(a) The state and its political subdivisions are not liable for the debts of the corporation. Bonds issued under this chapter are payable solely from the revenue or assets of the corporation and do not constitute a

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Alaska Statutes 42.40.690

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • bonds: means bonds, bond anticipation notes, notes, refunding bonds, or other obligations. See Alaska Statutes 42.40.980
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • corporation: means the Alaska Railroad Corporation. See Alaska Statutes 42.40.980
  • 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.
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(1) debt, liability, or obligation of the state or of a political subdivision of the state; or
(2) pledge of the faith and credit of the state or of a political subdivision of the state.
(b) The corporation may not pledge the credit or the taxing power of the state or its political subdivisions. Each bond issued under this chapter shall contain on its face a statement that

(1) the corporation is not obligated to pay it or the interest on it except from the revenue or assets pledged for it; and
(2) neither the faith and credit nor the taxing power of the state or of a political subdivision of the state is pledged to the payment of it.
  Previous section
Next section  
 Article 8 Contents