Title 44 — State Government

54 chapters · 1,061 sections in this title.

1,061 sectionsFiltered byTitle 44

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 (b) [Repealed, § 24 ch 123 SLA 1990.]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…
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…