reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 12 - Alaska State Housing Authority › Chapter 97 - Disposition of Real Property (Deleted) › Article 1 - Non-HUD-assisted (Deleted)

Current through May 31, 2024
As of Register 130 (July 1994), regulations in this article
					 [3 AAC 97.010 - 3 AAC 97.110], which had been adopted [effective 7/28/76,
					 Register 59,] by the former Alaska State Housing Authority (ASHA), were deleted
					 by the regulations attorney as obsolete. ASHA ceased to exist on July 1, 1992
					 (ch. 4, FSSLA 1992) and its functions were simultaneously transferred to the
					 Alaska Housing Finance Corporation (AHFC). See 15 AAC for relevant AHFC
					 regulations.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 12 - Alaska State Housing Authority › Chapter 97 - Disposition of Real Property (Deleted) › Article 2 - HUD-assisted (Deleted)

Current through May 31, 2024
As of Register 130 (July 1994), regulations in this article
					 [3 AAC 97.120 - 3 AAC 97.270], which had been adopted [effective 7/28/76,
					 Register 59,] by the former Alaska State Housing Authority (ASHA), were deleted
					 by the regulations attorney as obsolete. ASHA ceased to exist on July 1, 1992
					 (ch. 4, FSSLA 1992) and its functions were simultaneously transferred to the
					 Alaska Housing Finance Corporation (AHFC). See 15 AAC for relevant AHFC
					 regulations.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 12 - Alaska State Housing Authority › Chapter 97 - Disposition of Real Property (Deleted) › Article 3 - Miscellaneous (Deleted)

Current through May 31, 2024
As of Register 130 (July 1994), regulations in this article
					 [3 AAC 97.280 - 3 AAC 97.330], which had been adopted [effective 7/28/76,
					 Register 59,] by the former Alaska State Housing Authority (ASHA), were deleted
					 by the regulations attorney as obsolete. ASHA ceased to exist on July 1, 1992
					 (ch. 4, FSSLA 1992) and its functions were simultaneously transferred to the
					 Alaska Housing Finance Corporation (AHFC). See 15 AAC for relevant AHFC
					 regulations.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 12 - Alaska State Housing Authority › Chapter 98 - Public Housing (Repealed, Reserved, and Deleted) › Article 1 - Non-Federally Assisted Projects (Repealed)

Current through May 31, 2024
3 AAC 98.010 - 3 AAC 98.180, relating to non-federally
					 assisted projects, were repealed effective 11/29/87, Register
					 104.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 12 - Alaska State Housing Authority › Chapter 98 - Public Housing (Repealed, Reserved, and Deleted) › Article 3 - Low-Income Housing Tax Credit (Deleted)

Current through May 31, 2024
As of Register 130 (July 1994), regulations in this article
					 [3 AAC 98.310 - 3 AAC 98.490], which had been adopted [effective 11/25/87,
					 Register 104; amended 3/24/88, Register 105,] by the former Alaska State
					 Housing Authority (ASHA), were deleted by the regulations attorney as obsolete.
					 ASHA ceased to exist on July 1, 1992 (ch. 4, FSSLA 1992) and its functions were
					 simultaneously transferred to the Alaska Housing Finance Corporation (AHFC).
					 See 15 AAC for relevant AHFC
					 regulations.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 1 - Conduit Revenue Bond Program › 3 AAC 99.100 - Scope of article

Current through May 31, 2024
3 AAC 99.100 -
					 3 AAC 99.160 apply to applications submitted to the
					 authority for financing of a project under the conduit revenue bond program. In
					 3 AAC 99.100 -
					 3 AAC 99.160, "conduit revenue bond program" means the
					 authority's program of financing or participating in the financing of projects
					 through the issuance of bonds the interest of which may or may not be excluded
					 from gross income for federal income tax purposes under the Internal Revenue
					 Code of 1986, as amended, and which are not in any way a liability of the
					 authority.
Authority:
AS
						44.88.080
AS 44.88.085
AS 44.88.090
AS
						44.88.095
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 1 - Conduit Revenue Bond Program › 3 AAC 99.115 - Eligibility resolution

Current through May 31, 2024
The board of the authority may adopt an eligibility
					 resolution for a project at any time. An application under
					 3 AAC 99.110 is not required before the board of the
					 authority may adopt an eligibility resolution. An eligibility resolution may
					 include other determinations or statements by the board to support the project
					 or to permit costs of the project to be financed using proceeds of conduit
					 revenue bonds, the interest on which is not included in gross income for
					 federal income tax purposes under the code.
Authority:
AS
						44.88.080
AS 44.88.085
AS
						44.88.090
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 1 - Conduit Revenue Bond Program › 3 AAC 99.120 - Financing preparation

Current through May 31, 2024
(a) An applicant for financing under the
				  conduit revenue bond program must provide information requested by the
				  authority and must notify the authority of any change in the project or the
				  applicant that occurs after the original submission of the application that may
				  affect the eligibility of the project or the applicant for participation in the
				  conduit revenue bond program. The authority may request information that the
				  authority considers necessary or appropriate to permit preparation of the
				  necessary loan and bond documents. The authority will work with the applicant
				  and the bond purchaser to prepare substantially completed drafts of the loan
				  and bond documents for the applicant's project for presentation to the board
				  under 3 AAC 99.130.
(b) The authority may terminate the
				  application process if the authority determines that either the project or the
				  applicant is not eligible for participation in the conduit revenue bond program
				  or if the authority determines that the applicant has failed to provide the
				  information required by (a) of this section or if the authority determines that
				  the applicant has failed to cooperate with the authority sufficiently to permit
				  preparation of the documents described in (a) of this section. The authority
				  will notify the applicant if the authority terminates the application
				  process.
Authority:
AS
						44.88.080
AS 44.88.085
AS 44.88.090
AS
						44.88.095
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 1 - Conduit Revenue Bond Program › 3 AAC 99.130 - Review by authority

Current through May 31, 2024
(a) The authority will determine the
				  appropriate bond, loan, and other documents to be presented to the board for
				  approval of a conduit bond financing. The executive director will present
				  documents to the board in substantially final form, together with a bond
				  authorization resolution. The bond authorization resolution is a resolution of
				  the board that approves the bond and loan documents substantially in the form
				  presented to the board, and authorizes the authority to issue bonds under the
				  conduit revenue bond program to provide financing for the proposed
				  project.
(b) The board will review
				  the bond, loan, and other documents presented to it and may adopt, decline to
				  adopt, or postpone taking action on the bond authorization resolution. If the
				  board postpones taking action on a bond authorization resolution for a project,
				  the authority will work with the applicant to obtain additional information or
				  materials necessary to permit the board to make a final determination with
				  respect to the bond authorization resolution.
(c) If the board declines to adopt a bond
				  authorization resolution, the authority will notify the applicant of that
				  action.
(d) If the board adopts a
				  bond authorization resolution for a project, the authority may require that the
				  applicant enter into an agreement in writing with the authority for the payment
				  of fees and expenses of the authority relating to the issuance of the bonds and
				  other administrative matters with respect to the financing. If a project
				  approved by the authority requires the issuance of bonds that exceed
				  $6,000,000, the applicant must obtain and file with the authority a certified
				  copy of a resolution consenting to the location of the project passed by the
				  governing body of the political subdivision, if any, in which the project is
				  located. If the project is located within two political subdivisions, the
				  applicant must obtain and file with the authority a certified copy of a
				  resolution consenting to the location of the project passed by the governing
				  body of each political subdivision.
(e) If the bonds to be issued by the
				  authority are intended to bear interest that is not included in gross income
				  for federal income tax purposes under the code. the issuance of the bonds is
				  conditioned upon compliance with the applicable provisions of the
				  code.
Even though the amendment of
						3 AAC 99.130 was effective 4/25/2013, it was not
						published until Register 207, October
						2013.
Authority:
AS
						44.88.080
AS 44.88.085
AS 44.88.090
AS
						44.88.095
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 1 - Conduit Revenue Bond Program › 3 AAC 99.135 - Documentation

Current through May 31, 2024
The authority shall prepare all documents required and be
					 responsible for the closing of the transaction.
Authority:
AS
						44.88.080
AS 44.88.085
AS 44.88.090
AS
						44.88.095
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 1 - Conduit Revenue Bond Program › 3 AAC 99.140 - Costs and issuance fees

Current through May 31, 2024
(a) At the time the
				  authority issues bonds to provide financing for a project under
				  3 AAC 99.100 -
				  3 AAC 99.160, the applicant shall pay an issuance fee
				  determined as follows:
(1) if the bonds are
				  subject to the volume cap provisions of
				  26
				  U.S.C. 147, the issuance fee is equal to 50
				  basis points applied to the first $10,000,000 of the principal amount of those
				  bonds, 20 basis points applied to the next $40,000,000 of the principal amount
				  of those bonds, and 15 basis points applied to the principal amount of those
				  bonds issued in excess of $50,000,000.
(2) if the bonds are not subject to the
				  volume cap provision of
				  26
				  U.S.C. 147, the issuance fee is equal to 40
				  basis points applied to the first $10,000,000 of the principal amount of those
				  bonds, 10 basis points applied to the next $40,000,000 of the principal amount
				  of those bonds, and 9 basis points applied to the principal amount of those
				  bonds issued in excess of $50,000,000;
(3) if a portion of the bonds is subject to
				  the volume cap of
				  26
				  U.S.C. 147 and a portion is not, the issuance
				  fee is equal to the sum of the issuance fee determined under (1) of this
				  subsection for the portion of the bonds that is subject to the volume cap
				  provisions of
				  26
				  U.S.C. 147 and the issuance fee determined
				  under (2) of this subsection for the remaining portion of the bonds.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 1 - Conduit Revenue Bond Program › 3 AAC 99.160 - Composite bond issue

Current through May 31, 2024
(a) If the authority intends to issue bonds
				  for a project under the tax-exempt loan participation program (3 AAC 99.200 -
				  3 AAC 99.290) or the taxable loan participation program
				  (3 AAC 99.300 -
				  3 AAC 99.390), the project is eligible for a composite
				  bond issue subject to approval by the authority, the originator, and the
				  borrower.
(b) In a composite bond
				  issue, the authority will issue bonds to finance all or part of the amount of
				  the total loan to the borrower from the originator not financed under the
				  tax-exempt loan participation program or the taxable loan participation program
				  as described in (a) of this section. The originator shall purchase bonds issued
				  under this subsection and must agree to retain those bonds as long as the total
				  loan is outstanding.
(c) The
				  issuance of bonds under (b) of this section is subject to the provisions of
				  3 AAC 99.100 -
				  3 AAC 99.140, except with regard to the nonrefundable
				  financing fee. The financing fee for bonds issued under (b) of this section is
				  50 basis points applied to the first $1,000,000 of the principal amount of the
				  bonds issued and 25 basis points applied to the principal amount of the revenue
				  bonds issued in excess of the first $1,000,000.
Authority:
AS
						44.88.080
AS
						44.88.085
AS
						44.88.090
AS
						44.88.155
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 2 - Tax-Exempt Loan Participation Program › 3 AAC 99.200 - Scope of article

Current through May 31, 2024
The provisions of
					 3 AAC 99.200 -
					 3 AAC 99.290 apply to an application submitted to the
					 authority for authority participation in a loan that is or could be financed by
					 the issuance of bonds the interest on which is excluded from gross income for
					 federal income tax purposes under the code, and which bonds are not secured
					 solely by a project applicant or a project or by a qualified energy development
					 applicant or a qualified energy development. A loan under the tax-exempt loan
					 participation program is for permanent financing.
Even though the amendment of
						3 AAC 99.200 was effective 4/25/2013, it was not
						published until Register 207, October
						2013.
Authority:
AS
						44.88.080
AS 44.88.085
AS 44.88.090
AS
						44.88.155
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 2 - Tax-Exempt Loan Participation Program › 3 AAC 99.205 - Waiver of requirements

Current through May 31, 2024
If the authority under
					 AS
					 44.88.155(g) waives or
					 modifies the requirements of
					 AS
					 44.88.155 to finance a project the authority
					 intends to own or to finance a qualified energy development, the authority may
					 waive the requirements of any substantially similar or implementing provisions
					 of 3 AAC 99.200 -
					 3 AAC 99.290 as the authority considers appropriate and
					 prudent.
Even though the amendment of
						3 AAC 99.205 was effective 4/25/2013, it was not
						published until Register 207, October
						2013.
Authority:
AS
						44.88.085
AS
						44.88.155
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 2 - Tax-Exempt Loan Participation Program › 3 AAC 99.210 - Preliminary application

Current through May 31, 2024
(a) A business
				  enterprise may apply for a loan under the umbrella loan program by submitting a
				  loan application to an originator. The originator shall review the proposed use
				  of the money and the applicant's eligibility.
(b) The originator shall submit a preliminary
				  application to the authority on a form provided by the authority. The
				  preliminary application must contain sufficient information to allow the
				  authority to determine that the proposed project or qualified energy
				  development and the applicant appear to be eligible to receive a loan under AS
				  44.88 and that interest on the authority's bonds issued or that could be issued
				  to provide money for the loan would be excluded from gross income for federal
				  income tax purposes under the code. The originator shall submit a nonrefundable
				  $250 fee to the authority with the preliminary application.
(c) If the authority's portion of the loan is
				  equal to or greater than $1,000,000, the authority will review the preliminary
				  application and will transmit a summary of the preliminary application with a
				  recommendation to the board. If, after reviewing the summary, the board
				  determines to participate in the loan after successful completion of the
				  application process and acquisition or construction of the project or qualified
				  energy development, the board will adopt an eligibility resolution. The
				  eligibility resolution is a statement of intent by the authority to issue bonds
				  if conditions specified in the resolution are satisfied by the originator and
				  the applicant. The authority will notify the originator of the action taken by
				  the board.
(d) If the authority's
				  portion of the loan is less than $1,000,000, the authority will review the
				  preliminary application. If, after reviewing the preliminary application, the
				  authority determines the project is of a type that could be funded with the
				  issuance of tax-exempt bonds, the authority will notify the
				  originator.
Even though the amendment of 3 AAC 99.210 was effective
						4/25/2013, it was not published until Register 207, October
						2013.
Authority:
AS
						44.88.080
AS
						44.88.085
AS
						44.88.095
AS
						44.88.150
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 2 - Tax-Exempt Loan Participation Program › 3 AAC 99.250 - Participation requirements

Current through May 31, 2024
(a) The originator of a loan shall initially retain at least a 10 percent share of the principal amount of the loan and may not sell, transfer, or permit prepayment or other early retirement of any portion of its participation interest without the permission of the authority. However, the originator of a loan for improvements in energy efficiency may request that the authority permit the originator to retain an interest of less than 10 percent of the principal amount of the loan, which request the authority may approve or disapprove depending on its evaluation of the factors stated in 3 AAC 99.260(a).
(b) The initial rate of interest on the authority's participation in a real property or tangible personal property loan is set at the time the authority issues a loan commitment at a rate equal to the sum of the "true interest cost rate" and the "authority cost amount". The rate of interest on the originator's portion of a loan is set by the originator, but may not exceed a market rate. If the authority issues bonds in respect of a loan, the authority will set the interim rate of interest, pending sale of the bonds, at the time that the authority issues a loan commitment. The authority will set the final rate of interest after issuance of the bonds. If the authority does not issue bonds in respect of a loan, the authority will set the rate of interest at the time that the authority issues a loan commitment.
(c) The authority will, in its discretion, require prepayment fees on its participation share in a real property or tangible personal property loan in amounts and for a period of time it determines appropriate, except that the authority will not charge a prepayment fee later than five years from the date the authority funds its participation.
(d) In this section
(1) "true interest cost rate" means
(A) if the authority issues bonds to fund a participation in a loan, the rate on the bonds of the authority; or
(B) if the authority uses authority assets to fund a participation in a loan, 65 percent of the rate identified on the daily Federal Home Loan Bank of Des Moines' Fixed-Rate Advances Index which most closely matches the term of the loan, and whether the type of loan has a fixed or variable interest rate, as determined by the authority, with the following adjustments:
(i) for a fixed rate loan, the rate during any fiscal year may not be lower than the five year return on the investment funds of the authority, expressed as an annual interest rate, as determined in the authority's review of its investments at the end of the third quarter of the prior fiscal year and, for a variable rate loan, the rate during any fiscal year will not be lower than 475 basis points;
(ii) for a variable rate loan, 200 basis points will be added to the rate;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 2 - Tax-Exempt Loan Participation Program › 3 AAC 99.260 - Application review and fees

Current through May 31, 2024
(a) The authority
				  will determine whether to approve an application for the authority to
				  participate in a real property or tangible personal property loan by evaluating
(1) whether the requirements of
				  AS
				  44.88.155 and
				  3 AAC 99.200 -
				  3 AAC 99.290 have been met;
(2) the applicant's credit
				  standing;
(3) the economic and
				  financial viability of the proposed project or qualified energy
				  development;
(4) the economic and
				  financial viability of the proposed project or qualified energy
				  development;
(5) whether and the
				  extent to which the loan is consistent with the fulfillment of the authority's
				  purposes established in
				  AS
				  44.88.070; and
(6) any other commercially reasonable
				  underwriting criteria the authority, in its discretion, determines to be
				  pertinent to the application, given the terms of the financing or the nature of
				  the applicant or the proposed project or qualified energy
				  development.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 2 - Tax-Exempt Loan Participation Program › 3 AAC 99.270 - Appeals

Current through May 31, 2024
The originator of a loan who has submitted an application
					 for a loan which is not approved by the authority may appeal that decision to
					 the board by filing a written notice of appeal with the authority not later
					 than 10 working days after the originator is notified that the loan application
					 has been disapproved. The board will issue its decision on the appeal within 45
					 working days. When deciding the originator's appeal, the board will consider
					 only the loan application documents filed by the originator on or before the
					 date of the authority's decision with respect to the application. The decision
					 of the board on the appeal is final.
Authority:
AS
						44.88.080
AS
						44.88.085
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 2 - Tax-Exempt Loan Participation Program › 3 AAC 99.280 - Loan closing and disbursement of funds

Current through May 31, 2024
Upon certification by the originator and the applicant that
					 all provisions of the loan commitment has been complied with, the loan will be
					 scheduled for closing review and payment of money to the
					 originator.
Authority:
AS
						44.88.080
AS
						44.88.085
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 2 - Tax-Exempt Loan Participation Program › 3 AAC 99.290 - Servicing of loans

Current through May 31, 2024
(a) The authority will enter into a servicing
				  agreement with each originator that
(1)
				  provides that all servicing will be by the originator;
(2) provides methods for the collection of
				  delinquent payments of principal and interest and foreclosure or exercise of
				  security rights undertaken by the originator;
(3) provides for periodic reports to the
				  authority by the originator; and
(4) requires the originator to service the
				  loan in accordance with accepted business practices, including, but not limited
				  to, prompt collection of amounts due under the loan.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 3 - Taxable Loan Participation Program › 3 AAC 99.300 - Scope of article

Current through May 31, 2024
The provisions of
					 3 AAC 99.300 -
					 3 AAC 99.390 apply to an application submitted to the
					 authority for authority participation in a loan that is or could be financed by
					 the issuance of bonds the interest on which is not excluded from gross income
					 for federal income taxes under the code, and which bonds are not secured solely
					 by a project applicant or a project or by a qualified energy development
					 applicant or a qualified energy development.
Even though the amendment of
						3 AAC 99.300 was effective 4/25/2013, it was not
						published until Register 207, October
						2013.
Authority:
AS
						44.88.080
AS
						44.88.085
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 3 - Taxable Loan Participation Program › 3 AAC 99.302 - Waiver of requirements

Current through May 31, 2024
If the authority under
					 AS
					 44.88.155(g) waives or
					 modifies the requirements of
					 AS
					 44.88.155 to finance a project the authority
					 intends to own or to finance a qualified energy development project, the
					 authority may waive the requirements of any substantially similar or
					 implementing provisions of
					 3 AAC 99.300 -
					 3 AAC 99.390 as the authority considers appropriate and
					 prudent.
Even though the amendment of
						3 AAC 99.302 was effective 4/25/2013, it was not
						published until Register 207, October
						2013.
Authority:
AS
						44.88.080
AS 44.88.085
AS
						44.88.155
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 3 - Taxable Loan Participation Program › 3 AAC 99.305 - Eligible projects and energy development

Current through May 31, 2024
A loan under the taxable loan participation program is for
					 permanent financing for a newly-constructed project or qualified energy
					 development, the acquisition of an existing project or qualified energy
					 development, or the refinancing of an existing project or qualified energy
					 development. A loan under the taxable loan participation program may also be
					 for financing improvements in energy efficiency. No refinancing of a loan that
					 is financed with proceeds of outstanding general obligation indebtedness of the
					 authority or that relates to a project or qualified energy development that was
					 originally financed with outstanding general obligation indebtedness of the
					 authority will be permitted under this section unless the bonds are subject to
					 optional redemption at par by the authority at the time the bonds are
					 issued.
Even though the amendment of
						3 AAC 99.305 was effective 4/25/2013, it was not
						published until Register 207, October
						2013.
Authority:
AS
						44.88.080
AS 44.88.085
AS
						44.88.155
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 3 - Taxable Loan Participation Program › 3 AAC 99.350 - Participation requirements

Current through May 31, 2024
(a) The originator
				  of a loan shall initially retain at least a 10 percent share of the principal
				  amount of the loan and may not sell, transfer, or permit prepayment or other
				  early retirement of any portion of its participation interest without the
				  permission of the authority. However, the originator of a loan to finance
				  improvements in energy efficiency may request that the authority permit the
				  originator to retain an interest of less than 10 percent of the principal
				  amount of the loan, which request the authority may approve or disapprove
				  depending on its evaluation of the factors stated in
				  3 AAC 99.360(a).
(b) The initial rate of interest on the
				  authority's participation in a real property or tangible personal property loan
				  will be set at the time the authority issues a loan commitment at a rate equal
				  to the sum of the "true interest cost rate" and the "authority cost amount".
				  The rate of interest on the originator's portion of a loan is set by the
				  originator, but may not exceed a market rate.
(c) The authority will, in its discretion,
				  require prepayment fees on its participation share in a real property or
				  tangible personal property loan in amounts and for a period of time it
				  determines appropriate, except that the authority will not charge a prepayment
				  fee later than five years from the date the authority funds its
				  participation.
(d) The authority
				  will, in its discretion, approve a modification of the interest rate and loan
				  term on the authority's portion of a loan under
				  3 AAC 99.300 -
				  3 AAC 99.390 as follows:
(1) effective upon the authority's approval
				  of a written request from the borrower and originator for an interest rate
				  modification or extension of loan term, or both, the authority will
(A) change the interest rate to either a
				  current variable interest rate published by the authority, or the current fixed
				  interest rate published by the authority for a loan with a term equal to the
				  original term of the authority's portion of the loan, plus extensions of the
				  original term, if any, as allowed in (B) of this paragraph; and
(B) extend the loan term up to the maximum
				  term permitted under
				  3 AAC 99.330(e) and
				  3 AAC 99.340(e), except that in no case
				  will the total aggregate loan term exceed the maximum term as permitted under
				  3 AAC 99.330(e) and
				  3 AAC 99.340(e);
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 3 - Taxable Loan Participation Program › 3 AAC 99.360 - Application review and fees

Current through May 31, 2024
(a) The authority
				  will determine whether to approve an application for the authority to
				  participate in a real property or tangible personal property loan by evaluating
(1) whether the application requirements of
				  AS
				  44.88.155 and
				  3 AAC 99.300 -
				  3 AAC 99.390 have been met;
(2) the applicant's credit
				  standing;
(3) the economic and
				  financial viability of the proposed project or qualified energy
				  development;
(4) the impact the
				  proposed loan would have on the loan participation portfolio of the authority
				  on the concentration by industry area and geographic region, and on the
				  concentration of loans to a single borrower and related obligors;
(5) whether and the extent to which the loan
				  is consistent with the fulfillment of the authority's purposes established in
				  AS
				  44.88.070; and
(6) any other commercially reasonable
				  underwriting criteria the authority, in its discretion, determines to be
				  pertinent to the application, given the terms of the financing or the nature of
				  the applicant or the proposed project or qualified energy
				  development.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 3 - Taxable Loan Participation Program › 3 AAC 99.370 - Appeals

Current through May 31, 2024
The originator of a loan who has submitted an application
					 for a loan that is not approved by the authority may appeal that decision to
					 the board by filing a written notice of appeal with the authority not later
					 than 10 working days after the originator is notified that the loan application
					 has been disapproved. The board will issue its decision on the appeal within 45
					 working days. When deciding the originator's appeal, the board will consider
					 only the loan application documents filed by the originator on or before the
					 date of the authority's decision with respect to the application. The decision
					 of the board on the appeal is final.
Authority:
AS
						44.88.080
AS 44.88.085
AS
						44.88.155
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 3 - Taxable Loan Participation Program › 3 AAC 99.380 - Loan closing and disbursement of funds

Current through May 31, 2024
Upon certification by the originator and the applicant that
					 all provisions of the loan commitment has been complied with, the loan will be
					 scheduled for closing review and payment of money to the
					 originator.
Authority:
AS
						44.88.080
AS
						44.88.085
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 3 - Taxable Loan Participation Program › 3 AAC 99.390 - Servicing of loans

Current through May 31, 2024
(a) The authority will enter into a servicing
				  agreement with each originator that
(1)
				  provides that all servicing be by the originator;
(2) provides methods for the collection of
				  delinquent payments of principal and interest, and foreclosure or exercise of
				  security rights undertaken by the originator;
(3) provides for periodic reports to the
				  authority by the originator; and
(4) requires the originator to service the
				  loan in accordance with accepted business practices, including, but not limited
				  to, prompt collection of amounts due under the loan.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 5 - Development Finance Program › 3 AAC 99.500 - Scope of article; waiver of requirement

Current through May 31, 2024
(a)3 AAC 99.500 -
				  3 AAC 99.599 apply to development projects that the
				  authority intends to own and operate and to development projects for which the
				  authority will or may provide project financing.
(b) If authorized or permitted by law, the
				  authority may waive any requirements of
				  3 AAC 99.500 -
				  3 AAC 99.599 to the extent the authority considers it
				  appropriate and prudent to do so.
Authority:
AS
						44.88.080
AS
						44.88.085
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 5 - Development Finance Program › 3 AAC 99.510 - Finance plan

Current through May 31, 2024
Before approving a project financed under
					 AS
					 44.88.172, the authority shall prepare a
					 finance plan in conformance with
					 AS
					 44.88.173(a) - (c). If the
					 project involves a partnership or joint venture with another entity, the
					 finance plan will provide the information required in
					 AS
					 44.88.173 on the entire project. The finance
					 plan shall be submitted to the State Bond Committee, the governor, and
					 legislature before issuing bonds or otherwise incurring debt for the
					 project.
Authority:
AS
						44.88.080
AS 44.88.085
AS
						44.88.173
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 5 - Development Finance Program › 3 AAC 99.520 - Local participation and approval

Current through May 31, 2024
(a) Before entering
				  into an agreement to finance or develop a development project for which the
				  authority expects to issue bonds, the authority will obtain the approval of the
				  municipality in which the proposed project is to be located. If the development
				  project for which the authority expects to issue bonds is located within the
				  unorganized borough, the authority will comply with
				  AS
				  44.88.174. The authority will not enter into
				  the agreement unless the municipality in which the proposed development project
				  is to be located conducts a public hearing on the proposed project. If the
				  development project is located within the unorganized borough, the authority
				  will not enter into the agreement unless the regional resource advisory council
				  under
				  AS
				  44.88.174 conducts a public hearing within
				  the region.
(b) The authority will
				  solicit the review and advice of either local government or the regional
				  resource advisory council in the area within which a development project is
				  located before
(1) entering into an agreement
				  to finance or develop a development project for which the authority does not
				  expect to issue bonds; or
(2)
				  executing other contracts, agreements, resolutions, or other matters that
				  directly concern the development, maintenance, and operation of a development
				  project.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 5 - Development Finance Program › 3 AAC 99.530 - Authority findings

Current through May 31, 2024
Before approving a development project for which bonds must
					 be issued, the authority must find, on the basis of all information reasonably
					 available to it, that
(1) the project
				  and its development under AS 44.88 will be economically advantageous to the
				  state and to the general public welfare and will contribute to the economic
				  growth of the state;
(2) the
				  project applicant is financially responsible;
(3) the project is economically and
				  financially feasible and able to produce revenue adequate to repay the bonds or
				  loans with which it is financed;
(4) increased demand on public facilities
				  that might result from the project will be provided for;
(5) the project will provide or retain
				  employment reasonably related to the amount of the financing by the authority,
				  considering the amount of investment per employee for comparable facilities,
				  and other relevant factors;
(6) the
				  scope of the project is sufficient to provide a reasonable expectation of a
				  benefit to the economy of the state;
(7) the project is in compliance with
				  applicable law; and
(8) issuance of
				  the bonds is not expected to adversely affect the ability of the state or any
				  political subdivision of the state to market other bonds.
Authority:
AS
						44.88.080
AS 44.88.085
AS 44.88.095
AS
						44.88.175
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 5 - Development Finance Program › 3 AAC 99.540 - Financing

Current through May 31, 2024
Before issuing bonds for a development project, the
					 authority will enter into an agreement with any partners, joint venturers, or
					 users of the facility to be constructed, providing for adequate guarantee of
					 revenues to repay any indebtedness incurred by the authority for the
					 project.
Authority:
AS
						44.88.080
AS 44.88.085
AS 44.88.090
AS
						44.88.172
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 5 - Development Finance Program › 3 AAC 99.550 - Legislative approval

Current through May 31, 2024
The authority will not issue bonds in an amount greater
					 than $25,000,000 to assist in the acquisition, financing, or operation of a
					 development project without prior legislative approval.
Authority:
AS
						44.88.080
AS 44.88.085
AS 44.88.090
AS
						44.88.172
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 5 - Development Finance Program › 3 AAC 99.560 - Evaluation standards

Current through May 31, 2024
(a) The authority may approve or reject a
				  full application for development project financing for a development project
				  that the authority will not own and operate by evaluating the following:
(1) whether the application requirements of
				  this chapter have been met;
(2) the
				  project applicant's credit standing;
(3) the economic and financial viability of
				  the proposed development project;
(4) the impact of the proposed development
				  project on the authority's portfolio of development projects, considering the
				  concentration by industry area, technology, and geographic region and the
				  concentration of financing provided to a single borrower and related obligors
				  with respect to all of the authority's financing programs;
(5) whether and the extent to which the
				  development project financing is consistent with the fulfillment of the
				  authority's purposes under
				  AS
				  44.88.070, including the number of temporary
				  and permanent jobs created by the proposed development project;
(6) the interests of local governments
				  impacted by the proposed development project; and
(7) any other commercially reasonable
				  underwriting criteria the authority, in its discretion, determines to be
				  pertinent to the application, given the terms of the financing or the nature of
				  the project applicant or the proposed development project.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 5 - Development Finance Program › 3 AAC 99.565 - Project financing committee

Current through May 31, 2024
(a) Once the
				  authority determines that the requested development project financing is proper
				  under the project development financing program and that a complete application
				  has been submitted for review, the authority will notify the project applicant
				  in writing that the full application is deemed complete.
(b) After payment of the application fee, a
				  completed full application will be reviewed by a project financing committee
				  for the purpose of making a recommendation to the board about the requested
				  financing. The project financing committee for the development project finance
				  program will consist of one or more of the authority's employees the executive
				  director may designate. With the executive director's approval, the project
				  financing committee may engage and consult professional advisors, counsel, and
				  consultants in considering an application.
(c) The project financing committee may
				  request modifications to the completed full application or changes in the terms
				  of the requested financing.
Authority:
AS
						44.88.080
AS 44.88.085
AS
						44.88.172
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 5 - Development Finance Program › 3 AAC 99.570 - Application processing

Current through May 31, 2024
(a) If the project financing committee's
				  recommendation is that the development project financing be approved, the
				  application will be put on the board's agenda for consideration. If the
				  recommendation is that the development project financing not be approved, the
				  application will not be put on the board's agenda, unless the project applicant
				  requests board consideration. To request board consideration in such a case,
				  the project applicant must notify the executive director in writing that it
				  seeks board consideration. The project applicant's notice to the executive
				  director seeking board consideration must be provided not later than 20 working
				  days after the project applicant is informed in writing of the adverse
				  recommendation on the application for development project financing.
(b) The board may accept or reject an
				  application for development project financing regardless of the recommendation
				  made by the project financing committee. In considering an application, the
				  board may allow the project applicant to make a presentation to the board or
				  the board may limit its consideration to the documents submitted to the
				  authority in connection with the application. The decision of the board to
				  accept or reject a full application for development project financing will
				  constitute the final decision of the authority on the application.
(c) If the board approves the recommendation
				  of the project financing committee, the authority will issue a commitment
				  letter to the project applicant that states the material terms and conditions
				  under which the authority will provide the development project
				  financing.
Authority:
AS
						44.88.080
AS 44.88.085
AS
						44.88.172
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 99 - Commercial and Industrial Financing › Article 5 - Development Finance Program › 3 AAC 99.585 - Combination financing

Current through May 31, 2024
The authority may provide development project financing in
					 combination with financing that is available under any other program of the
					 authority. To receive combined financing, a development project must meet the
					 requirements of each program under which the authority is to provide financing.
					 The authority may waive or modify the application requirements of a program
					 based on the submission of another application under a separate program of the
					 authority.
Authority:
AS
						44.88.080
AS 44.88.085
AS
						44.88.172