Sec. 44.88.800. Arctic infrastructure development program.
The Arctic infrastructure development program is created in the authority to promote and provide financing for Arctic infrastructure development.
Sec. 44.88.810. Arctic infrastructure development fund.
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 fund controlled by the authority, and unrestricted loan repayments, […]
Sec. 44.88.820. Use of fund balance.
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.
Sec. 44.88.830. Qualified infrastructure development; powers and duties of the authority.
(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 establish reserves; (2) acquire real or personal property by purchase, transfer, or foreclosure when the acquisition is necessary […]
Sec. 44.88.840. Limitations on financing.
(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 one-third of the capital cost of an Arctic infrastructure development; or (2) a loan guarantee if the amount of the guarantee exceeds $20,000,000. […]