Section 44.88.900. Definitions.

In this chapter,
        (1) "Arctic" means the area of the state north of the Arctic Circle, north and west of the boundary formed by the Porcupine, Yukon, and Kuskokwim Rivers, all contiguous seas, including the Arctic Ocean, and the Beaufort, Bering, and Chukchi Seas, and the Aleutian Chain;
        (2) "Arctic infrastructure development" means
        (A) the construction, improvement, rehabilitation, or expansion of a facility
                  (i) in the Arctic to aid in development or meet emergency response needs; or
                  (ii) in the state if the construction, improvement, rehabilitation, or expansion supports or furthers the development of a facility in the Arctic; or
             (B) the purchase, construction, improvement, rehabilitation, or expansion of a shore-based plant, facility, equipment, or assets used in support of a fishery in the Arctic.
        (3) "authority" means the Alaska Industrial Development and Export Authority created by this chapter;
        (4) "business enterprise" means a single proprietorship, cooperative, corporation, firm, partnership, or other association of persons organized in any manner, for any credit worthy business purpose;
        (5) "development fund" means the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund created in AS 44.88.660;
        (6) "development project" has the meaning given to "project" in (13)(A) and (D) - (H) of this section;
        (7) "development project financing" means money loaned by the authority or a guarantee of a loan, note, debt, or other financial obligation issued by the authority to fund or assist in funding a development project the authority does not intend to own and operate;
        (8) "federal agency" means the United States and any officer, department, agency or instrumentality of the United States;
        (9) "governing body of a political subdivision" means, when used with respect to the location of a project, the council of a city if the project is to be located in a city in the unorganized borough, or the assembly if the project is to be located in an organized borough or a unified municipality;
        (10) "lease" includes, when used as a noun, an interest in, or when used as a verb, the transfer of an interest in, property less than fee simple title, including, without limitation, when used as a noun, agreements to use or occupy property;
        (11) "loan participation" means the purchase of a portion of a loan from a financial institution if
             (A) the financial institution has obtained a commitment from the authority to purchase the portion of that loan before the financial institution has disbursed money as part of the loan to the borrower; or
             (B) the authority determines that purchasing a portion of a preexisting loan will resolve lending limits or reserve restrictions imposed on the financial institution by law or a state or federal regulatory agency, or by the financial institution if the internal lending limit or reserve restriction is acceptable to the authority;
        (12) "plant" or "facility" means real property, whether above or below mean high water, or an interest in it, and the buildings, improvements, and structures constructed or to be constructed on or in it, and may include roads, fixtures, machinery, and equipment on it or in it, and tangible personal property, regardless of whether the tangible personal property is attached to or connected with real property, if the owner has agreed not to remove the tangible personal property permanently from the state for the period the authority sets; "plant" or "facility" does not include work in process or stock in trade;
        (13) "project" means
             (A) a plant or facility used or intended for use in connection with making, processing, preparing, transporting, or producing in any manner, goods, products, or substances of any kind or nature or in connection with developing or utilizing a natural resource, or extracting, smelting, transporting, converting, assembling, or producing in any manner, minerals, raw materials, chemicals, compounds, alloys, fibers, commodities and materials, products, or substances of any kind or nature;
             (B) a plant or facility used or intended for use in connection with a business enterprise;
             (C) commercial activity by a business enterprise;
             (D) a plant or facility demonstrating technological advances of new methods and procedures and prototype commercial applications for the exploration, development, production, transportation, conversion, and use of energy resources;
             (E) infrastructure for a new tourism destination facility or for the expansion of a tourism destination facility; in this subparagraph, "tourism destination facility" does not include a hotel or other overnight lodging facility;
             (F) a plant or facility, other than a plant or facility described in (D) of this paragraph, for the generation, transmission, development, transportation, conversion, or use of energy resources;
             (G) a plant or facility that enhances, provides for, or promotes economic development with respect to transportation, communications, community public purposes, technical innovations, prototype commercial applications of intellectual property, or research;
             (H) a plant or facility used or intended for use as a federal facility, including a United States military, national guard, or coast guard facility;
             (I) infrastructure for an area that is designated as a military facility zone under AS 26.30;
        (14) "project applicant" means a business enterprise or enterprises proposing to
             (A) use or occupy a project; or
             (B) agree to permit others to use or occupy a project;
        (15) "project cost" or "cost of a project" means all or any part of the aggregate costs determined by the authority to be necessary to finance the construction, expansion, or acquisition of a project, including without limitation the cost of acquiring real or tangible personal property, and, in connection with real property, the cost of constructing buildings and improvements, the cost of constructing means of access to and from the project, the cost of constructing extensions of utility systems to the site of the project; the cost of a project includes, without limitation, the cost of financing the project, interest charges before, during or after construction, expansion, or acquisition of the project, costs related to the determination of the feasibility, planning, design or engineering of the project and, to the extent determined necessary by the authority, administrative expenses, the cost of machinery or equipment to be used in the operation of the project and expenses of installation, replacement or rehabilitation, and all other costs, charges, fees and expenses which may be determined by the authority to be necessary to finance the construction, expansion, or acquisition;
        (16) "qualified energy development" means a development in the state that involves
             (A) transmission, generation, conservation, storage, or distribution of heat or electricity;
             (B) liquefaction, regasification, distribution, storage, or use of natural gas; in this subparagraph,
                  (i) "distribution" does not include a natural gas pipeline project for transporting natural gas from the North Slope or Cook Inlet to market unless the pipeline has a diameter of 12 inches or less and transports the natural gas to Interior Alaska;
                  (ii) "natural gas" includes propane or propane and air mixture;
             (C) distribution or storage of refined petroleum products;
        (17) "real property" means land and rights and interests in land, including, without limitation, interests less than full title such as easements, uses, leases, and licenses;
        (18) "revolving fund" means the Alaska Industrial Development and Export Authority revolving fund created in AS 44.88.060;
        (19) "trade secret" has the meaning given in AS 45.50.940.

Authorities

44.88.155;44.88.220

Notes

Recent Bills that will modify this

HB 105 AIDEA: BONDS;PROGRAMS;LOANS;LNG PROJECT
HB 246 AIDEA: FUNDS; LOANS; PROGRAMS; DIVIDEND
SB 50 AIDEA: BONDS;PROGRAMS;LOANS;LNG PROJECT
SB 129 AIDEA: FUNDS; LOANS; PROGRAMS; DIVIDEND

Implemented As

3 AAC 101.020
3 AAC 101.040
3 AAC 101.900
3 AAC 103.900
3 AAC 99.599
3 AAC 99.930

References

3 AAC 101.900
3 AAC 103.900
3 AAC 99.599
3 AAC 99.930
AS 44.88.155 Enterprise development account.
AS 44.88.220

History

(Sec. 1 ch 64 SLA 1967; am Sec. 4, 5 ch 64 SLA 1977; am Sec. 70 ch 106 SLA 1980; am Sec. 43 - 47, 51 ch 115 SLA 1981; am Sec. 9 ch 162 SLA 1984; am Sec. 39 - 41 ch 42 SLA 1987; am Sec. 21 - 23 ch 123 SLA 1990; am Sec. 14 - 16 ch 51 SLA 1992; am Sec. 26 ch 18 SLA 1993; am Sec. 16 - 18, 21 ch 111 SLA 1996; am Sec. 20 ch 109 SLA 1998; am Sec. 7 ch 73 SLA 2003; am Sec. 7 ch 71 SLA 2010; am Sec. 13 - 15 ch 7 SLA 2011; am Sec. 3 ch 20 SLA 2012; am Sec. 13 ch 60 SLA 2012; am Sec. 10 ch 26 SLA 2013; am Sec. 4 ch 20 SLA 2014; am Sec. 11 ch 93 SLA 2014; am Sec. 8 ch 39 SLA 2015)