Alaska Administrative Code

(a) The proceeds of the loan may be used by the applicant for purposes related to the project, business, or nonprofit activity. These purposes include working capital, equipment, construction, and other development costs. The loan can be used only for the purposes stated in the a…

(a) The initial rate of interest on the authority's loan made under this chapter is set at the time the authority issues a loan commitment at a rate equal to the sum of the "true interest cost rate" and the "authority cost amount." If the authority issues bonds in respect of a lo…

(a) A loan committee shall establish the term of a loan and repayment schedule within the limitations set by this chapter. (b) A loan under this chapter shall be for a term of not less than eight years and may not exceed a term of 10 years unless extended by a loan modification a…

Upon certification by the authority and the applicant that all provisions of the commitment have been complied with, the financing will be scheduled for closing. If the NMTC leverage loan product is a loan transaction, the loan proceeds will be disbursed as contemplated in the au…

(a) A request for permission to assume the obligations and benefits of a loan made under this chapter will be processed in the same manner as a loan application. (b) A loan committee may permit an assumption only if the borrower is a good financial risk and the security of the lo…

(a) A request for a modification to a loan made under this chapter will be processed in the same manner as a loan application. (b) A loan committee may permit a loan modification only if the security of the loan under the loan fund is preserved or improved. Notes 3 AAC 102.160 Ef…

(a) If a guarantee or loan request made under this article is denied, tabled, or significantly modified by the authority, an applicant may file a written request for reconsideration within 15 working days after receipt of notice of the authority's decision. (b) The authority will…

In the agreements regarding the NMTC financing that are signed on or before closing, the applicant must agree to provide timely information to the authority over the term of the financing regarding the finances of the project, business, or nonprofit activity, and other matters th…

In this chapter, (1) "authority" means the Alaska Industrial Development and Export Authority; (2) "basis points" means the common unit of measure for interest rates and other percentages in finance; one hundred basis points equals one percent; (3) "board" means the board of the …

This chapter applies to applications for financing under, and the authority's administration of, the Arctic infrastructure development program and fund established by AS 44.88.800 - 44.88.840. Notes 3 AAC 103.010 Eff. 12/3/2015, Register 218, July 2016 Even though the adoption of…

The authority may make a loan or issue a bond, or guarantee a loan or bond, under this chapter to finance an Arctic infrastructure development. Notes 3 AAC 103.020 Eff. 12/3/2015, Register 218, July 2016 Even though the adoption of 3 AAC 103.020 was effective 12/3/2015, it was no…

The authority may not provide a loan for an Arctic infrastructure development in excess of the capital cost limitation of AS 44.88.840(a)(1), or the dollar amount limitation of AS 44.88.840(a)(2), unless the legislature has approved exceeding the limitation. The authority will no…

An applicant may be an individual, municipal government, tribe, or business or other entity that is organized in any manner. To the extent required under state law, an applicant seeking financing under the Arctic infrastructure development program and fund must be authorized to d…

The application process for seeking financing under the Arctic infrastructure development program and fund is a two-step procedure using first the submission of a preliminary application form. If the authority determines, based on the preliminary application, that the Arctic infr…

(a) An applicant seeking financing under the Arctic infrastructure development program and fund may apply by completing a preliminary application. The preliminary application must be on a form supplied by the authority describing the nature of the Arctic infrastructure developmen…

A full application for financing under the Arctic infrastructure development program must be submitted to the authority on the form the authority has approved. The authority may require the applicant to include with the completed full application form any or all of the following:…

(a) The principal amount of a loan may not exceed one-third of the appraised value of the collateral for the loan or guarantee, and a loan guarantee may not exceed $20,000,000. (b) Any financing the authority provides must be secured by a mortgage that is a first lien on the real…

(a) Once the authority determines that a complete application for an eligible project has been submitted for review, the authority will notify the applicant in writing that the application is deemed complete. (b) After payment of the application fee, a completed application will …

(a) An application the loan committee approves will be placed on the agenda for consideration at the next available board meeting. An application the loan committee rejects will not be put on the agenda for the board's consideration unless the applicant requests board considerati…

(a) The authority may approve or reject a full application for financing under the Arctic infrastructure development program and fund by evaluating the following: (1) whether the application requirements of this chapter have been met; (2) the applicant's credit standing; (3) the …

(a) The initial interest rate on the Arctic infrastructure development program financing will be set at the time the authority issues an Arctic infrastructure development program financing commitment letter. The initial interest rate will be no less than 250 basis points above th…

(a) For any financing under the Arctic infrastructure development program and fund that is in the form of a guarantee, the applicant must pay the authority a guarantee fee in the amount the authority in its discretion determines to be appropriate. The authority will inform the ap…

(a) Upon the issuance of written notification by the authority to the applicant that the application is complete, an application fee in the amount described in (b) of this section is due. No application will be given further consideration without payment of this fee. The applicat…

An applicant for any financing that submitted a final application which is not approved by the authority may appeal to the board by filing a written notice of appeal with the executive director not later than 20 working days after being notified in writing of the rejection. The b…

Upon written certification by both the authority and the applicant that all provisions of the commitment letter have been satisfied, the financing will be scheduled for closing and, if a loan transaction, for disbursement of proceeds. If the financing is a guarantee, then the aut…

The authority may require in the financing agreement or other closing documents signed by the applicant that the applicant periodically provide financial, operational, or other information to the authority over the term of the financing. The authority, or its designated agent, ma…

In this chapter, unless the context requires otherwise, (1) "appraised value" means any valuation methodology acceptable to the authority, including comparable sale valuation, replacement cost valuation and produced by any third-party evaluators deemed appropriate by the authorit…

This chapter applies to applicable programs and activities of the Alaska Energy Authority. Notes 3 AAC 105.010 Eff. 2/16/96, Register 137 Authority:AS 44.83.080 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our mo…

The authority may apply for, accept, and administer financial and other assistance from public agencies and private sources for the construction, financing, operation, and maintenance of power projects and for bulk fuel, waste energy, energy conservation, energy efficiency, and a…

(a) The provisions of this section and 3 AAC 105.310 apply only to those projects that were acquired or constructed under AS 44.83.080(18) or that were acquired or constructed by the authority before August 11, 1993 and authorized as part of the energy program for this state unde…

The wholesale power rate for a project described in 3 AAC 105.300 will be set annually in accordance with the applicable power sales agreement. Notes 3 AAC 105.310 Eff. 2/16/96, Register 137 Authority:AS 44.83.080 AS 44.83.398 State regulations are updated quarterly; we currently…

(a) The provisions of 3 AAC 105.400 - 3 AAC 105.480 apply to the disposition of property by the authority. (b) The executive director shall appoint a property officer of the authority who shall, subject to executive director authorization, be responsible for the disposition of th…

Except for real property disposed of under 3 AAC 105.420, the authority will obtain an appraisal from a licensed appraiser to assist in the determination of the fair market value for disposal of real property. Notes 3 AAC 105.410 Eff. 2/16/96, Register 137 Authority:AS 44.83.080 …

Unless otherwise required by law or contract, the disposition of property under this section to the state, an agency of the state, a municipality, a utility, or a non-profit corporation that is exempt from federal income tax under 26 U.S.C. 501(c)(3), in the discretion of the exe…

The property officer appointed under 3 AAC 105.400(b) will act on behalf of the authority in all matters pertaining to the disposition of personal property. An employee of the authority may not transfer or otherwise dispose of personal property of the authority without the expres…

(a) The authority will give notice of its intention to dispose of property under 3 AAC 105.400, in the case of a (1) real property disposition, at least 30 days before the disposition; or (2) personal property disposition, at least seven days before the disposition. (b) Unless ot…

If the authority disposes of real property, the authority will, in its discretion, require the person or entity acquiring the property to pay for costs of surveying and appraising the property as part of the disposition. Notes 3 AAC 105.450 Eff. 2/16/96, Register 137 Authority:AS…

The authority will, in its discretion, reject an application, or all bids, in whole or in part in connection with a property disposition under 3 AAC 105.400 if it is in the best interests of the state. Notes 3 AAC 105.460 Eff. 2/16/96, Register 137 Authority:AS 44.83.080 State re…

An applicant or bidder aggrieved by the authority's rejection of an application or bid, or the selection of a successful bidder, may appeal to the executive director within five working days after the authority's determination. The appeal must be filed in duplicate and state the …

After the time for appeal under 3 AAC 105.470 has run, or after the executive director has issued a decision under that section, the authority will notify the successful applicant or bidder that the authority intends to proceed with the transfer of the property to that applicant …

In this chapter, unless the context requires otherwise, (1) "authority" means the Alaska Energy Authority; (2) "executive director" means the executive director of the Alaska Energy Authority. Notes 3 AAC 105.900 Eff. 2/16/96, Register 137 Authority:AS 44.83.080 State regulations…

(a) An applicant for a loan from the power project fund must submit an application to the authority. The application must contain at the time of submission transfer the following information: (1) the legal name of the applicant and the legal authority under which it was created a…

(a) Upon receipt of a completed application and other information requested or required, the authority will review the application. (b) The authority after reviewing an application, other than an application for a loan for reconnaissance studies, feasibility studies, license and …

(a) The terms of a loan made by the authority from the power project fund will be determined by the authority and will comply with the following conditions: (1) the loan must bear interest at the rate determined under AS 42.45.010(f)(2)(A), unless the authority determines, based …

(a) When making a written determination under 3 AAC 106.110 regarding the financial feasibility of a project, the authority will consider (1) the revenue-generating capability of the project, including the local need for power from the project within any interconnected transmissi…

(a) An applicant for a loan and a borrower who has an outstanding loan with the authority shall make its books and records, facilities, and its real and personal property of any kind, available for inspection at any reasonable time by the authority, or its agents, after receipt b…

The provisions of 3 AAC 106.100 - 3 AAC 106.130 relating to loans from the power project fund apply also to all other loans made by the authority affected by ch. 58, SLA 1999 and made from money appropriated for that purpose by the legislature, except loans from the rural electri…

(a) An applicant for a loan from the power project fund must pay an application fee of (1) $200 for applications requesting loan amounts up to and including $100,000; (2) $1,000 for applications requesting loan amounts of more than $ I 00,000 and not more than $500,000; (3) $2,00…

In 3 AAC 106.100 - 3 AAC 106. 159, "financially feasible" means that the authority has determined that enough money is available from all sources to complete the project, and that enough money is estimated to be available in the future to repay any debt incurred in connection wit…

(a) A borrower who receives a loan from the rural electrification revolving loan fund may use the loan only to pay for capital improvements that extend the borrower's transmission and distribution system to customers not previously receiving service from a public utility. A borro…