Section 44.88.840. Limitations on financing.

   (a) Unless the authority has obtained legislative approval by law, the authority may not use the Arctic infrastructure development fund established in AS 44.88.810 to make
        (1) a loan for more than one-third of the capital cost of an Arctic infrastructure development; or
        (2) a loan guarantee if the amount of the guarantee exceeds $20,000,000.
   (b) Financing under AS 44.88.830 is limited to the projected life of the Arctic infrastructure development, which may not be more than 40 years.
   (c) Notwithstanding (a) of this section, the authority may use the Arctic infrastructure development fund established in AS 44.88.810 as security for a bond guarantee.
   (d) The authority may guarantee a loan under AS 44.88.830 if the loan is made to a business with a majority interest held by state residents.

Authorities

44.88.830

Notes

Recent Bills that will modify this

HB 246 AIDEA: FUNDS; LOANS; PROGRAMS; DIVIDEND
SB 129 AIDEA: FUNDS; LOANS; PROGRAMS; DIVIDEND

Implemented As

3 AAC 103.010
3 AAC 103.030
3 AAC 103.080
3 AAC 103.160
3 AAC 103.900

References

3 AAC 103.030
3 AAC 103.080
3 AAC 103.900
AS 44.88.830 Qualified infrastructure development; powers and duties of the authority.

History

(Sec. 10 ch 93 SLA 2014)