Sec. 44.88.560. Powers of the authority.
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 implement AS 44.88.500 – 44.88.599; (4) charge reasonable fees that the authority may establish […]
Sec. 44.88.570. Distribution of loans.
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.
Sec. 44.88.599. Definitions.
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 rate” means the lowest United States […]
Sec. 44.88.500. Business and export assistance guarantees.
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.
Sec. 44.88.502. Effect of guarantee.
(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 valid. (c) A guarantee or portion of a […]
Sec. 44.88.505. Qualifications of applicant for new loan guarantee.
(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.
Sec. 44.88.510. Application for new loan guarantee.
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.
Sec. 44.88.515. Qualifications of applicant for debt refinancing guarantee.
A business enterprise may apply under AS 44.88.500(2) to guarantee the refinancing of existing debt.
Sec. 44.88.520. Application for debt refinancing guarantee.
An applicant for a debt refinancing guarantee shall provide the information that the authority may require by regulation.
Sec. 44.88.525. Conditions of debt refinancing guarantee.
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 being refinanced; (B) assists with short-term debt or cash expenditures when […]