Sec. 44.88.700. New markets tax credit assistance guarantees and loans.
(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 to projects in the state for which new markets tax credits are […]
Sec. 44.88.710. Effect of guarantee.
(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 be valid.
Sec. 44.88.715. Qualifications of applicant for new loan guarantee.
(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 business in which the applicant is engaged.
Sec. 44.88.720. Application for loan guarantee.
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.
Sec. 44.88.730. Conditions of loan guarantee.
(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 by a qualified community development entity; (B) promotes economic development in […]
Sec. 44.88.740. Servicing of guaranteed loans.
(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) Amounts received toward satisfaction of a default on a loan guaranteed […]
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. 44.88.430. 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. 44.88.599. 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.