The state and municipalities participating in the authority pledge to and agree with the holders of bonds issued under AS 29.35.625 and with the federal agency, if any, that loans or contributes funds in respect to a project of the authority, that the state and the municipalities participating in the authority will not limit or alter the rights and powers vested in the authority by its enabling ordinance or other law so that it is unable to fulfill the terms of a contract made by the authority with those holders or that federal agency, or in any way impair the rights and remedies of those holders or that federal agency until the bonds, together with the interest on them and interest on unpaid installments of interest, and all costs and expenses in connection with an action or proceeding by or on behalf of those holders or that federal agency, are fully met and discharged. An authority is authorized to include this pledge and agreement of the state and the municipalities participating in the authority, insofar as it refers to holders of bonds of the authority, in a contract with those holders, and insofar as it relates to a federal agency, in a contract with that federal agency.
Structure Alaska Statutes
Title 29. Municipal Government
Chapter 35. Municipal Powers and Duties
Sec. 29.35.600. Purpose of authorities.
Sec. 29.35.605. Establishment of port authorities.
Sec. 29.35.610. Dissolution of a port authority.
Sec. 29.35.615. Municipal property.
Sec. 29.35.625. Bonds of a port authority; superior court jurisdiction.
Sec. 29.35.630. Bonds eligible for investment.
Sec. 29.35.635. Validity of pledge.
Sec. 29.35.640. Credit of state or a municipality not pledged.
Sec. 29.35.645. Pledges of the state and municipalities.
Sec. 29.35.650. Limitation of liability.
Sec. 29.35.655. Limitation on personal liability.
Sec. 29.35.660. Fidelity bond.
Sec. 29.35.665. No taxing authority.
Sec. 29.35.670. Exemption from taxation.
Sec. 29.35.675. Development plan.
Sec. 29.35.680. Administration of port authorities; board.
Sec. 29.35.690. Bylaws and regulations.
Sec. 29.35.695. Authority subject to public records and open meetings laws.
Sec. 29.35.700. Annual report.
Sec. 29.35.720. Conflicting laws inapplicable.
Sec. 29.35.722. Ownership or operation of certain state facilities prohibited.