Title 44 — State Government
54 chapters · 1,061 sections in this title.
AS 44.88.505 Qualifications of applicant for new loan guarantee.
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(a) A business enterprise may apply for a new loan guarantee under AS 44.88.500(1). (b) The authority may establish additional applicant qualifications by regulation. These qualifications may vary depending upon the type of business the applicant is engaged in.
AS 44.88.510 Application for new loan guarantee.
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An applicant for a new loan guarantee shall provide information that the authority may require by regulation. The authority may require submission of an economic benefit analysis prepared by a person acceptable to the authority.
AS 44.88.515 Qualifications of applicant for debt refinancing guarantee.
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A business enterprise may apply under AS 44.88.500(2) to guarantee the refinancing of existing debt.
AS 44.88.520 Application for debt refinancing guarantee.
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An applicant for a debt refinancing guarantee shall provide the information that the authority may require by regulation.
AS 44.88.525 Conditions of debt refinancing guarantee.
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The authority may not guarantee refinanced debt (1) unless the refinancing (A) is necessary to extend substantial debt payments over a longer period of time, thereby improving the applicant's net cash flow and working capital position consistent with the useful life of the assets…
AS 44.88.530 Applicability of AS 44.88.535 — 44.88.560.
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AS 44.88.535 — 44.88.560 apply to new loan guarantees and refinancing guarantees under AS 44.88.500.
AS 44.88.535 Conditions of loan guarantee.
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(a) The authority may guarantee a loan under AS 44.88.500 — 44.88.599 if the (1) loan (A) is commercially reasonable; (B) contains payment provisions satisfactory to the authority; (C) is secured by adequate collateral; however, the authority may waive on a case-by-case basis the…
AS 44.88.540 Limitations of guarantees.
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The authority may not issue a total of more than (1) $50,000,000 of loan guarantees; (2) $25,000,000 of loan guarantees in which the amount of the loan guarantee exceeds $500,000.
AS 44.88.542 Discounted loan purchases. [Repealed, § 21 ch 111 SLA 1996.]
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[Repealed or reserved.]
AS 44.88.545 Limitations of guarantees with respect to borrowers.
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The authority may not provide a guarantee (1) of more than $1,000,000; (2) to an individual borrower that cumulatively, with the outstanding principal balance of other authority guaranteed indebtedness of that borrower, exceeds $1,000,000.
AS 44.88.550 Interest on guaranteed loan.
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(a) The maximum interest rate that may be charged by a financial institution on a loan guaranteed by the authority is two and three-quarters percentage points above the prime rate. (b) If provision is made in the loan guarantee agreement, the interest rate on a loan guaranteed by…
AS 44.88.555 Servicing of guaranteed loans.
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(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.500 — 44.88.599 shall (1) service the loan; (2) exercise diligence in collecting amounts due under the loan; and (3) comply with all requirements of the loan guarantee agreement. (b) Amount…
AS 44.88.560 Powers of the authority.
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The authority may (1) adopt regulations to implement AS 44.88.500 — 44.88.599; (2) establish terms and conditions for loan guarantees and refinancing agreements subject to the requirements of AS 44.88.500 — 44.88.599; (3) make and execute contracts and other instruments to implem…
AS 44.88.570 Distribution of loans.
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The authority shall distribute guarantees of new loans and guarantees of loans made to refinance existing loans under AS 44.88.500 — 44.88.599 to all regions of the state in an equitable manner.
AS 44.88.599 Definitions.
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Article 7. Rural Development Initiative Fund. In AS 44.88.500 — 44.88.599 (1) “export transaction” means a contract for the sale of goods, services, or raw materials that includes a term that requires the goods, services, or raw materials, in whole or in part, to be shipped to or…
AS 44.88.600 Rural development initiative fund.
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The rural development initiative fund is created in the authority outside of the revolving fund. The rural development initiative fund is a fund for the uses and purposes of AS 44.88.600 — 44.88.620. The rural development initiative fund consists of money or assets appropriated o…
AS 44.88.610 Rural development loans.
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(a) The authority may use money from the rural development initiative fund to make loans of up to $150,000 to a person, or loans of up to $300,000 to two or more persons, to be used for working capital, equipment, construction, or other commercial purposes by a business located i…
AS 44.88.620 Disposal of property acquired by default or foreclosure.
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Article 8. Sustainable Energy Transmission and Supply. The authority shall dispose of property acquired through default or foreclosure of a loan made from the rural development initiative fund. Disposal shall be made in a competitive manner that serves the best interests of the s…
AS 44.88.650 Sustainable energy transmission and supply development program.
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The sustainable energy transmission and supply development program is created in the authority to promote and provide financing for qualified energy development in the state to alleviate unemployment and contribute to the state's economic welfare, economic diversity, and economic…
AS 44.88.660 Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund.
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The Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund is established in the authority. The development fund consists of appropriations made to the development fund by the legislature, money or other assets transferred t…
AS 44.88.670 Use of fund balance.
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Subject to the requirements of AS 44.88.650 — 44.88.690, the authority may use money in the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund (AS 44.88.660) to assist in the construction, improvement, rehabilitation, an…
AS 44.88.680 Qualified energy development; powers and duties of the authority.
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(a) Subject to the limitations of AS 44.88.690, for qualified energy development, the authority may (1) use the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund (AS 44.88.660) to finance qualified energy development, i…
AS 44.88.690 Limitations on financing; use as security.
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Article 9. New Markets Tax Credit Assistance Guarantee and Loan Program. (a) Unless the authority has obtained legislative approval by law, the authority may not use the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund…
AS 44.88.700 New markets tax credit assistance guarantees and loans.
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(a) Subject to the requirements of AS 44.88.700 — 44.88.799, the authority may (1) guarantee new markets tax credit assistance leveraged loans; and (2) make new markets tax credit assistance leveraged loans. (b) New markets tax credit assistance guarantees and loans are limited t…
AS 44.88.710 Effect of guarantee.
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(a) A guarantee under AS 44.88.700 — 44.88.799 does not create a debt or liability of the state. (b) A guarantee under AS 44.88.700(a)(1) may not be terminated, cancelled, or revoked except under its terms. A guarantee held by a participating financial institution is presumed to …
AS 44.88.715 Qualifications of applicant for new loan guarantee.
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(a) A business enterprise that qualifies for new markets tax credits for a project may apply for a loan guarantee under AS 44.88.700(a)(1). (b) The authority may establish additional applicant qualifications by regulation. Those qualifications may vary depending on the type of bu…
AS 44.88.720 Application for loan guarantee.
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An applicant for a loan guarantee shall provide information that the authority may require by regulation. The authority may require submission of an economic benefit analysis prepared by a person acceptable to the authority.
AS 44.88.730 Conditions of loan guarantee.
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(a) The authority may guarantee a loan under AS 44.88.700 — 44.88.799 if the (1) loan (A) is commercially reasonable; (B) contains payment provisions satisfactory to the authority; and (C) is secured by acceptable collateral; (2) project (A) is allocated new markets tax credits b…
AS 44.88.740 Servicing of guaranteed loans.
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(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.700 — 44.88.799 shall (1) service the loan; (2) exercise diligence in collecting amounts due under the loan; and (3) comply with all requirements of the loan guarantee agreement. (b) Amount…
AS 44.88.750 New markets tax credit assistance leveraged loan.
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(a) The authority may make a new markets tax credit assistance leveraged loan under AS 44.88.700(a)(2) only if the authority determines that an applicant for a new markets tax credit assistance guarantee is unable to obtain a leveraged loan from a financial institution under comm…
AS 44.88.760 Limitations of guarantees and leveraged loans.
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The combined outstanding principal balance of loan guarantees and loans under AS 44.88.700 — 44.88.799 may not exceed $40,000,000.
AS 44.88.770 Powers of the authority.
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The authority may (1) adopt regulations to implement AS 44.88.700 — 44.88.799; (2) establish terms and conditions for loan guarantees and loans, subject to the requirements of AS 44.88.700 — 44.88.799; (3) make and execute contracts and other instruments to implement AS 44.88.700…
AS 44.88.799 Definitions.
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Article 10. Arctic Infrastructure Development. In AS 44.88.700 — 44.88.799, (1) “federal new markets tax credit program” means the program administered by the Community Development Financial Institutions Fund that arises out of 26 U.S.C. 45D (Internal Revenue Code) and related re…
AS 44.88.800 Arctic infrastructure development program.
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The Arctic infrastructure development program is created in the authority to promote and provide financing for Arctic infrastructure development.
AS 44.88.810 Arctic infrastructure development fund.
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The Arctic infrastructure development fund is established in the authority. The fund consists of appropriations made to the fund by the legislature, money or other assets transferred to the fund by a majority vote of the members of the authority under AS 44.88.050 from any other …
AS 44.88.820 Use of fund balance.
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Subject to the requirements of AS 44.88.800 — 44.88.840, the authority may use money in the Arctic infrastructure development fund (AS 44.88.810) for Arctic infrastructure development.
AS 44.88.830 Qualified infrastructure development; powers and duties of the authority.
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(a) Subject to the limitations of AS 44.88.840, for Arctic infrastructure development, the authority may (1) use the Arctic infrastructure development fund (AS 44.88.810) to finance Arctic infrastructure development, insure project obligations, guarantee loans or bonds, and estab…
AS 44.88.840 Limitations on financing.
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Article 11. Cook Inlet Oil and Gas Development Projects and Reserve-Based Lending. (a) Unless the authority has obtained legislative approval by law, the authority may not use the Arctic infrastructure development fund established in AS 44.88.810 to make (1) a loan for more than …
AS 44.88.850 Cook Inlet reserve-based lending account.
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(a) The Cook Inlet reserve-based lending account is established in the revolving fund. The account consists of money or assets deposited into the account by the authority and contributions from other sources. (b) The authority may use money in the account to make one or more rese…
AS 44.88.855 Report to the legislature on Cook Inlet oil and gas development projects.
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Article 12. General Provisions. (a) The authority shall evaluate oil and gas development projects the authority believes have reasonable potential to increase oil and gas production from the Cook Inlet sedimentary basin. Each year, the authority shall prepare a report related to …
AS 44.88.900 Definitions.
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In this chapter, (1) “Arctic” means the area of the state north of the Arctic Circle, north and west of the boundary formed by the Porcupine, Yukon, and Kuskokwim Rivers, all contiguous seas, including the Arctic Ocean, and the Beaufort, Bering, and Chukchi Seas, and the Aleutian…