reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 3. Financial Provisions. › Sec. 44.88.140. Exemption from taxation.

(a) Except as provided in AS 29.45.030(a)(1), the real and personal property of the authority and its assets, income, and receipts are declared to be the property of a political subdivision of the state and, together with any project or development project financed under AS 44.88.155 - 44.88.159 or 44.88.172 - 44.88.177, and a leasehold interest created in a project or development project financed under AS 44.88.155 - 44.88.159 or 44.88.172 - 44.88.177, devoted to an essential public and governmental function and purpose, and the property, assets, income, receipts, project, development project, and leasehold interests shall be exempt from all taxes and special assessments of the state or a political subdivision of the state, including, without limitation, all boroughs, cities, municipalities, school districts, public utility districts, and other taxing units. All bonds of the authority are declared to be issued by a political subdivision of the state and for an essential public and governmental purpose and to be a public instrumentality, and the bonds, and the interest on them, the income from them and the transfer of the bonds, and all assets, income, and receipts pledged to pay or secure the payments of the bonds, or interest on them, shall at all times be exempt from taxation by or under the authority of the state, except for inheritance and estate taxes and taxes on transfers by or in contemplation of death. Nothing in this section affects or limits an exemption from license fees, property taxes, or excise, income, or any other taxes, provided under any other law, nor does it create a tax exemption with respect to the interest of any business enterprise or other person, other than the authority, in any property, assets, income, receipts, project, development project, or lease whether or not financed under this chapter. By January 10 of each year, the authority shall submit to the governor a report describing the nature and extent of the tax exemption of the property, assets, income, receipts, project, development project, and leasehold interests of the authority under this section. The authority shall notify the legislature that the report is available.
(b) An applicant or proposed applicant under this chapter and the local political subdivision may enter into agreements providing for payments in lieu of taxes, computed on a formula basis or otherwise. The agreement may provide that the payments be made to the local political subdivision or to any other taxing unit of the state including, without limitation, a borough, city, municipality, school district or public utility district, the area of which is coterminous in whole or in part with that of the local political subdivision.
(c) [Repealed, § 126 ch 6 SLA 1984.]
(d) In this section, “local political subdivision” means the political subdivision of the state in which a project or development project financed under AS 44.88.155 - 44.88.159 or 44.88.172 - 44.88.177 is or is to be located.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 3. Financial Provisions. › Sec. 44.88.150. 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 an 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 which 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 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.165. Delinquent loans.

The authority shall adopt regulations to describe the circumstances under which it will discontinue purchasing loans from a financial institution because of excessive delinquencies among the loans previously purchased by the authority from the financial institution. In adopting the regulations, the authority must consider the authority's delinquency experience with loans it purchased from all financial institutions. The authority may include in the regulations other remedies it considers appropriate as alternatives to the discontinuance of purchasing loans from the financial institution.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.170. Purchase of project and leases.

(a) Except as provided in (c) of this section, nothing in this chapter prevents the inclusion in a lease or other agreement relating to a project of a provision granting the right to purchase the project, or to renew or extend the lease or agreement, upon the terms and conditions that may be provided for in the lease or agreement.
(b) A lease with respect to a project may provide for two or more lessees with the legal relationship between themselves and the authority which the authority may approve, including without limitation, provisions to the effect that the obligations of the lessees under the lease for payment of rental or otherwise between themselves and the authority are several, joint, or joint and several and that the lessees lease the project as tenants in common, or otherwise.
(c) The authority, without first obtaining legislative approval, may not enter into a gas supply contract with a natural gas producer to provide natural gas to Interior Alaska as a primary market unless the contract is for the benefit of a natural gas liquefaction or distribution utility that is owned by the authority or a subsidiary of the authority and the contract is for the natural gas producer to provide the utility, and only the utility, with a natural gas supply that the utility uses to serve customers in Interior Alaska.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.172. Economic development account.

(a) The economic development account is established in the revolving fund. The economic development account consists of money or assets appropriated, loaned, or transferred to the authority for deposit in the account and other money or assets deposited in the account by the authority. While money is on deposit in the economic development account, the money may be used to finance, acquire, manage, and operate development projects that the authority intends to own and operate or to provide development project financing for development projects the authority does not intend to own and operate. In this subsection,
(1) “operate” includes operation directly by the authority, by an agent of the authority, or by a person as determined under an agreement between the authority and other owners of the development project;
(2) “own” includes ownership by the authority of all or a percentage of a development project or all or a percentage of the shares of a corporation or membership in a limited liability company for which the development project is the sole asset of the corporation or limited liability company.
(b) [Repealed, § 23 ch 123 SLA 1990.]
(c) [Repealed, § 23 ch 123 SLA 1990.]
(d) The authority shall adopt regulations to implement this section. The regulations may include provisions for the application process, application fees, interest rates, other charges and fees, terms, conditions, security, and other requirements for development projects the authority undertakes or development project financing the authority provides.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.173. Finance plan.

(a) Before approving a project financed under AS 44.88.172, the authority shall prepare a finance plan. The finance plan must include an estimate of the total cost of the project, and a description of the sources of money that will be used to finance the total cost of the project. The finance plan must also include an estimate of the operational costs of the completed project, as well as a description of the source of the money that is to be used to pay the operational costs.
(b) The authority shall give preference to a project that does not require financial assistance from the state. If the authority determines that a project requires state financial assistance, and if the authority further determines that it is desirable to finance the project, the authority shall recommend a method of financing that minimizes cost to the state. A finance plan required under (a) of this section must identify the method of financing that minimizes the cost to the state.
(c) The authority shall submit a finance plan prepared under this section to the state bond committee, the governor, and the legislature before issuing bonds or otherwise incurring debt for the project. If a project requires financial assistance from the state, the state financial assistance must be available before bonds are issued for the project.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.174. Regional resource advisory council.

(a) Within 30 days after the authority adopts a resolution certifying that a project in the unorganized borough is eligible for financing under AS 44.88.172, the governor shall appoint a Regional Resource Advisory Council in the area of the state where the project is to be located and for which a regional housing authority has been established under AS 18.55.996. The purpose of a council is to assist the authority in reviewing a project that has been proposed for development in its area of the state.
(b) A Regional Resource Advisory Council consists of five members registered to vote in the region. The governor shall appoint the members to reflect the economic and geographic diversity of the region. Council members serve three-year terms at the pleasure of the governor, except that the initial members may be appointed for less than three years so that the term of at least one of the members expires each year. The governor shall appoint a chairperson who shall call meetings as required and preside over the deliberations of the council. A majority of the council constitutes a quorum for conducting the business of the council.
(c) Members of a Regional Resource Advisory Council do not receive compensation for their services on the council, but are entitled to per diem and travel expenses authorized by law for state boards and commissions under AS 39.20.180.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.177. Operation of projects.

If a project is financed under AS 44.88.172, the authority shall solicit the review and advice of the Regional Resource Advisory Council or governing body in the area in which a project is located before the execution of contracts, agreements, resolutions, or other matters that directly concern the development, maintenance, and operation of a project.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.178. Creation of subsidiaries.

The authority may create one or more subsidiary corporations for the purpose of acquiring, constructing, owning, operating, or financing a project financed under AS 44.88.172. A subsidiary corporation created under this section may be incorporated under AS 10.20.146 - 10.20.166. The authority may transfer assets of the authority to a subsidiary created under this section. A subsidiary created under this section may borrow money and issue bonds as evidence of that borrowing, and has all the powers of the authority that the authority grants to it. Unless otherwise provided by the authority, the debts, liabilities, and obligations of a subsidiary corporation created under this section are not the debts, liabilities, or obligations of the authority.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.180. Conflicts of interest.

(a) A member 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 member is a party to the lease or contract or has a direct ownership or equity interest in a firm, partnership, corporation, or association that may be a party to the contract or lease. A resolution of the authority that is approved by a majority of the members who are not barred from voting under this subsection is a valid action of the authority for all purposes.
(b) [Repealed, § 82 ch 41 SLA 2009.]
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.190. Operation of certain statutes excepted.

(a) The authority may not be considered or constitute (1) a political subdivision of the state as the term is used in AS 37.10.085, (2) a municipal corporation or political subdivision of the state as the terms are used in AS 29, or (3) except as provided in AS 44.88.205, a state agency as the term is used in AS 37, but for all other purposes the authority constitutes a political subdivision and an instrumentality of the state as provided in this chapter.
(b) The funds, income, or receipts of the authority may not be considered or constitute money of the state, nor may real property in which the authority has an interest be considered land owned in fee by the state or to which the state may become entitled or in any way land belonging to the state, or state land referred to in art. VIII of the Alaska Constitution.
(c) A loan participation purchased or financed by the authority is exempt from the provisions of AS 45.45.010.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.200. Annual audit.

The authority shall have its financial records audited annually by the legislative auditor or by a certified public accountant approved by the legislative auditor. The legislative auditor may prescribe the form and content of the financial records of the authority and shall have access to these records at any time.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.205. Compliance with executive budget act; authority finances.

(a) The operating budget of the authority is subject to AS 37.07 (Executive Budget Act).
(b) To further ensure effective budgetary decision making by the legislature, the authority shall
(1) annually review the authority's assets to determine whether assets of the authority exceed an amount required to fulfill the purposes of the authority as defined in this chapter; in making its review, the authority shall determine whether, and to what extent, assets in excess of the amount required to fulfill the purposes of the authority during at least the next fiscal year are available without
(A) breaching any agreement entered into by the authority;
(B) materially impairing the operations or financial integrity of the authority; or
(C) materially affecting the ability of the authority to fulfill the authority's purposes set out in AS 44.88.070; and
(2) make available to the legislature by January 10 of each year a complete accounting of all assets of the authority and a report of the review and determination made under (1) of this subsection; the accounting shall be audited by the auditor who conducts the audit required by AS 44.88.200 and must include a full description of all loan interest and principal payments and program receipts, including
(A) loan commitment fees received by or accrued to the authority during the preceding fiscal year; and
(B) all income earned on assets of the authority during that period.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.210. Reports and publications.

(a) By January 10 of each year, the authority shall publish a report for distribution to the governor, legislature, and the public. The authority shall notify the legislature that the report is available. The report shall be written in easily understandable language. The report must include a financial statement audited by an independent outside auditor, a statement of the authority's investments under this chapter including an appraisal of the investments at market value, a comparison of the authority's performance with the goals of the authority and the levels of bonding and investment activities anticipated in the previous year's report under (b) of this section, and any other information the members of the authority believe would be of interest to the governor, the legislature, and the public. The annual income statement and balance sheet of the authority shall be published in at least one newspaper in each judicial district. The authority may also publish other reports it considers desirable to carry out its purpose.
(b) The authority must include in its annual report under (a) of this section
(1) an estimate of the investment activity of the authority under this chapter for the following 12-month period; and
(2) an estimate of the amount of bonds to be issued during the following 12-month period.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.212. Fees charged by authority; prepayments.

(a) [Repealed, § 23 ch 123 SLA 1990.]
(b) The commitment fee for a loan commitment by the authority may not exceed two percent of the principal amount of the loan.
(c) The authority may not limit, or charge a fee or penalty for, prepayment of a loan after five years from the inception of the loan.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 4. General Administrative Provisions. › Sec. 44.88.215. Confidentiality of records and information.

(a) In order to promote the purposes of this chapter, unless the records or information were a matter of public record before submittal to the authority, the following records and information shall be kept confidential if the person supplying the records or information or the project, bond, loan, or guarantee applicant or borrower requests confidentiality and makes an adequate showing to the executive director of the authority that the records or information are
(1) income tax returns;
(2) financial statements, profit-and-loss statements, and cash flow projections, except the information required by the authority to calculate debt service coverage on the loan;
(3) financial business plans;
(4) credit reports from consumer reporting agencies and other credit information obtained from banks, creditors, or other credit reporting entities;
(5) trade secrets, including confidential proprietary information and confidential information about products, pricing, or manufacturing or business processes;
(6) appraisals, except the name of the appraiser, the date of the appraisal, and the fair market value determined for the property appraised;
(7) market surveys and marketing strategy information; or
(8) any information required to be kept confidential by a federal law or regulation or by state law.
(b) Information compiled by the authority from information described in (a) of this section shall be kept confidential unless disclosure is authorized by the person supplying the information and by the project, bond, loan, or guarantee applicant or borrower.
(c) The records and information that the executive director of the authority determines to be confidential under (a) or (b) of this section are not public records under AS 40.25.110 - 40.25.220.
(d) Nothing in this section shall prevent a legislator from reviewing information otherwise confidential under this section if the legislator has a valid legislative purpose for reviewing the information and if the legislator agrees to maintain the confidentiality of the information.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 5. Small Business Economic Development Revolving Loan Fund. › Sec. 44.88.400. Creation of a small business economic development revolving loan fund.

There is created in the authority a small business economic development revolving loan fund to carry out the purposes of AS 44.88.400 - 44.88.430, including the administration of a revolving loan fund qualified to receive revolving loan fund grants from the United States Economic Development Administration (EDA) under Title IX of the Public Works and Economic Development Act of 1965, as amended (42 U.S.C. 3121 et seq.). All money granted to the authority by the United States Economic Development Administration, all money appropriated to the fund, all principal and interest payments, and all money chargeable to principal or interest that is collected through liquidation by foreclosure or other process on loans made under AS 44.88.400 - 44.88.430 shall be paid into the small business economic development revolving loan fund.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 5. Small Business Economic Development Revolving Loan Fund. › Sec. 44.88.410. Special account established.

(a) There is established as a special account within the small business economic development revolving loan fund the foreclosure expense account. This account is established as a reserve from fund equity.
(b) The authority may expend money credited to the foreclosure expense account when necessary to protect the authority's security interest in collateral on loans made under AS 44.88.420 or to defray expenses incurred during foreclosure proceedings after a default by an obligor.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 5. Small Business Economic Development Revolving Loan Fund. › Sec. 44.88.420. Powers and duties of the authority.

(a) The authority may
(1) accept United States Economic Development Administration revolving fund grants;
(2) make loans to eligible applicants under the United States Economic Development Administration Long-Term Economic Deterioration (LTED) and Sudden and Severe Economic Dislocation (SSED) programs;
(3) designate agents and delegate powers to them as necessary;
(4) adopt regulations necessary to carry out its functions and to administer programs under United States Economic Development Administration guidelines, including regulations to establish reasonable fees for services provided;
(5) establish amortization plans for the repayment of loans that may include extensions; and
(6) charge and collect the fees established under this subsection.
(b) [Repealed, § 28 ch 90 SLA 1991.]
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 5. Small Business Economic Development Revolving Loan Fund. › Sec. 44.88.430. Disposal of property acquired by default or foreclosure.

The authority shall dispose of property acquired through default or foreclosure on a loan made under AS 44.88.400 - 44.88.430. Disposal shall be made in a manner that serves the best interests of the state and may include the amortization of payments over a period of years.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.500. Business and export assistance guarantees.

Subject to the requirements of AS 44.88.500 - 44.88.599, the authority may
(1) guarantee new business and export assistance loans; and
(2) guarantee new business and export assistance loans made to refinance existing loans.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.502. Effect of guarantee.

(a) A guarantee under AS 44.88.500 - 44.88.599 does not create a debt or liability of the state.
(b) A guarantee under AS 44.88.500 may not be terminated, canceled, or revoked except under its terms. A guarantee held by a participating financial institution is presumed to be valid.
(c) A guarantee or portion of a guarantee under AS 44.88.500 that relates to an export transaction must guarantee against commercial and political loss, in whole or in part, of principal and interest. The authority may require the borrower to obtain insurance against some or all of the loss guaranteed under AS 44.88.500. In this subsection, “political loss” means a loss incurred as a result of
(1) a political risk that would be insurable under an export credit insurance policy issued by the Export-Import Bank of the United States; or
(2) any other political risk that is actually insured under insurance the authority requires the borrower to obtain.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.505. Qualifications of applicant for new loan guarantee.

(a) A business enterprise may apply for a new loan guarantee under AS 44.88.500(1).
(b) The authority may establish additional applicant qualifications by regulation. These qualifications may vary depending upon the type of business the applicant is engaged in.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.525. Conditions of debt refinancing guarantee.

The authority may not guarantee refinanced debt
(1) unless the refinancing
(A) is necessary to extend substantial debt payments over a longer period of time, thereby improving the applicant's net cash flow and working capital position consistent with the useful life of the assets being refinanced;
(B) assists with short-term debt or cash expenditures when lenders will not extend reasonable longer terms to the applicant; and
(C) creates additional economic opportunity or improves the viability of the borrower rather than just reducing the liability of the lender; or
(2) unless the refinancing is necessary to place a permanent loan subsequent to an interim loan for financing of the project.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.530. Applicability of AS 44.88.535 - 44.88.560.

AS 44.88.535 - 44.88.560 apply to new loan guarantees and refinancing guarantees under AS 44.88.500.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.535. Conditions of loan guarantee.

(a) The authority may guarantee a loan under AS 44.88.500 - 44.88.599 if the
(1) loan
(A) is commercially reasonable;
(B) contains payment provisions satisfactory to the authority;
(C) is secured by adequate collateral; however, the authority may waive on a case-by-case basis the requirement of collateral for a loan guarantee of $100,000 or less for which the proposed loan term does not exceed five years, but the ability to waive the requirement of this subparagraph or the grant of a waiver does not prevent the financial institution that holds the loan guaranteed by the authority from requiring reasonable collateral for the loan;
(2) borrower demonstrates the ability to repay the loan from either or both of the following:
(A) net cash flow from the borrower; and
(B) proceeds from the sale of current assets that are collateral for the loan if the sale, or receipt of proceeds from the sale, is an event that creates a payment obligation; in this subparagraph, “current asset” means property that will be or could be converted into cash in the normal operation of a business within one year;
(3) term of the loan does not exceed 20 years;
(4) loan is originated with and serviced by a state chartered or federally chartered financial institution;
(5) portion of the loan not guaranteed by the authority is held by the originating financial institution or another institution approved by the authority;
(6) loan is made to a business with a majority interest held by state residents; and
(7) loan guarantee provides a benefit to the borrower.
(b) The authority may provide a guarantee of up to 80 percent of a loan that qualifies under AS 44.88.500 - 44.88.599. The ratio of the guarantee to the outstanding principal of the loan may not increase over the term of the loan.
(c) The authority may guarantee the payment of interest on the guaranteed portion of a loan
(1) in the manner established by the authority by regulation; and
(2) for a period of time not to exceed
(A) 90 days for loans or parts of loans not made to support an export transaction;
(B) 180 days for loans or parts of loans made for a post-shipment loan guarantee to support an export transaction; in this subparagraph, “post-shipment loan guarantee” means a guarantee, or portion of a guarantee, that becomes effective after the export contract date that shipment of the related goods or raw materials or provision of the related services begins; or
(C) 270 days for loans or parts of loans made for a pre-shipment loan guarantee to support an export transaction; in this subparagraph, “pre-shipment loan guarantee” means a guarantee, or part of a guarantee, that becomes effective before the export contract date that shipment of the related goods or raw materials or provision of the related services begins.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.540. Limitations of guarantees.

The authority may not issue a total of more than
(1) $50,000,000 of loan guarantees;
(2) $25,000,000 of loan guarantees in which the amount of the loan guarantee exceeds $500,000.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.545. Limitations of guarantees with respect to borrowers.

The authority may not provide a guarantee
(1) of more than $1,000,000;
(2) to an individual borrower that cumulatively, with the outstanding principal balance of other authority guaranteed indebtedness of that borrower, exceeds $1,000,000.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.550. Interest on guaranteed loan.

(a) The maximum interest rate that may be charged by a financial institution on a loan guaranteed by the authority is two and three-quarters percentage points above the prime rate.
(b) If provision is made in the loan guarantee agreement, the interest rate on a loan guaranteed by the authority may increase or decrease in accordance with the changes in the prime rate.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.555. Servicing of guaranteed loans.

(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.500 - 44.88.599 shall
(1) service the loan;
(2) exercise diligence in collecting amounts due under the loan; and
(3) comply with all requirements of the loan guarantee agreement.
(b) Amounts received toward satisfaction of a default on a loan guaranteed under AS 44.88.500 - 44.88.599 shall be allocated between the lender and the fund according to the guaranteed percentage of the loan until the principal balance and accrued interest have been repaid.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.560. Powers of the authority.

The authority may
(1) adopt regulations to implement AS 44.88.500 - 44.88.599;
(2) establish terms and conditions for loan guarantees and refinancing agreements subject to the requirements of AS 44.88.500 - 44.88.599;
(3) make and execute contracts and other instruments to implement AS 44.88.500 - 44.88.599;
(4) charge reasonable fees that the authority may establish by regulation for the service it provides under AS 44.88.500 - 44.88.599;
(5) acquire real or personal property by purchase, transfer, or foreclosure when the acquisition is necessary to protect the authority's interest in a loan or a loan guarantee;
(6) exercise any other power necessary to implement AS 44.88.500 - 44.88.599; and
(7) to the extent the authority considers it to be in its best interest to do so, use money to pay expenses relating to the liquidation of collateral securing loans guaranteed by the authority.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.570. Distribution of loans.

The authority shall distribute guarantees of new loans and guarantees of loans made to refinance existing loans under AS 44.88.500 - 44.88.599 to all regions of the state in an equitable manner.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 6. Business and Export Assistance Program. › Sec. 44.88.599. Definitions.

In AS 44.88.500 - 44.88.599
(1) “export transaction” means a contract for the sale of goods, services, or raw materials that includes a term that requires the goods, services, or raw materials, in whole or in part, to be shipped to or provided in a foreign country.
(2) “prime rate” means the lowest United States money center prime rate of interest that is published in the Wall Street Journal.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 7. Rural Development Initiative Fund. › Sec. 44.88.600. Rural development initiative fund.

The rural development initiative fund is created in the authority outside of the revolving fund. The rural development initiative fund is a fund for the uses and purposes of AS 44.88.600 - 44.88.620. The rural development initiative fund consists of money or assets appropriated or transferred to the authority for the purposes of this section, and of loan repayments, interest, or other income earned on loans or investments of the fund. In addition, the authority may deposit other assets into the fund if the total value of those deposits does not exceed $2,000,000. The authority, in its discretion, may transfer money or other assets from the rural development initiative fund to the revolving fund.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 7. Rural Development Initiative Fund. › Sec. 44.88.610. Rural development loans.

(a) The authority may use money from the rural development initiative fund to make loans of up to $150,000 to a person, or loans of up to $300,000 to two or more persons, to be used for working capital, equipment, construction, or other commercial purposes by a business located in a community with a population of 5,000 or less that is not connected by road or rail to Anchorage or Fairbanks, or with a population of 2,000 or less that is connected by road or rail to Anchorage or Fairbanks. For purposes of this subsection,
(1) “community” means a city as defined in AS 29.71.800 or a place in the unorganized borough that is not incorporated as a city and in which 25 or more individuals reside as a social unit; and
(2) “connected by road” does not include a connection by the Alaska marine highway system.
(b) The authority shall require collateral for each loan made under this section and shall require that a reasonable amount of money from other nonstate sources be committed for use on any project or enterprise for which money from a loan will be used. The authority by regulation may establish other conditions for loans. The authority shall by regulation establish rates of interest that are not less than four percent a year and terms of repayment for loans made under this section.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 7. Rural Development Initiative Fund. › Sec. 44.88.620. Disposal of property acquired by default or foreclosure.

The authority shall dispose of property acquired through default or foreclosure of a loan made from the rural development initiative fund. Disposal shall be made in a competitive manner that serves the best interests of the state, and may include the amortization of payments over a period of years. Proceeds from the disposal of property under this section shall be deposited into the fund.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 8. Sustainable Energy Transmission and Supply. › Sec. 44.88.650. Sustainable energy transmission and supply development program.

The sustainable energy transmission and supply development program is created in the authority to promote and provide financing for qualified energy development in the state to alleviate unemployment and contribute to the state's economic welfare, economic diversity, and economic development.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 8. Sustainable Energy Transmission and Supply. › Sec. 44.88.660. Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund.

The Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund is established in the authority. The development fund consists of appropriations made to the development fund by the legislature, money or other assets transferred to the development fund by a vote of the members of the authority under AS 44.88.050 from any other fund controlled by the authority, and unrestricted loan repayments, interest, or other income earned on loans, investments, or assets of the development fund. The development fund is not an account in the revolving fund established in AS 44.88.060, and the authority shall account for the development fund separately from the revolving fund. The authority may create additional accounts in the development fund. Subject to agreements made with the holders of the authority's bonds or with other persons, the authority may transfer amounts in an account in the development fund to another account in the development fund. Amounts deposited in the development fund may be pledged to the payment of bonds of the authority or expended for the purposes of AS 44.88.650 - 44.88.690. The authority has the powers and responsibilities established in AS 37.10.071 with respect to the investment of amounts held in the development fund.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 8. Sustainable Energy Transmission and Supply. › Sec. 44.88.670. Use of fund balance.

Subject to the requirements of AS 44.88.650 - 44.88.690, the authority may use money in the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund (AS 44.88.660) to assist in the construction, improvement, rehabilitation, and expansion of qualified energy development.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 8. Sustainable Energy Transmission and Supply. › Sec. 44.88.680. Qualified energy development; powers and duties of the authority.

(a) Subject to the limitations of AS 44.88.690, for qualified energy development, the authority may
(1) use the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund (AS 44.88.660) to finance qualified energy development, insure project obligations, guarantee loans or bonds, and establish reserves;
(2) acquire real or personal property by purchase, transfer, or foreclosure when the acquisition is necessary to protect the authority's interest in financing;
(3) defer principal payments or capitalize interest on qualified energy development financing;
(4) subject to AS 36.30.085(e), enter into lease agreements, sales-lease-back agreements, build-operate-transfer and operate-transfer agreements, or any similar project financing agreement for a qualified energy development;
(5) enter into agreements with government entities for the transfer and control of infrastructure, facilities, rights-of-way, and studies;
(6) contract for services with a professional advisor, including an attorney, bond counsel, engineer, or other technical expert necessary to fulfill the purposes of the program;
(7) subject to AS 44.88.090, borrow money and issue bonds; and
(8) pay off the principal of and interest on bonds issued by a municipality to acquire, construct, improve, or equip a public utility if the municipality continues to pay the authority the bond payments due under the terms of the bonds; the authority shall retain the payments from the municipality in a sinking fund, and the municipality may apply to use the funds for qualified energy development.
(b) The authority shall adopt regulations to implement AS 44.88.650 - 44.88.690, including
(1) an application process for acquiring financing under this section;
(2) qualifications for qualified energy development projects applying for financing under this section; and
(3) fiscal controls and accounting procedures for the development fund.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 8. Sustainable Energy Transmission and Supply. › Sec. 44.88.690. Limitations on financing; use as security.

(a) Unless the authority has obtained legislative approval by law, the authority may not use the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund established in AS 44.88.660 to
(1) make a loan for more than one-third of the capital cost of qualified energy development;
(2) make a loan guarantee if the amount of the guarantee exceeds $20,000,000; or
(3) purchase or acquire gas reserves or a gas lease or become a working interest owner of a natural gas lease.
(b) Financing under AS 44.88.680 is limited to the life of qualified energy development, which may not be more than
(1) 30 years; or
(2) 50 years for a transmission line or hydroelectric qualified energy development.
(c) Notwithstanding (a) of this section, the authority may use the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund established in AS 44.88.660 as security for a bond guarantee.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 9. New Markets Tax Credit Assistance Guarantee and Loan Program. › Sec. 44.88.700. New markets tax credit assistance guarantees and loans.

(a) Subject to the requirements of AS 44.88.700 - 44.88.799, the authority may
(1) guarantee new markets tax credit assistance leveraged loans; and
(2) make new markets tax credit assistance leveraged loans.
(b) New markets tax credit assistance guarantees and loans are limited to projects in the state for which new markets tax credits are allocated by a qualified community development entity.
(c) The authority shall determine that the project will promote economic development in the state before guaranteeing a leveraged loan or making a leveraged loan under AS 44.88.700 - 44.88.799.
(d) The authority may agree to restrictions and guidelines arising from the federal new markets tax credit program, including, for the seven-year tax credit period of the new markets tax credit project,
(1) that interest only payments be made on the leveraged loan;
(2) that substantially all capital remain invested in the project;
(3) that acceptable collateral may be an interest in a qualified community development entity or an investment entity rather than in the project; and
(4) substantive restrictions on foreclosure of collateral.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 9. New Markets Tax Credit Assistance Guarantee and Loan Program. › Sec. 44.88.710. Effect of guarantee.

(a) A guarantee under AS 44.88.700 - 44.88.799 does not create a debt or liability of the state.
(b) A guarantee under AS 44.88.700(a)(1) may not be terminated, cancelled, or revoked except under its terms. A guarantee held by a participating financial institution is presumed to be valid.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 9. New Markets Tax Credit Assistance Guarantee and Loan Program. › Sec. 44.88.715. Qualifications of applicant for new loan guarantee.

(a) A business enterprise that qualifies for new markets tax credits for a project may apply for a loan guarantee under AS 44.88.700(a)(1).
(b) The authority may establish additional applicant qualifications by regulation. Those qualifications may vary depending on the type of business in which the applicant is engaged.
2023 Alaska Statutes › Title 44. State Government › Chapter 88. Alaska Industrial Development and Export Authority › Article 9. New Markets Tax Credit Assistance Guarantee and Loan Program. › Sec. 44.88.730. Conditions of loan guarantee.

(a) The authority may guarantee a loan under AS 44.88.700 - 44.88.799 if the
(1) loan
(A) is commercially reasonable;
(B) contains payment provisions satisfactory to the authority; and
(C) is secured by acceptable collateral;
(2) project
(A) is allocated new markets tax credits by a qualified community development entity;
(B) promotes economic development in the state; and
(C) is not a housing project;
(3) borrower demonstrates the ability to repay the loan from either or both of the following:
(A) net cash flow of the borrower;
(B) proceeds from the sale of current assets that are collateral for the loan if the sale or receipt of proceeds from the sale is an event that creates a payment obligation; in this subparagraph, “current asset” means property that will be or could be converted into cash within one year in the normal operation of a business;
(4) term of the loan does not exceed 10 years;
(5) loan is originated with and serviced by a financial institution.
(b) The authority may provide a guarantee for up to 100 percent of a loan that qualifies under AS 44.88.700 - 44.88.799.