Sec. 45.88.010. Fund established.
(a) There is established in the Department of Commerce, Community, and Economic Development the alternative energy conservation revolving loan fund to carry out the purposes of AS 45.88.010 – 45.88.090. Loans made under AS 45.88.010 – 45.88.090 are to be used (1) to develop means of energy production utilizing one or more alternative energy systems; […]
Sec. 45.88.015. Special account established.
(a) There is established, as a special account within the revolving loan fund established under AS 45.88.010, the foreclosure expense account. This account is established as a reserve from fund equity. (b) The commissioner of commerce, community, and economic development may expend money credited to the foreclosure expense account when necessary to protect the state’s […]
Sec. 45.88.020. Powers and duties of the department in administering the fund.
(a) The department may (1) make loans for the purchase, construction, and installation, in commercial buildings that are located in the state, of (A) alternative energy systems; and (B) energy conservation improvements; (2) adopt regulations necessary to carry out the provisions of AS 45.88.010 – 45.88.090, including regulations to establish reasonable fees for services provided […]
Sec. 45.88.025. Eligibility.
To be eligible for a loan under AS 45.88.010 – 45.88.090, an applicant must (1) physically reside in the state and maintain a domicile in the state during 12 consecutive months before the date of application for a loan and may not have (A) declared or established residency in another state; or (B) received residency […]
Sec. 45.81.120. Powers of the Department of Commerce, Community, and Economic Development.
(a) The department may (1) make loans to a business directly involved in the tourist industry; (2) designate agents and delegate powers to them as is necessary; (3) adopt regulations necessary to carry out its functions, including regulations to establish reasonable fees for services provided and charges for collecting the fees; (4) establish amortization plans […]
Sec. 45.88.030. Loan terms.
(a) A loan made under AS 45.88.010 – 45.88.090 may not exceed $50,000. If the requested loan amount exceeds $30,000, the applicant must deliver to the department a document from a financial institution stating that (1) the applicant has been denied a loan for the same purpose; or (2) the loan from the financial institution […]
Sec. 45.81.130. Limitations on loans.
(a) State participation in a loan to a business may not be more than $3,000,000. (b) The loan shall be secured by acceptable collateral and may not exceed 75 percent of the appraised value of the collateral offered as security. (c) The rate of interest may not exceed nine and one-half percent a year on […]
Sec. 45.88.050. Disposal of property acquired by default or foreclosure.
The Department of Commerce, Community, and Economic Development shall dispose of property acquired through default or foreclosure of a loan made under AS 45.88.010 – 45.88.090. 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. 45.81.140. Sale or transfer of mortgages and notes.
(a) The commissioner of commerce, community, and economic development may sell or transfer at par value or at a premium or discount to any bank or other private purchaser for cash or other consideration the mortgages and notes held by the Department of Commerce, Community, and Economic Development as security for loans made under AS […]
Sec. 45.88.090. Definitions.
(a) In AS 45.88.010 – 45.88.090, (1) “alternative energy system” (A) means a source of thermal, mechanical or electrical energy that is not dependent on oil or gas or a nuclear fuel for the supply of energy for space heating and cooling, refrigeration and cold storage, electrical power, mechanical power, or the heating of water; […]