Section 37.17.580. BIDCO capitalization loan credits.

   (a) A BIDCO capitalization loan must include a formula that allows the BIDCO to earn credits to reduce the interest and principal owed on the loan. The formula shall be based on increasing jobs and sales in some or all of the businesses financed by the BIDCO and on sustaining the increases. To the extent the department determines appropriate, the department may also provide credits in situations where the BIDCO clearly demonstrates to the department that jobs would have been lost if the BIDCO had not provided financing assistance.
   (b) The department shall establish procedures and guidelines for the certification by the department of credits earned by a BIDCO under this section, including the circumstances under which the department may deny the credits. Within the guidelines, the specific decisions regarding the granting or denial of the credits are left to the discretion of the department.

Authorities

37.17.590;37.17.600

Notes

References

AS 37.17.590 Implementation of BIDCO capitalization loan program.
AS 37.17.600 Terms of BIDCO capitalization loans.

History

(Sec. 5 ch 2 SLA 2004)