The indebtedness of a service area acquired under AS 29.47.440 remains the indebtedness of the area that incurred the debt, notwithstanding a subsequent court determination that the service area was not validly formed under law or by virtue of a defect in the proceedings creating the service area. All property in the service area remains subject to taxation to pay the bonded indebtedness.
Structure Alaska Statutes
Title 29. Municipal Government
Article 6. Miscellaneous Provisions.
Sec. 29.47.390. Other municipal financing.
Sec. 29.47.410. Forms and terms.
Sec. 29.47.420. Interest rate.
Sec. 29.47.430. Redemption before maturity.
Sec. 29.47.440. Borough indebtedness.
Sec. 29.47.450. Service area debt.
Sec. 29.47.460. Debt for improvement area projects.
Sec. 29.47.480. Accrued actuarial liabilities of retirement systems.