(a) Except as provided in Alaska Stat. § 14.40.458, (c) or (d) of this section, or Alaska Stat. § 37.10.089, neither the state nor a political subdivision of the state may

Terms Used In Alaska Statutes 37.10.085

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
  • subscription: includes the mark of a person who cannot write, with the name of that person written near the mark by a witness who writes the witness's own name near the name of the person who cannot write. See Alaska Statutes 01.10.060
(1) make a subscription to the capital stock of a corporation;
(2) lend its credit for the use of a corporation; or
(3) borrow money for the use of a corporation.
(b) This section does not apply to debt issued by a municipality or a municipal joint insurance arrangement under Alaska Stat. § 21.76.120.
(c) To the extent that the political subdivision is authorized to acquire, own, or operate a public utility, it may exercise that power by acquiring and owning, in a manner consistent with law, all of the capital stock of a corporation that owns or operates a public utility. The political subdivision’s authority with respect to lending its credit and borrowing money for the use of the corporation is the same as if the political subdivision had acquired the assets of the corporation.
(d) This section does not apply to investments of the assets of the public employees’ retirement system established under Alaska Stat. Chapter 39.35 or the teachers’ retirement system established under Alaska Stat. Chapter 14.25, to the extent the investments are made in the stocks, bonds, and other securities of

(1) a corporation licensed under Alaska Stat. Chapter 10.13; or
(2) a corporation attempting to become licensed under Alaska Stat. Chapter 10.13 if the corporation intends to use the proceeds to fulfill the tasks necessary to become licensed under Alaska Stat. Chapter 10.13.
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