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2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.225. Small loans to nonmembers.

(a) To facilitate the development of commercial fisheries and commercial agriculture in geographic areas in which factors such as geographic considerations, uncertainties of communication, or limited demands do not encourage normal lending activities, the bank may make small loans to qualified borrowers who are not members of the bank.
(b) The provisions of this chapter apply to loans authorized by this section except that
(1) the borrower is not required to be a member of the bank at the time the loan is approved; and
(2) the principal amount of the portion of the loan made by the bank may not exceed $50,000.
(c) The total amount of money that may be loaned under this section may not exceed 25 percent of the total capital of the bank.
(d) To service loans made under this section, the bank may contract or make other arrangements with a public agency or with a legal entity that the bank determines to be responsible and competent to administer the loan.
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.231. Pledge of permits.

(a) A limited entry permit issued under AS 16.43 may be pledged by the holder as security for a loan authorized under AS 44.81.236 if the certificate for the pledged permit lists the bank as the legal owner of the permit and the pledger as the equitable owner of the permit.
(b) Annual permit cards issued under the pledged permit must be in the name of the equitable owner who shall be responsible for compliance with the laws that govern the permit as if the equitable owner were the holder of the permit.
(c) Co-borrowers or guarantors on a loan secured by one or more pledged permits do not have a right in the pledged permit of the equitable owner, whether by subrogation or other manner.
(d) Upon payment of the loan, the bank shall certify to the Alaska Commercial Fisheries Entry Commission that the loan has been repaid, and the commission shall amend the permit certificate to list the equitable owner as the holder, and the legal interest of the bank shall terminate.
(e) In anticipation of a possible foreclosure under AS 44.81.241 - 44.81.250, the equitable owner of a permit that is pledged as security for the loan may nominate a person to whom the permit may be transferred if the pledge is foreclosed under AS 44.81.245.
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.236. Limitations on the pledge of permits.

A loan may not be secured by the pledge of a limited entry permit unless the proceeds of the loan are used for
(1) the purchase of a permit;
(2) the purchase or lease of quota shares, individual fishing quotas, or another license, permit, or other grant of commercial fisheries harvesting entitlements that is issued and regulated under state or federal law;
(3) the purchase, construction, maintenance, repair, or improvement of commercial fishing boats, sites, gear, or equipment;
(4) working capital, including insurance premiums, supplies, food, fuel, bait, boat storage, and boat launching;
(5) the payment of obligations whose status places the permit of a borrower in jeopardy of sale as a result of United States Internal Revenue Service enforcement action;
(6) the purchase of the bank's stock or other equity instruments and loan costs; or
(7) refinancing of debts incurred for a purpose listed in (1) - (4) or (6) of this section.
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.241. Initial notice of default.

If there is a default on a loan secured by a permit pledged under AS 44.81.231, the bank shall notify the borrowers and guarantors on the loan of the default and of the right to cure the default by sending a notice by certified mail to their last known address or addresses on file with the bank. The notice must include
(1) the date of the notice;
(2) a description of the security given for the loan, including the number assigned by the commission and the name of the equitable owner of each permit pledged to secure the loan;
(3) the date and nature of the default;
(4) the amount of arrearages as of the date of the notice;
(5) the total indebtedness, including interest, penalties, and costs of collection, remaining owing on the loan as of the date of the notice;
(6) the amount of daily interest to accrue from the date of the notice;
(7) a statement that the costs of collection of the loan incurred by the bank after the date of the notice will be added to the total amount of the indebtedness owing on the loan;
(8) a statement that the default may be cured within 60 days from the date of the notice or within an extended time period that is specified in an extension notice provided by the bank within the 60-day period under AS 44.81.249;
(9) the place where payment of arrearages or other cure may be made; and
(10) a statement in at least 10 point bold type stating:
“IMPORTANT: UNLESS YOU CURE THE LOAN DEFAULT WITHIN THE TIME SPECIFIED BY THIS NOTICE, THE TOTAL INDEBTEDNESS OWING ON THE LOAN SHALL BE IMMEDIATELY DUE AND PAYABLE TO THE BANK WITHOUT FURTHER NOTICE TO YOU. ALSO, THE BANK SHALL THEN BE ENTITLED TO TAKE ANY LEGAL ACTION AGAINST YOU TO COLLECT THE LOAN, INCLUDING THE INSTITUTION OF LAWSUITS AND THE FORECLOSURE OF THE PLEDGE OF ANY PERMIT PLEDGED TO SECURE THIS LOAN.”
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.243. Bank remedies after failure to cure.

If the borrowers and guarantors on a loan secured by a permit pledged under AS 44.81.231 fail to cure a default within the time stated in the notice given under AS 44.81.241, the total indebtedness owing on the loan immediately becomes due and payable to the bank, and the bank shall be entitled to take any legal action to collect the loan, including the foreclosure under AS 44.81.245 of the permit pledge that secures the loan and the institution of legal action. If the bank forecloses the permit pledge, the bank may proceed in the order the bank selects, whether before, after, or concurrent with other action taken to collect the loan.
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.245. Foreclosure.

The bank may foreclose on a permit pledge that secures a loan by sending to the equitable owner of the permit pledged and any other borrowers and guarantors on the loan a notice of foreclosure. The notice shall be sent by certified mail to their last known address or addresses on file with the bank and must include
(1) the date of the notice;
(2) a statement that the total indebtedness owing on the loan became due and payable to the bank because the loan default was not cured within the time specified in the notice of default and right to cure provided under AS 44.81.241, and that as a result the bank is entitled to take legal action to collect the loan, including the forfeiture of a permit pledge that secures the loan and the institution of legal action;
(3) a description of the permit pledge that is being foreclosed by the notice, including an identification of the permit by the number assigned by the commission and the name of the equitable owner;
(4) the amount of the total indebtedness owing as of the date of the notice;
(5) the amount of daily interest that accrues from the date of the notice;
(6) a statement that the costs of collection of the loan incurred by the bank after the date of the notice will be added to the total amount of the indebtedness due on the loan;
(7) a statement that to avoid forfeiture of all rights of the equitable owner of the permit identified in the notice, the loan must be paid in full within 60 days from the date of the notice or within an extended time period that is specified in an extension notice provided by the bank within the 60-day period under AS 44.81.249;
(8) a statement that once a forfeiture of all rights of the equitable owner of a permit described in the notice occurs, the permit may not be redeemed;
(9) a statement of the right of the equitable owner to nominate a person to assume the loan under AS 44.81.250(c);
(10) the place where payment in full may be made; and
(11) a notice in at least 10 point bold type stating:
“IMPORTANT: IF THE LOAN IS NOT PAID IN FULL BY THE DATE SPECIFIED, ALL RIGHTS OF THE EQUITABLE OWNER TO THE PERMIT IDENTIFIED IN THIS NOTICE WILL BE FORFEITED WITHOUT FURTHER NOTICE TO YOU. IN THAT EVENT, THERE WILL NOT BE A RIGHT OF REDEMPTION OF THE PERMIT. IN ADDITION, THE BANK MAY NOW TAKE OTHER ACTION TO COLLECT THE LOAN, INCLUDING THE INSTITUTION OF LEGAL ACTION AGAINST YOU AND THE FORECLOSURE OF OTHER PERMIT PLEDGES THAT SECURE THE LOAN.”
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.247. Termination of permit interest.

(a) If a loan is not paid in full within the time specified by the notice provided for the loan under AS 44.81.245, the equitable interest in the permit identified in the notice terminates by operation of law without further notice. The commission shall cancel an entry permit card issued to the equitable owner of the permit immediately upon receipt by the commission of a certificate of termination containing a copy of the notices required by AS 44.81.241 and 44.81.245.
(b) If a limited entry permit that has been pledged as security under AS 44.81.231 is revoked under AS 16.43.970, the debtor's interest in the permit is terminated by operation of law without further notice as of the date that the revocation takes effect.
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.249. Cancellation, extension, and delivery of notices.

(a) The bank may cancel a notice provided under AS 44.81.241 or 44.81.245 by delivering a written notice of cancellation to the persons who were given the cancelled notice. The notice shall be given in the same manner as is required for the cancelled notice.
(b) The bank may extend the 60-day period for curing a default under AS 44.81.243 and the period before a forfeiture occurs under AS 44.81.247 by giving a written notice of extension to the persons who were given the notice. The notice shall be given in the same manner as is required for the giving of the notice being extended.
(c) The bank may give a notice required to be provided in AS 44.81.241, 44.81.245, or 44.81.247 by personal delivery instead of by certified mail.
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.250. Transfer of entry permits after foreclosure.

(a) Upon foreclosure of a pledge of an entry permit under AS 44.81.241 - 44.81.249 or the termination of a debtor's interest in an entry permit under AS 44.81.247(b), the bank shall determine if the permit is subject to a buy-back program under AS 16.43.290 - 16.43.330 and, if it is subject to a buy-back program, shall offer the permit to the commission at a price equal to the outstanding indebtedness on the loan.
(b) If the permit is not subject to a buy-back program, or if the commission fails to buy back the permit within 30 days after the commission receives the offer, the bank shall sell the permit to a person who qualifies as a transferee of an entry permit under AS 16.43 and the regulations adopted by the commission. The bank shall give preference to an offer to purchase a permit made by a state resident if the price offered is equal to or greater than the price offered by a nonresident. If the proceeds of the sale of a permit exceed the amount necessary to pay the indebtedness in full, the bank shall remit the excess to the borrower.
(c) At any time before foreclosure of a pledge of a permit, or within 30 days following foreclosure of a pledge of a permit, the equitable owner or former equitable owner may nominate a person to assume the loan. A person nominated must qualify as a transferee of the permit under AS 16.43 and must qualify to assume the loan under the requirements of the bank. If the person qualifies, the permit shall be transferred to the nominee upon the nominee's assumption of the loan.
(d) This section does not affect the right of the bank to institute legal actions against the borrowers, guarantors, or other sureties for performance to collect the indebtedness owing on the loan and to take other legal action on the collateral securing the loan.
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.260. Confidentiality of records.

(a) The records of the bank that are identified with, or identifiable as being derived from the records of, a specific borrower, member of the bank, or applicant for a loan are confidential and may not be disclosed by the bank or by its directors, officers, employees, or agents to a person other than the directors, officers, employees, or agents of the bank, except
(1) when required by a federal or state statute;
(2) under AS 44.81.270 and 44.81.275;
(3) under a search warrant issued under federal law or the law of this state;
(4) under a subpoena or court order issued in a civil action under federal law or the law of this state;
(5) under a subpoena or court order issued in connection with a proceeding before a federal grand jury or grand jury of this state;
(6) under a summons or subpoena issued by an agency or a department of the United States or this state, or an officer, employee, or agent of the agency or department;
(7) under a request by a financial institution, if the request is solely for the stated written purpose of determining the creditworthiness of a member or borrower as an applicant for credit, and if the information disclosed by the bank pertains only to the payment history of the member or borrower;
(8) under a request by a lender that has extended or is considering extending credit to the bank if the credit is or may be secured by the pledge of a loan by the bank;
(9) when disclosed to the attorney general of the United States or to a law enforcement agency of this state if the records may be relevant to a report or investigation of a possible violation of federal law or a law of this state.
(b) The records of the bank that are not subject to (a) of this section may be kept confidential by the bank, subject to the exceptions listed in (a)(1) - (5) of this section.
(c) Notwithstanding (a) and (b) of this section, a borrower, a member of the bank, or an applicant for a loan may authorize the bank in writing to disclose records provided to the bank by the borrower, member, or applicant.
(d) Notwithstanding (a) and (b) of this section, the bank may provide a list of the members of the bank who are eligible to serve as a director of the bank to members of the bank who are eligible to vote for directors of the bank.
(e) In this section,
(1) “member” includes past and present members;
(2) “records” means financial and other records, including information known to have been derived from the records, in any form, including original documents and copies.
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.270. Audits and examinations of bank.

(a) The legislative auditor may cause the bank to be audited in the manner and under the conditions established by AS 24.20.271 for audits performed by the legislative audit division. The legislative audit division has free access to all books and papers of the bank that relate to the business of the bank and books and papers kept by a director, officer, or employee relating to or upon which a record of the business of the bank is kept. The legislative audit division may summon witnesses and administer oaths or affirmations in the examination of directors, officers, or employees of the bank or another person in relation to the affairs, transactions, and conditions of the bank, and may require and compel the production of records, books, papers, contracts, or other documents by court order if not voluntarily produced. At the direction of the Legislative Budget and Audit Committee under AS 24.20.271, the legislative auditor may conduct an audit of the bank.
(b) The legislative auditor and the auditor's employees may not disclose information acquired by them in the course of an audit of the bank concerning the particulars of the business or affairs of a borrower of the bank or another person, unless the information is required to be disclosed by law or under a court order.
(c) The bank shall be audited annually by independent outside auditors. The legislative auditor may confer with the outside auditors and review the work papers of the audit. The board shall engage the outside auditors, who shall be responsible to the board. The bank shall submit copies of each report of the outside auditors to the legislative auditor within 30 days of the report by the bank.
(d) [Repealed, § 2 ch 27 SLA 2003.]
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.275. Examinations.

(a) At intervals that are not greater than 36 months, an examiner from the department shall perform an examination of the bank. Each interval shall be determined by the commissioner. During the examination, the examiner shall evaluate the quality of the bank's loan portfolio on a statistical basis and on the appropriateness and effectiveness of the bank's policies, practices, and management to carry out the bank's statutory purposes.
(b) The examiner shall prepare a summary report of the examiner's findings and conclusions. The department shall distribute a copy of the report to the bank and to the legislative auditor, but the records, information, and findings of the department related to the examination are otherwise confidential under AS 06.01.025.
(c) The commissioner shall assess the bank a fee for the actual expenses necessarily incurred by the department in connection with an examination performed under this section. The fee must include the proportionate part of the salaries and cost of employee benefits of the examiners while conducting the examination and while preparing the summary report required by (b) of this section and the transportation costs and per diem of each examiner while away from the examiner's duty station. The fee may not exceed the actual cost to the department for the examination. The commissioner shall assess the fee as soon as feasible after the examination has been completed. The bank shall pay the assessment within 30 days after receiving the commissioner's notice of the assessment.
(d) In this section,
(1) “commissioner” means the commissioner of commerce, community, and economic development;
(2) “department” means the Department of Commerce, Community, and Economic Development.
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.300. Unclaimed distributions, redemptions, or payments.

The bank may revoke a distribution of net proceeds by the bank or a redemption of or payment based upon an allocation of proceeds or upon capital stock issued by the bank if the distribution, redemption, or payment remains unclaimed six years after the date authorized for payment, redemption, or retirement. The amount revoked may revert to an unallocated capital account of the bank if, at least six months before the declared date of revocation, the bank has mailed to the last known address of the person shown by the bank's records to be entitled to the amount a notice that the payment is available to the person; if the address is unknown, the bank shall publish the notice as provided by law for the publication of a summons. A distribution, redemption, or payment subject to this section is not subject to AS 34.45.110 - 34.45.780.
2023 Alaska Statutes › Title 44. State Government › Chapter 81. Commercial Fishing and Agriculture Bank › Sec. 44.81.350. Definitions.

In this chapter,
(1) “bank” means the Alaska Commercial Fishing and Agriculture Bank;
(2) “commercial agriculture” includes commercially related activity in connection with producing, harvesting, processing, or marketing an agricultural, maricultural, or horticultural commodity, including the breeding, raising, shearing, feeding, caring for, training, and management of livestock, bees, poultry, shellfish, and fur-bearing animals and wildlife, and the planting, cultivating, caring for, harvesting, or processing of forest products on a sustained yield basis;
(3) “commission” means the Alaska Commercial Fisheries Entry Commission under AS 16.43.020;
(4) “member of the bank” includes
(A) a holder of a share of membership stock of the bank; or
(B) a patron of the bank with retained patronage earnings, or other form of capital ownership in the bank, of $2,500 or more to the patron's credit;
(5) “natural resources” includes water, coal or other minerals, oil or gas, and geothermal systems; in this paragraph,
(A) “coal” means all forms of coal, including lignite;
(B) “gas” includes all natural gas and all hydrocarbons produced at the wellhead that are not oil;
(C) “geothermal system” means a stratum, pool, reservoir, or other geologic formation containing geothermal resources;
(D) “oil” includes crude petroleum oil and other hydrocarbons regardless of gravity that are produced at the wellhead in liquid form and the liquid hydrocarbons known as distillate or condensate recovered or extracted from gas, other than gas produced in association with oil and commonly known as casinghead gas;
(E) “other minerals” means clay, stone, sand, gravel, metalliferous and non-metalliferous ores, and other solid materials or substances of commercial value excavated in solid form from natural deposits on or in the earth; “other minerals” does not include coal or minerals that occur naturally in liquid or gaseous forms;
(6) “permit” means a limited entry permit issued under AS 16.43;
(7) “resident farmer” means a person who is a resident of the state and who is engaged in commercial agriculture in the state;
(8) “resident fisher” means a person who is a resident of the state and who is engaged in commercial fishing in the state;
(9) “supplier” means a person whose main source of income is from providing goods or services that are directly related to commercial fishing or agriculture to individuals, corporations, partnerships, or joint ventures engaged in commercial fishing or agriculture;
(10) “tourism” means the provision or presentation of goods, supplies, equipment, food and food stuffs, accommodations, entertainment, cultural practices and attractions, natural resource access, or transportation for Alaska tourists;
(11) “water” has the meaning given in AS 46.15.260.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 1. Creation and Organization. › Sec. 44.83.040. Officers; meetings; quorum.

(a) The chair and vice-chair of the Alaska Industrial Development and Export Authority shall serve as officers of the Alaska Energy Authority. The powers of the Alaska Energy Authority are vested in the directors, and four directors of the authority constitute a quorum. Action may be taken and motions and resolutions adopted by the Alaska Energy Authority at a meeting by the affirmative vote of a majority of the directors. The directors of the Alaska Energy Authority serve without compensation, but they shall receive the same travel pay and per diem as provided by law for board members under AS 39.20.180.
(b) The board may meet and transact business by an electronic medium if
(1) public notice of the time and locations where the meeting will be held by an electronic medium has been given in the same manner as if the meeting were held in a single location;
(2) participants and members of the public in attendance can hear and have the same right to participate in the meeting as if the meeting were conducted in person; and
(3) copies of pertinent reference materials, statutes, regulations, and audio-visual materials are reasonably available to participants and to the public.
(c) A meeting by an electronic medium as provided in this section has the same legal effect as a meeting in person.
(d) A director of the authority may not vote on a resolution of the authority relating to a lease or contract to be entered into by the authority under this chapter if the director is a party to the lease or contract or has a direct ownership or equity interest in a firm, partnership, corporation, or association that is a party to the contract or lease. When abstaining from voting, the director must disclose the reason for the abstention. A director who is a member of an electric cooperative that is organized under or subject to AS 10.25 (Electric and Telephone Cooperative Act) may vote on a resolution relating to a contract or lease to which that cooperative is a party. The director shall disclose the cooperative membership at the time of voting. A resolution of the authority that is approved by a majority of the directors present who are not barred from voting under this subsection is a valid action of the authority for all purposes.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 2. Purpose and Powers. › Sec. 44.83.070. Purpose of the authority.

The purpose of the authority is to promote, develop, and advance the general prosperity and economic welfare of the people of the state by providing a means of financing and operating power projects and facilities that recover and use waste energy and by carrying out the powers and duties assigned to it under AS 42.45.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 2. Purpose and Powers. › Sec. 44.83.090. Power contracts and the Regulatory Commission of Alaska.

(a) The authority shall, in addition to the other methods that it may find advantageous, provide a method by which municipal electric, rural electric, cooperative electric, or private electric utilities and regional electric authorities, or other persons authorized by law to engage in the distribution of electricity may secure a reasonable share of the power generated by a project, or any interest in a project, or for any right to the power and shall sell the power or cause the power to be sold at the lowest reasonable prices that cover the full cost of the electricity or services, including capital and operating costs, debt coverage as considered appropriate by the authority, and other charges that may be authorized by this chapter. Except for a contract or lease entered into under former AS 44.83.380 - 44.83.425, a contract or lease for the sale, transmission, and distribution of power generated by a project or any right to the capacity of it shall provide:
(1) for payment of all operating and maintenance expenses of a project and costs of renewals, replacements, and improvements of it;
(2) for interest on and amortization charges sufficient to retire bonds of the authority issued for the project and reserves for them, plus a debt service coverage factor as may be determined by the authority to be necessary for the marketability of its bonds;
(3) for monitoring of the project by the authority or its agents;
(4) for full and complete disclosure to the authority of all factors of costs in the transmission and distribution of power, so that rates to any persons may be fixed initially in the contract or lease and may be adjusted from time to time on the basis of true cost data;
(5) for periodic revisions of the service and rates to persons on the basis of accurate cost data obtained by the accounting methods and systems approved by the directors and in furtherance and effectuation of the policy declared in this chapter;
(6) for the cancellation and termination of a contract or lease upon violation of its terms by any person;
(7) for security for performance as the authority may consider practicable and advisable, including provisions assuring the continuance of the distribution and transmission of power generated by a project and the use of its facilities for these purposes; and
(8) other terms not inconsistent with the provisions and policy of this chapter as the authority may consider advisable.
(b) The authority is not subject to the jurisdiction of the Regulatory Commission of Alaska. Nothing in this chapter grants the authority jurisdiction over the services or rates of a public utility or diminishes or otherwise alters the jurisdiction of the Regulatory Commission of Alaska with respect to a public utility, including any right the commission may have to review and approve or disapprove contracts for the purchase of electricity by a public utility other than wholesale agreements and contracts described in AS 42.05.431(c)(1).
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 2. Purpose and Powers. › Sec. 44.83.092. Authority for municipalities and utilities to enter into power sales contracts.

The authority and any municipality or public or private entity operating an electric utility, or a municipality or private entity and another municipality or private entity, may enter into a contract providing for or relating to the sale of electric power by the authority to the municipality or entity, or by the municipality or entity to another municipality or entity. The contract may provide
(1) that the amounts payable under the contract are operating expenses of the utility and are valid and binding obligations of the municipality or other entity payable from the gross revenues of the utility;
(2) for one or more appropriations of the amounts payable under the contract;
(3) for the municipality or other entity to assume the obligations of another contracting party in the event of a default by that party;
(4) that after completion of a project the municipality or other entity is obligated to make payments notwithstanding a suspension or reduction in the amount of the power supplied by the project; or
(5) that payments under the contract are not subject to reduction by offset or otherwise.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 3. Financial Provisions. › Sec. 44.83.100. Bonds of the authority.

(a) The authority may borrow money and may issue bonds, including but not limited to bonds on which the principal and interest are payable (1) exclusively from the income and receipts or other money derived from the project financed with the proceeds of the bonds; (2) exclusively from the income and receipts or other money derived from designated projects whether or not they are financed in whole or in part with the proceeds of the bonds; (3) from its income and receipts or other assets generally, or a designated part or parts of them; or (4) from one or more revenue-producing contracts including a contract providing for the security of the bonds made by the authority with any person. The authority may issue bonds to pay, fund, or refund the principal of, or interest or redemption premiums on, bonds issued by it, whether or not the bonds or interest to be funded or refunded have become due.
(b) Bonds shall be authorized by resolution of the authority, and shall be dated and shall mature as the resolution may provide, except that no bond may mature more than 50 years from the date of its issue. Bonds shall bear interest at the rates, be in the denominations, be in the form, either coupon or registered, carry the registration privileges, be executed in the manner, be payable in the medium of payment, at the places, and be subject to the terms of redemption which the resolution or a subsequent resolution may provide.
(c) All bonds, regardless of form or character, shall be negotiable instruments for all the purposes of AS 45.01 - AS 45.08, AS 45.12, AS 45.14, and AS 45.29 (Uniform Commercial Code).
(d) All bonds may be sold at public or private sale in the manner, for the price or prices, and at the time or times which the authority may determine.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 3. Financial Provisions. › Sec. 44.83.120. Validity of pledge.

It is the intention of the legislature that a pledge made in respect of bonds is considered perfected and is valid and binding from the time the pledge is made; that the money or property so pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without physical delivery or further act; and that the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority irrespective of whether the parties have notice. Neither the resolution, trust agreement, nor any other instrument by which a pledge is created need be recorded or filed under the provisions of AS 45.01 - AS 45.08, AS 45.12, AS 45.14, and AS 45.29 (Uniform Commercial Code) to be perfected or to be valid, binding, or effective against the parties.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 3. Financial Provisions. › Sec. 44.83.130. Nonliability on bonds.

(a) Neither the members of the authority nor a person executing the bonds is liable personally on the bonds or is subject to personal liability or accountability by reason of the issuance of the bonds.
(b) The bonds issued by the authority do not constitute an indebtedness or other liability of the state or of a political subdivision of the state, except the authority, but shall be payable solely from the income and receipts or other funds or property of the authority. The authority may not pledge the faith or credit of the state or of a political subdivision of the state, except the authority, to the payment of a bond and the issuance of a bond by the authority does not directly or indirectly or contingently obligate the state or a political subdivision of the state to apply money from, or levy or pledge any form of taxation whatever to the payment of the bond.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 3. Financial Provisions. › Sec. 44.83.140. Pledge of the state.

The state pledges to and agrees with the holders of bonds issued under this chapter and with the federal agency which loans or contributes funds in respect to a project, that the state will not limit or alter the rights and powers vested in the authority by this chapter to fulfill the terms of a contract made by the authority with the holders or federal agency, or in any way impair the rights and remedies of the holders until the bonds, together with the interest on them with interest on unpaid installments of interest, and all costs and expenses in connection with an action or proceeding by or on behalf of the holders, are fully met and discharged. The authority is authorized to include this pledge and agreement of the state, insofar as it refers to holders of bonds of the authority, in a contract with the holders, and insofar as it relates to a federal agency, in a contract with the federal agency.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 3. Financial Provisions. › Sec. 44.83.150. Tax exemption.

All property of the authority is public property devoted to an essential public and governmental function and purpose and is exempt from all taxes of the state or a political subdivision of the state; however, the authority may make payments in place of taxes in amounts equal to the real and personal property taxes that would be assessed on its real and personal property by each political subdivision in which its property is located to the same extent as if that property were private property and the authority were a non-public corporation. All bonds issued under this chapter are issued by a body corporate and public of this state and for an essential public and governmental purpose and the bonds and the interest and income on and from the bonds and all income of the authority are exempt from taxation except for transfer, inheritance, and estate taxes.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 3. Financial Provisions. › Sec. 44.83.160. Bonds legal investments for fiduciaries.

The bonds of the authority are securities in which all public officers and bodies of the state and all municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on any insurance business, all banks, bankers, trust companies, savings banks, savings associations, including savings and loan associations and building and loan associations, investment companies and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other obligations of the state, may properly and legally invest funds including capital in their control or belonging to them. Notwithstanding any other provisions of law, the bonds of the authority are also securities that may be deposited with and may be received by all public officers and bodies of this state and all municipalities and municipal subdivisions for any purpose for which the deposit of bonds or other obligations of the state is now or may hereafter be authorized.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 4. Power Projects. › Sec. 44.83.384. Use of fund balance.

(a) The fund may be used by the authority to provide money for
(1) the defeasance of bonds, or the payment of debt service on loans for or on an issue of bonds sold in connection with a power project constructed or acquired before August 11, 1993;
(2) the cost of operating and maintaining power projects constructed or acquired before August 11, 1993; and
(3) debt service on power projects constructed or acquired before August 11, 1993.
(b) [Repealed § 28 ch 18 SLA 1993.]
(c) [Repealed, § 28 ch 18 SLA 1993.]
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 4. Power Projects. › Sec. 44.83.386. Investment of fund.

The authority shall invest the money in the fund in the manner provided in AS 37.10.070, 37.10.071, and 37.10.075. The authority may withdraw money from the fund only after costs have been incurred or amounts in the fund have been otherwise obligated under contracts for the acquisition and construction of a project.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 4. Power Projects. › Sec. 44.83.388. Allotment to projects.

(a) The authority shall maintain records of power project allocations from the fund for each power project
(1) approved in accordance with former AS 44.83.185; and
(2) for which an allocation is made from an appropriation made by the legislature without specifying an appropriation to a project.
(b) Income earned from investment of money appropriated to the fund shall be deposited in the general fund and may be appropriated to the fund by the legislature.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 4. Power Projects. › Sec. 44.83.396. Operation of power project.

(a) A power project that was acquired or constructed under AS 44.83.080(18) or as part of the former energy program for Alaska is owned, and shall be administered, by the authority.
(b) When a power project has been acquired or constructed by the authority, the project may be operated for the authority under a contract or lease entered into by a qualified utility and the authority.
(c) The authority shall enter into a contract or lease under reasonable terms and conditions to permit the applicant utility to operate the power project when the applicant utility is the only wholesale power customer to be served directly by the power project unless the authority determines a utility making application for a contract or lease to operate a power project is not a qualified utility or is not capable of operating that power project efficiently and in a manner that is consistent with national standards for the industry and with agreements with bondholders.
(d) The authority shall adopt regulations to determine the manner of selecting a qualified utility to operate a power project under a contract or lease when there is more than one wholesale power customer to be served directly by the power project.
(e) When the authority permits a power project to be operated by a qualified utility under a contract or lease, the authority shall
(1) review and approve the annual budget for the operation and maintenance of the power project; and
(2) assure that the project is being operated efficiently and in a manner that is consistent with national standards for the industry and agreements with bondholders.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 4. Power Projects. › Sec. 44.83.425. Definitions.

In AS 44.83.382 - 44.83.425,
(1) “debt service” means the amounts covenanted with respect to, or pledged to pay, bonds under a trust agreement securing bonds;
(2) “fund” means the power development fund established by AS 44.83.382;
(3) “qualified utility” means an electric utility or an electric operating entity established as an instrumentality of two or more electric utilities certified under AS 42.05 to serve all or part of a market area that is served or will be served by the power project, that the authority determines is capable of operating and maintaining the power project.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 5. Power Development Revolving Loan Fund. › Sec. 44.83.510. Powers and duties of authority in administering the fund.

(a) Repayment of a loan from the former power development revolving loan fund must be made with the proceeds from the sale of power from projects in the former energy program for Alaska.
(b) [Repealed, § 28 ch 18 SLA 1993.]
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 5. Power Development Revolving Loan Fund. › Sec. 44.83.530. Definitions.

In AS 44.83.500 - 44.83.530,
(1) “fund” means the former power development revolving loan fund; and
(2) “power project” means a project acquired or constructed under the former energy program for Alaska, AS 44.83.380 - 44.83.425.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 6. Miscellaneous and General Provisions. › Sec. 44.83.910. Limitations on issuance of bonds by the authority.

The authority may not issue bonds except after 60 days notification of its intent to issue bonds is given to the governor and to the legislature, if the legislature is in session, or to the Legislative Budget and Audit Committee, if the legislature is not in session.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 6. Miscellaneous and General Provisions. › Sec. 44.83.920. Insurance requirements in construction contracts.

In requesting bids and awarding construction contracts under this chapter the authority may not require a contractor to obtain workers' compensation, general liability, or other required insurance from a particular insurer, agent, or broker and may not agree to provide insurance to a contractor who is awarded a construction contract.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 6. Miscellaneous and General Provisions. › Sec. 44.83.930. Operation of projects.

(a) When a project is operated by the authority, the authority shall enter into one or more contracts for the sale of electrical power, energy, transmission capacity, or service from the project. Unless the contract is entered into under former AS 44.83.380 - 44.83.425, a contract entered into under this section must meet all requirements of AS 44.83.090.
(b) [Repealed, § 27 ch 89 SLA 1983.]
(c) [Repealed, § 92 ch 36 SLA 1990.]
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 6. Miscellaneous and General Provisions. › Sec. 44.83.950. Appropriations and reports.

(a) Notwithstanding any other provision in this chapter, the authority is subject to the provisions of AS 37.07 (Executive Budget Act).
(b) The authority shall, by the 15th day of each regular legislative session, prepare a report detailing project status, original costs, and projected costs, particularly highlighting any costs in excess of the original cost estimates submitted for each project when that project was originally approved by the legislature. The authority shall notify the legislature that the report is available.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 6. Miscellaneous and General Provisions. › Sec. 44.83.970. Public records; open meetings.

The provisions of AS 40.25.110 - 40.25.120 and AS 44.62.310 - 44.62.319 (Open Meetings Act) apply to the authority. The authority shall publish a proposed agenda of its meetings and afford the public an opportunity to be heard in accordance with AS 44.62.312.
2023 Alaska Statutes › Title 44. State Government › Chapter 83. Alaska Energy Authority › Article 6. Miscellaneous and General Provisions. › Sec. 44.83.990. Definitions.

In this chapter, unless the context requires otherwise,
(1) “authority” means the Alaska Energy Authority established by this chapter;
(2) “bonds” means bonds, notes, or other obligations of the authority issued under this chapter;
(3) “feasibility study”
(A) means a study conducted for the purpose of establishing the economic and environmental practicality of completing a proposed power project;
(B) includes engineering and design work to meet the requirements for submission of a license application for a proposed new project to the Federal Energy Regulatory Commission;
(4) “person” includes a public agency in addition to the entities set out in AS 01.10.060(a)(8);
(5) “power” includes any and all electrical energy generated, distributed, bought, or sold for purposes of lighting, heating, power, and every other useful purpose;
(6) “power project” or “project” means a plant, works, system, or facility, together with related or necessary facilities and appurtenances, including a divided or undivided interest in or a right to the capacity of a power project or project, that is used or is useful for the purpose of
(A) electrical or thermal energy production;
(B) waste energy utilization and energy conservation; or
(C) transmission, purchase, sale, exchange, and interchange of electrical or thermal energy, including district heating or interties;
(7) “public agency” means any city or other municipal corporation, political subdivision, governmental unit, or public corporation created by or under the laws of this state or of another state of the United States, and any state or the United States, and any person, board, or other body declared by the laws of any state or the United States to be a department, agency, or instrumentality of them.