States are prohibited from declaring bankruptcy. Instead, states default on their debt obligations. With Alaska's considerable investment assets that seems highly unlikely. 

Liquidating fund assets to pay billions in "oil tax credits" is about as draconian as it gets. I can't imagine any scenario where voters hold public officials accountable for defunding basic public services in favor pumping up the shareholder value of global oil companies. The oil cheerleaders use emotionally abusive rhetoric to convince residents to continually vote against their own best interests.