(a) The members of the board of directors of the corporation and any person executing the bonds issued under AS 18.55.100 - 18.55.290 are not liable personally on the bonds by reason of their issuance.
(b) The bonds of the corporation issued under AS 18.55.100 - 18.55.290 are not a debt of the state or a political or municipal corporation or other subdivision of the state and each bond shall so state on its face. Neither the state nor a political or municipal corporation or other subdivision of the state other than the corporation is liable on the bonds, nor are the bonds payable out of money or property other than those of the corporation.
(c) The corporation may not pledge the faith of the people of the state for a loan or obligation that is entered into under AS 18.55.100 - 18.55.290.
(d) Bonds of the corporation issued under AS 18.55.100 - 18.55.290 are not a debt, indebtedness, or the borrowing of money within the meaning of any limitation or restriction on the issuance of bonds contained in the constitution or laws of the state.
Structure Alaska Statutes
Title 18. Health, Safety, Housing, Human Rights, and Public Defender
Chapter 55. Housing, Public Buildings, Urban Renewal, and Regional Housing Authorities
Article 1. Housing Project and Public Building Assistance Act.
Sec. 18.55.010. Purpose of AS 18.55.100 - 18.55.290.
Sec. 18.55.080. Members or employees prohibited from acquiring interest in projects.
Sec. 18.55.100. Powers of corporation.
Sec. 18.55.110. Cooperation with and aid of federal government.
Sec. 18.55.120. Housing for low-income households.
Sec. 18.55.130. Qualifications of tenants.
Sec. 18.55.140. Issuance of bonds, notes, and refunding bonds.
Sec. 18.55.150. Security for bonds.
Sec. 18.55.160. Limitation of liability on bonds.
Sec. 18.55.170. Exemption from taxes.
Sec. 18.55.180. Issuance and sale of bonds and notes.
Sec. 18.55.187. Independent financial advisor.
Sec. 18.55.200. Additional powers to secure bonds or obligations under leases.
Sec. 18.55.210. Right of obligee of corporation to bring action.
Sec. 18.55.220. Power of corporation to confer upon obligee right to bring action or proceeding.
Sec. 18.55.230. Exemption of real property of corporation from execution or other process.
Sec. 18.55.240. Power of corporation to obtain federal aid and cooperation.
Sec. 18.55.250. Property of corporation exempt from taxes and assessments.
Sec. 18.55.255. Disposal of surplus property.
Sec. 18.55.260. Legality of corporation's bonds as investments.
Sec. 18.55.270. Recommendations for legislation.
Sec. 18.55.280. Public loans or donations to or cooperation with corporation.