Whenever a borough of the first or second class or a home rule municipality is created with an area coterminous with or inclusive of the area of an authority, the authority shall be integrated into the borough or home rule municipality within one year of incorporation. On integration the borough or home rule municipality succeeds to all the rights, powers, duties, assets, and liabilities of the authority, except that any indebtedness of an authority does not constitute a general obligation of the borough or home rule municipality payable from taxes levied by the borough or home rule municipality. The borough or home rule municipality may not levy any taxes to pay the indebtedness.
Structure Alaska Statutes
Title 30. Navigation, Harbors, Shipping, and Transportation Facilities
Chapter 13. Regional Resource Development Authorities
Sec. 30.13.010. Creation of authority.
Sec. 30.13.020. Board of governors.
Sec. 30.13.030. Purpose of an authority.
Sec. 30.13.040. Powers of an authority.
Sec. 30.13.050. Limitation on powers.
Sec. 30.13.055. Consideration of projects to be financed.
Sec. 30.13.060. Bonds of an authority.
Sec. 30.13.070. Trust indentures and trust agreements.
Sec. 30.13.080. Validity of pledge.
Sec. 30.13.090. Nonliability on bonds.
Sec. 30.13.100. Pledge of the state.
Sec. 30.13.110. Exemption from taxation.
Sec. 30.13.120. Bonds as legal investments for fiduciaries.