Alaska

Decision instrument

State debt for a capital project, or for a veterans’ housing loan, needs a law and a majority of the votes. There is no dollar cap.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? Alaska Constitution, Article IX, Section 8, and the annual report, Note 6. The note says there is no statutory limit on how much general obligation debt the state may authorize. A vote is not required to repel an invasion, suppress an insurrection, defend the state in war, meet a natural disaster, or redeem debt that was already outstanding when the constitution took effect. Money borrowed ahead of this year’s revenues has to be paid before the end of the next fiscal year.

Debt statement

No Annual Debt Statement of the New Jersey kind.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? State debt is in the annual report for the year ended June 30, 2025, Note 6. Borough dollar rows are not attached.

Debt limit

A local debt has to be for a capital improvement, approved by the governing body, and ratified by a majority of the people voting. There is no percentage cap in the constitution.

What cap binds a county or a city, and is the state's own ceiling a different rule? Constitution, Article IX, Section 9. The restriction does not apply to a revenue bond of a public enterprise when the only security is that enterprise’s own revenue. The treasury’s separate debt book says municipalities had approximately $2.3 billion of general obligation debt on June 30, 2025, about $110 million more than the year before. That book is not the annual report, and that figure is not a state total.

Conflict rule

A public officer may not use the office for personal gain, and may not take or withhold official action to affect a matter in which the officer has a personal or financial interest.

Which ethics statute covers local officers, what counts as an interest, and who is left out? AS 39.52.120. A municipal official, under AS 29.20.010, may not take part in an official action in which the official has a substantial financial interest. The official has to declare it and ask to be excused. The presiding officer decides. That rule applies even if the borough has no ordinance of its own. Neither statute sets a percent of ownership.

Geography

Nineteen organized boroughs. One unorganized borough has no government of its own.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? Census areas inside the unorganized borough are statistical areas, not governments, so they are not listed. Cities inside boroughs also borrow. Dollar rows stay blank.

Primary money record

General obligation bond principal: $468.8 million. The report’s line that adds the premium is $513.7 million.

Which audited report is the state's own number, and as of what date? Annual report, Note 6, June 30, 2025, in millions. Debt-service principal is $468.8 million. Unamortized premium is $44.9 million. The report adds those and calls $513.7 million the total principal outstanding. The bonds pledge the full faith, credit, and resources of the state. In fiscal 2025 the state issued about $190.4 million of refunding bonds to refund $203.9 million. That was a refinancing, not new project debt. Bonds authorized were $1,015.7 million, and $1,015.7 million had been issued. Nothing authorized is left unissued. Federal subsidies on the year’s interest payments were $2.9 million.

Who pays the coupon

In fiscal 2026 the general obligation bonds need $43.2 million of principal and $21.0 million of interest.

Which fund, tax, or rate is actually pledged — not which new store might show up later? Note 6. The remaining principal through 2045 is $468.8 million and the remaining interest is $131.1 million. The payment is secured by the full faith, credit, and resources of the state.

Other obligors

Tobacco-corporation bonds: $240.9 million of principal. Airport revenue bonds: $204.7 million of principal. The state is not liable for the tobacco bonds. Do not add either to the $468.8 million.

Which authorities and districts borrow beside the state and must not be added to its total? Note 6. The Northern Tobacco Securitization Corporation bought a share of tobacco-settlement payments. Its bonds are paid only from those payments. The note says neither the Alaska Housing Finance Corporation nor the state is liable. Airport revenue-bond principal is $204.7 million, plus $23.2 million of premium. The legislature has authorized another $23.2 million of airport bonds that have not been issued. The treasury’s debt book, not this note, reports Alaska Municipal Bond Bank bonds and notes of $917,045,000 on June 30, 2025. Those are not the state’s general obligation bonds.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? Series-level confirmation still waits on that official statement. Beneficial owners stay unnamed.