Alaska Administrative Code

Before approving a project financed under AS 44.88.172, the authority shall prepare a finance plan in conformance with AS 44.88.173(a) - (c). If the project involves a partnership or joint venture with another entity, the finance plan will provide the information required in AS 4…

(a) Before entering into an agreement to finance or develop a development project for which the authority expects to issue bonds, the authority will obtain the approval of the municipality in which the proposed project is to be located. If the development project for which the au…

Before approving a development project for which bonds must be issued, the authority must find, on the basis of all information reasonably available to it, that (1) the project and its development under AS 44.88 will be economically advantageous to the state and to the general pu…

Before issuing bonds for a development project, the authority will enter into an agreement with any partners, joint venturers, or users of the facility to be constructed, providing for adequate guarantee of revenues to repay any indebtedness incurred by the authority for the proj…

The authority will not issue bonds in an amount greater than $25,000,000 to assist in the acquisition, financing, or operation of a development project without prior legislative approval. Notes 3 AAC 99.550 Eff. 1/11/88, Register 106; am 11/30/90, Register 118; am 9/24/2015, Regi…

(a) For a development project the authority intends to own and operate, no formal application is required. A proponent of a development project that authority will own and operate may initiate and pursue discussions with the authority regarding the proposed project in any manner.…

(a) The authority may approve or reject a full application for development project financing for a development project that the authority will not own and operate by evaluating the following: (1) whether the application requirements of this chapter have been met; (2) the project …

(a) Once the authority determines that the requested development project financing is proper under the project development financing program and that a complete application has been submitted for review, the authority will notify the project applicant in writing that the full app…

(a) If the project financing committee's recommendation is that the development project financing be approved, the application will be put on the board's agenda for consideration. If the recommendation is that the development project financing not be approved, the application wil…

(a) If the authority provides development project financing for a development project that the authority will not own and operate, the initial interest rate on the financing will be set at the time the authority issues a development project financing commitment letter. The initia…

Development project financing the authority provides for a development project the authority will not own and operate must satisfy the following requirements unless the authority, in its discretion, approves deviating from these requirements: (1) the principal amount of a develop…

The authority may provide development project financing in combination with financing that is available under any other program of the authority. To receive combined financing, a development project must meet the requirements of each program under which the authority is to provid…

(a) The nonrefundable application fee for development project financing is (1) $5,500 for financing of less than $10,000,000; (2) $11,000 for financing from $ 10,000,000 to $20,000,000; (3) $22,000 for financing in excess of $20,000,000; (b) If the authority is to provide develop…

(a) Upon written certification by both the authority and the project applicant that all provisions of the commitment letter have been complied with, the financing will be scheduled for closing and disbursement of the financing proceeds. (b) When the financing involves a developme…

In 3 AAC 99.500 - 3 AAC 99.599, (1) "development project" has the meaning given in AS 44.88.900; (2) "development project financing" has the meaning given in AS 44.88.900; (3) "full application" means an application containing all the information required under 3 AAC 99.555(d); (…

Notes 3 AAC 99.600 Eff. 1/11/88, Register 106; repealed 2/11/99, Register 150 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be…

Notes 3 AAC 99.610 Eff. 1/11/88, Register 106; am 11/30/90, Register 118; am 7/19/91, Register 119; repealed 2/11/99, Register 150 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prio…

Notes 3 AAC 99.620 Eff. 1/11/88, Register 106; repealed 2/11/99, Register 150 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be…

Notes 3 AAC 99.630 Eff. 1/11/88, Register 106; repealed 2/11/99, Register 150 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be…

Notes 3 AAC 99.640 Eff. 1/11/88, Register 106; am 9/25/92, Register 124; repealed 2/11/99, Register 150 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More c…

Notes 3 AAC 99.650 Eff. 1/11/88, Register 106; am 12/2/94, Register 134; repealed 2/11/99, Register 150 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More c…

Notes 3 AAC 99.660 Eff. 1/11/88, Register 106; repealed 2/11/99, Register 150 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be…

Notes 3 AAC 99.670 Eff. 1/11/88, Register 106; repealed 2/11/99, Register 150 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be…

3 AAC 99.700 - 3 AAC 99.790 apply to guarantees by the authority, under the business and export assistance program authorized by AS 44.88.500-44.88.599, of a new loan or a loan made to refinance existing debt. Notes 3 AAC 99.700 Eff. 8/1/88, Register 107; am 2/11/99, Register 150…

(a) The authority may guarantee a new loan or a loan to refinance existing debt if the loan is made to an Alaska business enterprise whose majority interest is held by individual state residents. (b) The borrower must have the financial and business ability, as determined by the …

(a) The authority will accept an application for a guarantee only from the financial institution that will make the loan and that has the ability to originate, service and collect the loan. An application must contain information sufficient to allow the authority to determine whe…

(a) The authority may not guarantee loans to refinance existing debt unless the conditions under AS 44.88.525 have been met. (b) The authority may not guarantee loans unless the conditions under AS 44.88.535 have been met. (c) A guarantee issued by the authority for loans must co…

(a) Repealed 9/25/92. (b) If the authority approves an application, the authority will issue a guarantee authorization to the financial institution stating that a guarantee will be provided for a specified portion of the loan under terms and conditions specified by the authority …

(a) The financial institution that submits an application under 3 AAC 99.720_must also submit a nonrefundable $250 fee with the application. In addition, the financial institution, or any substitute financial institution, or the borrower must pay a nonrefundable $500 fee for any …

(a) A guarantee under this article guarantees payment of outstanding principal, unpaid interest as described in (b) of this section, and liquidation expenses acceptable to the authority on a loan up to the amounts stated in the guarantee authorization in accordance with the terms…

(a) The maximum interest rate on a loan which is guaranteed by the authority, shall be two and three-quarters percentage points above the prime rate of interest as reported in the current Wall Street Journal, on a freely floating basis. (b) The maximum fixed rate of interest shal…

(a) The authority will not guarantee a loan made by a financial institution unless it has executed a loan guarantee agreement with the financial institution. The loan guarantee agreement will set forth provisions governing guarantees of loans made by the financial institution, in…

A financial institution that submits an application for guarantee of a loan that is not approved by the authority may appeal that decision to the board by filing a written notice of appeal with the authority no later than 10 working days after the financial institution is notifie…

To apply for a small business economic development loan, an applicant shall file with the department (1) a completed application for a small business economic development loan, on a form provided by the department; (2) a letter of intent stating the amount of the loan and intende…

(a) All expenses incurred by the department in closing a loan, including processing the application, must be paid by the applicant. These expenses include the cost of credit reports, title reports and insurance, recording fees, appraisals, surveys, travel, and other direct costs.…

Notes 3 AAC 99.820 Repealed 11/30/90. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compa…

3 AAC 99.825 - 3 AAC 99.899 applies to loans made under the rural development initiative fund. Notes 3 AAC 99.825 Eff. 2/8/2001, Register 158 Authority:AS 44.88.600 AS 44.88.610 AS 44.88.620 State regulations are updated quarterly; we currently have two versions available. Below …

(a) To apply for a rural development initiative fund loan, an applicant shall file with the department (1) a completed loan application for a rural development initiative fund loan, on a form provided by the department, which includes: (A) a letter of intent stating the amount re…

(a) The materials described in 3 AAC 99.830 will be processed and evaluated by a loan officer. The loan officer will evaluate the applicant's eligibility, financial and credit history, operating plan, ability to repay, and proposed collateral. (b) On the basis of the evaluation d…

(a) A loan committee consists of one or more persons appointed by the director to act on a loan request. (b) A loan committee shall consider the recommendations of the loan officer assigned to process the application and any other relevant information. A loan committee shall also…

(a) The department may consider the following factors in evaluating an applicant's financial and credit record: (1) existing and prior debts; (2) credit reports obtained from creditors and private credit reporting services; (3) prior loan history with the department; (4) timeline…

The department shall consider the following factors in evaluating an applicant's ability to repay: (1) income history, including present income; (2) prospects for future income; (3) assets and their liquidity; (4) liabilities; (5) reasonableness of projected profit and loss state…

(a) A loan must be secured by collateral acceptable to the department, such as a mortgage or other security instrument in real property, equipment, buildings or other tangible assets. (b) The department shall not approve a loan that exceeds the value of the collateral used to sec…

(a) The proceeds of the loan may be used by the borrower for working capital, equipment, construction costs, or other commercial purposes relating to the borrower's business. (b) A loan may not be made to pay costs which were incurred by the borrower more than six months before t…

The department shall set the interest rate on a quarterly basis for loans under this article. The interest rate set for a quarter remains in effect until the department changes the rate. The interest rate set by the department is based on the prime rate listed in the Wall Street …

A loan under this article shall not exceed a term of 25 years except for modifications under 3 AAC 99.890. The term of a loan will be based on the useful life of the collateral offered, the useful life of the asset being purchased or to be constructed, the size of the loan, and t…

Loan money will be disbursed when (1) a security interest in the collateral is perfected for the benefit of the rural development initiative fund; (2) requirements of the loan committee have been met; (3) the applicant is in compliance with all other provisions of the loan docume…

(a) All expenses incurred by the department in processing an application must be paid by the applicant before loan money may be disbursed. These expenses include the cost of title reports and title insurance, recording fees, appraisals, travel, and other direct costs. (b) A nonre…

(a) A request for permission to assume the obligations and benefits of a loan made under AS 44.88.610 and this article will be processed in the same manner as a loan application. (b) A loan committee may permit an assumption if the applicant is a good financial risk and the secur…

(a) A request for a modification to a loan made under AS 44.88.610 and this article 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 rural development initiative fund is pres…