Section 45.98.040. Limitations on loans.

Loans made under this chapter are subject to the following limitations:
        (1) state participation in all loans in the aggregate, for any one historical district qualifying under this chapter may not exceed $1,500,000;
        (2) state participation in a loan for the restoration, improvement, rehabilitation, or maintenance of any one building or structure qualifying under this chapter may not exceed $250,000;
        (3) the loans shall be secured by acceptable collateral and may not exceed 85 percent of the appraised value of the collateral offered as security;
        (4) the rate of interest may not exceed seven and one-half percent a year on the unpaid balance of the state's share of the loan;
        (5) a participating financial institution shall administer and service the loan for a reasonable fee not exceeding one-quarter of one percent;
        (6) the state has a lien on the property accepted as collateral to the extent of its portion of the loan; when the lien or notice of the lien is properly recorded it is superior to all other liens except those for taxes and special assessments; a lien of the participating financial institution, to the extent of its portion of the loan after it is properly recorded, is superior to all other liens except liens for taxes, special assessments, and the lien of the state.

Authorities

41.35.350

Notes

References

AS 41.35.350 Duties of the commission.

History

(Sec. 3 ch 139 SLA 1977; am Sec. 27 ch 27 SLA 1979; am Sec. 62 ch 113 SLA 1982)