Title 44 — State Government
54 chapters · 1,061 sections in this title.
AS 44.88.010 Legislative finding and policy.
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(a) The legislature finds, determines, and declares that (1) there exist areas of the state in which seasonal and nonseasonal unemployment exists; (2) this unemployment is a serious menace to the health, safety, and general welfare, not only to the people in those areas, but also…
AS 44.88.020 Creation of authority.
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There is created the Alaska Industrial Development and Export Authority. The authority is a public corporation of the state and a body corporate and politic constituting a political subdivision within the Department of Commerce, Community, and Economic Development, but with separ…
AS 44.88.030 Membership of authority.
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(a) The membership of the authority consists of (1) the commissioner of revenue and the commissioner of commerce, community, and economic development; and (2) five public members appointed by the governor, each of whom has expertise in private sector business or industry, or both…
AS 44.88.040 Chairman and vice-chairman.
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The members of the authority shall elect a chairman from among themselves. A vice-chairman may be elected by the authority from among its other members. The vice-chairman presides over all meetings in the absence of the chairman and has other duties which the authority may direct…
AS 44.88.050 Meetings, compensation, officers, and employees.
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(a) A majority of the members of the authority constitutes a quorum for the transaction of business or the exercise of a power or function at a meeting of the authority. In case of a tie vote on a motion or resolution pending before the authority the motion or resolution shall be…
AS 44.88.060 Alaska Industrial Development and Export Authority revolving fund.
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Article 2. Purpose and Powers. The Alaska Industrial Development and Export Authority revolving fund is established in the authority. The revolving fund consists of appropriations made to the revolving fund by the legislature, money or other assets transferred to the revolving fu…
AS 44.88.070 Purpose of the authority.
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The purpose of the authority is to promote, develop, and advance the general prosperity and economic welfare of the people of the state, to relieve problems of unemployment, and to create additional employment by (1) providing various means of financing and means of facilitating …
AS 44.88.080 Powers of the authority.
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In furtherance of its corporate purposes, the authority has the following powers in addition to its other powers: (1) to sue and be sued; (2) to have a seal and alter it at pleasure; (3) to make and alter bylaws for its organization and internal management; (4) to adopt regulatio…
AS 44.88.085 Administrative procedure.
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Article 3. Financial Provisions. (a) Except for AS 44.62.310 — 44.62.319 (Open Meetings Act), the provisions of the Administrative Procedure Act regarding the adoption of regulations (AS 44.62.040 — 44.62.319) do not apply to the authority. The authority shall make available to m…
AS 44.88.088 Payment of dividend to state.
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(a) The authority shall adopt a policy for payment of a dividend from the revolving fund, the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund (AS 44.88.660), and the Arctic infrastructure development fund (AS 44.88.81…
AS 44.88.090 Bonds of the authority.
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(a) The authority may borrow money and may issue bonds, including but not limited to bonds on which the principal and interest are payable (1) exclusively from the income and receipts or other money derived from the project or development project financed with the proceeds of the…
AS 44.88.095 Bonding limitations.
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(a) The authority may not issue bonds in a 12-month period in an amount that exceeds $400,000,000, excluding refunding bonds. (b) [Repealed, § 24 ch 123 SLA 1990.] (c) Before entering into a lease or other agreement under AS 44.88.090(e) regarding a project for which the authorit…
AS 44.88.100 Trust indentures and trust agreements.
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In the discretion of the authority, an issue of bonds may be secured by a trust indenture or trust agreement between the authority and a corporate trustee (which may be a trust company, bank, or national banking association, with corporate trust powers, located inside or outside …
AS 44.88.105 Capital reserve funds and capital reserve fund requirement.
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(a) For the purpose of securing one or more issues of its bonds, the authority may establish one or more special funds, called “capital reserve funds”, and shall pay into those capital reserve funds the proceeds of the sale of its bonds and other money which may be made available…
AS 44.88.110 Validity of pledge.
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It is the intention of the legislature that a pledge made in respect of bonds shall be valid and binding from the time the pledge is made; that the money or property so pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without…
AS 44.88.120 Nonliability on bonds.
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(a) Neither the members of the authority nor a person executing the bonds are liable personally on the bonds or are subject to personal liability or accountability by reason of the issuance of the bonds. (b) The bonds issued by the authority do not constitute an indebtedness or o…
AS 44.88.130 Pledge of the state.
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The state pledges to and agrees with the holders of bonds issued under this chapter and with the federal agency that lends or contributes funds in respect to a project or development project financed under AS 44.88.155 — 44.88.159 or 44.88.172 — 44.88.177 that the state will not …
AS 44.88.140 Exemption from taxation.
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(a) Except as provided in AS 29.45.030(a)(1), the real and personal property of the authority and its assets, income, and receipts are declared to be the property of a political subdivision of the state and, together with any project or development project financed under AS 44.88…
AS 44.88.150 Bonds legal investments for fiduciaries.
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The bonds of the authority are securities in which all public officers and bodies of the state and all municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business, all banks, bankers, trust companies, sav…
AS 44.88.155 Enterprise development account.
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(a) The enterprise development account is established in the revolving fund. The enterprise development account is a trust fund for the uses and purposes of this chapter. The enterprise development account consists of money or assets appropriated or transferred to the authority a…
AS 44.88.156 Multi-family housing loan account. [Repealed, § 44 ch 42 SLA 1987.]
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[Repealed or reserved.]
AS 44.88.157 Secs. 44.88.157 , 44.88.158. Loan insurance and loan insurance account; small business enterprise loan account. [Repealed, § 23 ch 123 SLA 1990.]
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[Repealed or reserved.]
AS 44.88.159 Interest rates.
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Article 4. General Administrative Provisions. (a) The interest rate on a loan purchased from the proceeds of tax-exempt bonds secured by the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund (AS 44.88.660) under AS 44.8…
AS 44.88.160 Findings of the authority. [Repealed, § 23 ch 123 SLA 1990.]
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[Repealed or reserved.]
AS 44.88.165 Delinquent loans.
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The authority shall adopt regulations to describe the circumstances under which it will discontinue purchasing loans from a financial institution because of excessive delinquencies among the loans previously purchased by the authority from the financial institution. In adopting t…
AS 44.88.170 Purchase of project and leases.
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(a) Except as provided in (c) of this section, nothing in this chapter prevents the inclusion in a lease or other agreement relating to a project of a provision granting the right to purchase the project, or to renew or extend the lease or agreement, upon the terms and conditions…
AS 44.88.172 Economic development account.
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(a) The economic development account is established in the revolving fund. The economic development account consists of money or assets appropriated, loaned, or transferred to the authority for deposit in the account and other money or assets deposited in the account by the autho…
AS 44.88.173 Finance plan.
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(a) Before approving a project financed under AS 44.88.172, the authority shall prepare a finance plan. The finance plan must include an estimate of the total cost of the project, and a description of the sources of money that will be used to finance the total cost of the project…
AS 44.88.174 Regional resource advisory council.
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(a) Within 30 days after the authority adopts a resolution certifying that a project in the unorganized borough is eligible for financing under AS 44.88.172, the governor shall appoint a Regional Resource Advisory Council in the area of the state where the project is to be locate…
AS 44.88.175 Requirements prior to approval of projects. [Repealed, § 23 ch 123 SLA 1990.]
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[Repealed or reserved.]
AS 44.88.176 Hearing to consider proposed project. [Repealed, § 23 ch 123 SLA 1990.]
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[Repealed or reserved.]
AS 44.88.177 Operation of projects.
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If a project is financed under AS 44.88.172, the authority shall solicit the review and advice of the Regional Resource Advisory Council or governing body in the area in which a project is located before the execution of contracts, agreements, resolutions, or other matters that d…
AS 44.88.178 Creation of subsidiaries.
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The authority may create one or more subsidiary corporations for the purpose of acquiring, constructing, owning, operating, or financing a project financed under AS 44.88.172. A subsidiary corporation created under this section may be incorporated under AS 10.20.146 — 10.20.166. …
AS 44.88.180 Conflicts of interest.
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(a) A member of the authority may not vote on a resolution of the authority relating to a lease or contract to be entered into by the authority under this chapter if the member is a party to the lease or contract or has a direct ownership or equity interest in a firm, partnership…
AS 44.88.190 Operation of certain statutes excepted.
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(a) The authority may not be considered or constitute (1) a political subdivision of the state as the term is used in AS 37.10.085, (2) a municipal corporation or political subdivision of the state as the terms are used in AS 29, or (3) except as provided in AS 44.88.205, a state…
AS 44.88.200 Annual audit.
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The authority shall have its financial records audited annually by the legislative auditor or by a certified public accountant approved by the legislative auditor. The legislative auditor may prescribe the form and content of the financial records of the authority and shall have …
AS 44.88.205 Compliance with executive budget act; authority finances.
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(a) The operating budget of the authority is subject to AS 37.07 (Executive Budget Act). (b) To further ensure effective budgetary decision making by the legislature, the authority shall (1) annually review the authority's assets to determine whether assets of the authority excee…
AS 44.88.210 Reports and publications.
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(a) By January 10 of each year, the authority shall publish a report for distribution to the governor, legislature, and the public. The authority shall notify the legislature that the report is available. The report shall be written in easily understandable language. The report m…
AS 44.88.212 Fees charged by authority; prepayments.
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(a) [Repealed, § 23 ch 123 SLA 1990.] (b) The commitment fee for a loan commitment by the authority may not exceed two percent of the principal amount of the loan. (c) The authority may not limit, or charge a fee or penalty for, prepayment of a loan after five years from the ince…
AS 44.88.215 Confidentiality of records and information.
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(a) In order to promote the purposes of this chapter, unless the records or information were a matter of public record before submittal to the authority, the following records and information shall be kept confidential if the person supplying the records or information or the pro…
AS 44.88.220 [Renumbered as AS 44.88.900.]
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[Repealed or reserved.]
AS 44.88.300 Secs. 44.88.300 — 44.88.370. Export assistance. [Repealed, § 21 ch 109 SLA 1998.]
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[Repealed or reserved.]
AS 44.88.380 Personal liability.
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An officer, employee, or agent of the authority may not be held personally liable in a civil action for damages for an act done or omitted in good faith while performing the functions of office, employment, or agency under this chapter.
AS 44.88.390 Export insurance account. [Repealed, § 21 ch 109 SLA 1998.]
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Article 5. Small Business Economic Development Revolving Loan Fund.
AS 44.88.400 Creation of a small business economic development revolving loan fund.
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There is created in the authority a small business economic development revolving loan fund to carry out the purposes of AS 44.88.400 — 44.88.430, including the administration of a revolving loan fund qualified to receive revolving loan fund grants from the United States Economic…
AS 44.88.410 Special account established.
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(a) There is established as a special account within the small business economic development revolving loan fund the foreclosure expense account. This account is established as a reserve from fund equity. (b) The authority may expend money credited to the foreclosure expense acco…
AS 44.88.420 Powers and duties of the authority.
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(a) The authority may (1) accept United States Economic Development Administration revolving fund grants; (2) make loans to eligible applicants under the United States Economic Development Administration Long-Term Economic Deterioration (LTED) and Sudden and Severe Economic Dislo…
AS 44.88.430 Disposal of property acquired by default or foreclosure.
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Article 6. Business and Export Assistance Program. The authority shall dispose of property acquired through default or foreclosure on a loan made under AS 44.88.400 — 44.88.430. Disposal shall be made in a manner that serves the best interests of the state and may include the amo…
AS 44.88.500 Business and export assistance guarantees.
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Subject to the requirements of AS 44.88.500 — 44.88.599, the authority may (1) guarantee new business and export assistance loans; and (2) guarantee new business and export assistance loans made to refinance existing loans.
AS 44.88.502 Effect of guarantee.
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(a) A guarantee under AS 44.88.500 — 44.88.599 does not create a debt or liability of the state. (b) A guarantee under AS 44.88.500 may not be terminated, canceled, or revoked except under its terms. A guarantee held by a participating financial institution is presumed to be vali…