00 CS FOR HOUSE BILL NO. 233(CRA)                                                                                        
01 "An Act granting authority to each municipality or other political subdivision,                                         
02 public agency, or other instrumentality of the state to be a debtor under Chapter                                       
03 9 of the Federal Bankruptcy Act and to take any appropriate action authorized                                           
04 by federal law relating to bankruptcy."                                                                                 
05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
06    * Section 1.  AS 37.25 is amended by adding a new section to read:                                                 
07  Sec. 37.25.050.  Bankruptcy of state political subdivisions and                                                      
08 instrumentalities.  The state grants authority under 11 U.S.C. 109(c) to each                                          
09 municipality or other political subdivision, public agency, or other instrumentality of                                 
10 the state to be a debtor under 11 U.S.C. 901 - 946 (Chapter 9 of the Federal                                            
11 Bankruptcy Act) and to take any appropriate action authorized by federal law relating                                   
12 to bankruptcy.