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- Alaska Statutes.
- Title 29. Municipal Government
- Chapter 46. Special Assessments
- Section 130. Interim Financing.
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Section 120. Objection and Appeal.
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Section 140. Special Assessment Bonds.
AS 29.46.130. Interim Financing.
- (a) A municipality may provide by resolution or ordinance for the issuance of notes in payment of the costs of a local
improvement project, payable out of special assessments for the improvement. The notes shall bear interest at a rate or
rates authorized by the resolution or ordinance, and shall be redeemed either in cash or bonds for the improvement
project.
- (b) Notes issued against assessments shall be claims against the assessments that are prior and superior to a right, lien
or claim of a surety on the bond given to the municipality to secure the performance of its contract for a local
improvement project, or to secure the payment of persons who have performed work or furnished materials under the
contract.
- (c) The municipal treasurer may accept notes against special assessments on conditions prescribed by the governing body in
payment of
- (1) assessments against which the notes were issued in order of priority;
- (2) judgments rendered against property owners who have become delinquent in the payment of assessments; and
- (3) certificates of purchase when property has been sold under execution or at tax sale for failure to pay the
assessments.
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