Title 44, State Government

(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…

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…

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. …

(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…

(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…

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 …

(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…

(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…

(a) [Repealed, § 23 ch 123 SLA 1990.]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…

(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…

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.

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…

(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…

(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…

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 amortization of payments over a period of years.

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.

(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…

(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.

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.

A business enterprise may apply under AS 44.88.500(2) to guarantee the refinancing of existing debt.

An applicant for a debt refinancing guarantee shall provide the information that the authority may require by regulation.

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 44.88.535 — 44.88.560 apply to new loan guarantees and refinancing guarantees under AS 44.88.500.

(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…

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.

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.

(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…

(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…

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…

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.

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 provided in a foreign country. (2) “prime rat…

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…

(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…

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 state, and may include the amortization of payments over…

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…

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…

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…

(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…

(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 established in AS 44.88.660 to (1) make a loan for more than one-third o…

(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…

(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 …

(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…

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.

(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…

(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…

(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…