the project being financed;
(3) enter into covenants and agreements concerning bonds issued under this section that the municipality determines to be desirable;
(4) provide for any matter that affects the security of the bonds.
(d) In this section,

(1) “bonds” means bonds, notes, or other evidence of indebtedness;
(2) “project” includes commercial, manufacturing, agricultural, industrial, residential housing, recreation, tourism, and medical projects and programs.
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