Alaska Statutes 30.13.150 – Succession
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Terms Used In Alaska Statutes 30.13.150
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- authority: means a public body created under Alaska Stat. See Alaska Statutes 30.13.900
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- municipality: means a political subdivision incorporated under the laws of the state that is a home rule or general law city, a home rule or general law borough, or a unified municipality. See Alaska Statutes 01.10.060
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
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.