HB 156: "An Act relating to municipal debt for development and redevelopment projects."
00 HOUSE BILL NO. 156 01 "An Act relating to municipal debt for development and redevelopment projects." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 29.47.460(b) is amended to read: 04 (b) A municipality may provide by ordinance that the tax increment from the 05 taxes levied each year by or on behalf of the municipality on the property in an area 06 described in the ordinance shall be used to repay the principal and interest on bonds, 07 notes, or other indebtedness that is incurred for a development or redevelopment 08 project, and may irrevocably pledge the tax increment from the area for that purpose 09 [BUT ONLY IF ADDITIONAL SECURITY IN THE FORM OF A LETTER OF 10 CREDIT OR EQUAL SECURITY IS ALSO PLEDGED]. The area described in the 11 ordinance may be a service area. In this subsection "tax increment" means the portion 12 of the tax that is attributable to the difference between the value of the property shown 13 on the taxing agency's assessment roll for the year when the taxes are levied and the 14 value of the property shown on the taxing agency's last assessment roll that was 15 equalized before the project was authorized.