Sec. 44.88.430. Disposal of property acquired by default or foreclosure.
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.
Sec. 44.88.420. Powers and duties of the authority.
(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 Dislocation (SSED) programs; (3) designate agents and delegate powers to them as necessary; (4) adopt regulations necessary to carry […]
Sec. 44.88.400. Creation of a small business economic development revolving loan fund.
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 Development Administration (EDA) under Title IX of the Public Works and […]
Sec. 44.88.410. Special account established.
(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 account when necessary to protect the authority’s security interest in collateral on loans […]