Alaska Statutes
Alaska Stat. § 42.40.690 (2026)
Credit of state not pledged
✓ current as of July 2026
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Sec. 42.40.690. Credit of state not pledged.
(a) The state and its political subdivisions are not liable for the debts of the corporation. Bonds issued under this chapter are payable solely from the revenue or assets of the corporation and do not constitute a
(1) debt, liability, or obligation of the state or of a political subdivision of the state; or
(2) pledge of the faith and credit of the state or of a political subdivision of the state.
(b) The corporation may not pledge the credit or the taxing power of the state or its political subdivisions. Each bond issued under this chapter shall contain on its face a statement that
(1) the corporation is not obligated to pay it or the interest on it except from the revenue or assets pledged for it; and
(2) neither the faith and credit nor the taxing power of the state or of a political subdivision of the state is pledged to the payment of it.
(a) The state and its political subdivisions are not liable for the debts of the corporation. Bonds issued under this chapter are payable solely from the revenue or assets of the corporation and do not constitute a
(1) debt, liability, or obligation of the state or of a political subdivision of the state; or
(2) pledge of the faith and credit of the state or of a political subdivision of the state.
(b) The corporation may not pledge the credit or the taxing power of the state or its political subdivisions. Each bond issued under this chapter shall contain on its face a statement that
(1) the corporation is not obligated to pay it or the interest on it except from the revenue or assets pledged for it; and
(2) neither the faith and credit nor the taxing power of the state or of a political subdivision of the state is pledged to the payment of it.
Notes of Decisions
Cited in 2
cases, 1991–2000 · leading case: Laverty v. Alaska RR Corp., 13 P.3d 725 (Alaska 2000).
Laverty v. Alaska RR Corp., 13 P.3d 725 (Alaska 2000). “Bonds issued under this chapter are payable solely from the revenue or assets of the corporation and do not constitute a (1) debt, liability, or obligation of the state or of a political subdivision of the state; or (2) pledge of the faith and credit of the state or of a…”
Alaska Cargo Transp., Inc. v. Alaska R.R., 834 F. Supp. 1216 (D. Alaska 1991). “Additionally, Alaska Cargo contends that ARRC exists in a capacity separate and distinct from the state because the state is not liable for the debts of ARRC, AS 42.40.690; that all claims and lawsuits shall be brought against ARRC and not against the state, AS 42.”
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