Sec. 29.35.700. Annual report.
Within 90 days following the end of the fiscal year of an authority, the board shall distribute to the mayor and governing body of each municipality participating in the authority a report describing the operations and financial condition of the authority during the preceding fiscal year. The report may include suggestions for legislation relating to […]
Sec. 29.35.625. Bonds of a port authority; superior court jurisdiction.
(a) If authorized by the enabling ordinance, an authority may borrow money and may issue bonds on which the principal and interest are payable (1) exclusively from the income and receipts of, or other money derived from, the project financed with the proceeds of the bonds; (2) exclusively from the income and receipts of, or […]
Sec. 29.35.705. Audits.
(a) The board shall have the financial records of an authority audited annually by an independent certified public accountant. (b) An authority shall make all of its financial records available to an auditor appointed by a municipality participating in the authority for examination.
Sec. 29.35.630. Bonds eligible for investment.
Bonds issued under AS 29.35.625 are securities in which all public officers and public bodies of the state and its political subdivisions, all insurance companies, trust companies, banks, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. The bonds may be […]
Sec. 29.35.710. Remedies.
A holder of bonds or notes or coupons attached to the bonds issued by an authority under AS 29.35.625, and a trustee under a trust agreement or resolution authorizing the issuance of the bonds, except as restricted by a trust agreement or resolution, either at law or in equity, may (1) enforce all rights granted […]
Sec. 29.35.635. Validity of pledge.
The pledge of revenue of an authority to the payment of the principal or interest on bonds or notes of the authority is valid and binding from the time the pledge is made, and the revenue is immediately subject to the lien of the pledge without physical delivery or further act. The lien of a […]
Sec. 29.35.715. Claims.
For the purpose of judicial and regulatory proceedings by and against an authority, an authority and its board members and employees enjoy the same rights, privileges, and immunities as a municipality and municipal officers.
Sec. 29.35.640. Credit of state or a municipality not pledged.
(a) The state and municipalities participating in an authority are not liable for the debts of that authority. Bonds issued under AS 29.35.625 are payable solely from the revenue of the authority and do not constitute a (1) debt, liability, or obligation of the state or a municipality; or (2) pledge of the faith and […]
Sec. 29.35.645. Pledges of the state and municipalities.
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 […]
Sec. 29.35.650. Limitation of liability.
A liability incurred by an authority shall be satisfied exclusively from the assets or revenue of the authority. A creditor or other person does not have a right of action against the state or a municipality participating in an authority because of a debt, obligation, or liability of an authority.