Sec. 44.88.535. Conditions of loan guarantee.
(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 requirement of collateral for a loan guarantee of $100,000 or less […]
Sec. 44.88.540. Limitations of guarantees.
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.
Sec. 44.88.545. Limitations of guarantees with respect to borrowers.
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.
Sec. 44.88.550. Interest on guaranteed loan.
(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 the authority may increase or decrease in […]
Sec. 44.88.555. Servicing of guaranteed loans.
(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.500 – 44.88.599 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. 44.88.560. 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. 44.88.170. Purchase of project and leases.
(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 that may be provided for […]
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. 44.88.172. Economic development account.
(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 authority. While money is on deposit in the economic development account, the […]
Sec. 44.88.173. Finance plan.
(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. The finance plan must also […]