reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 101 - Sustainable Energy Transmission and Supply Development Program › 3 AAC 101.130 - Guarantee fees

Current through May 31, 2024
(a) For any financing under the SETS program
				and fund that is in the form of a guarantee, the applicant must pay the
				authority a guarantee fee in the amount the authority in its discretion
				determines to be appropriate. The authority will inform the applicant of the
				guarantee fee in the commitment letter issued for a guaranty.
(b) The authority may set the guarantee fee
				as a one-time fixed amount, a one-time percentage of the amount guaranteed, a
				recurring annual fixed amount, a recurring annual percentage of the amount
				guaranteed, or a combination of these kinds of amounts. In setting a guarantee
				fee, the authority will consider the following:
(1) the amount and duration of the guarantee
				and any other conditions of the guarantee;
(2) the nature and credit standing of the
				applicant;
(3) the nature and
				economic and financial viability of the qualified energy development;
(4) the security provided to the authority
				for the issuance of the guaranty;
(5) the risk to the authority in providing
				the guaranty;
(6) the financial
				benefit the applicant or the qualified energy development receives from the
				authority's guaranty; and
(7) any
				other commercially reasonable factors the authority determines to have a
				bearing on setting the guarantee fee.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 101 - Sustainable Energy Transmission and Supply Development Program › 3 AAC 101.140 - Other fees and charges

Current through May 31, 2024
(a) Upon the
				issuance of written notification by the authority to the applicant that the
				application is complete, a nonrefundable application fee in the amount
				described in (b) of this section is due. No application will be given further
				consideration without payment of this fee. The application fee shall be
				nonrefundable but may be credited against the commitment fee if the requested
				financing is approved.
(b) The
				application fee shall be
(1) $5,500 for a
				loan or guarantee of less than $10,000,000;
(2) $11,000 for a loan or guarantee from
				$10,000,000 to $20,000,000;
(3)
				$22,000 for a loan or guarantee in excess of $20,000,000.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 101 - Sustainable Energy Transmission and Supply Development Program › 3 AAC 101.150 - Appeal of rejection

Current through May 31, 2024
An applicant for any financing that submitted a final
				  application which is not approved by the authority may appeal to the board by
				  filing a written notice of appeal with the executive director not later than 20
				  working days after being notified in writing of the rejection. The board may
				  allow the applicant to make a presentation on its appeal or the board may limit
				  its consideration of the appeal to the documents submitted to the authority by
				  the applicant before the date of the rejection of the application. The decision
				  of the board to reject an appeal will constitute the authority's final decision
				  on the application.
Even though
					 3 AAC 101.150 was adopted and effective 4/25/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS 44.88.670
AS
					 44.88.680
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 101 - Sustainable Energy Transmission and Supply Development Program › 3 AAC 101.160 - Closing and disbursement of funds

Current through May 31, 2024
(a) Upon written
				certification by both the authority and the applicant that all provisions of
				the commitment letter have been complied with, the financing will be scheduled
				for closing and, if a loan transaction, disbursement of proceeds. If the
				financing is a guarantee, then the authority, at the time of closing, will
				deliver its guarantee to the applicant, or where appropriate, to the
				applicant's third-party lender or bond trustee or to the closing agent handling
				the financing transaction between the applicant and its third-party
				lender.
(b) When the financing
				involves a qualified energy development that will generate power for sale into
				an existing public utility transmission or distribution grid, the applicant
				shall, prior to closing, or the issuance of a guarantee, provide the authority
				with an executed off-take agreement, either in the form of a power supply or
				power purchase agreement, the terms of which are, in all material respects, in
				accordance with the expected terms provided with the application, or with only
				those deviations from the expected terms that are acceptable to the
				authority.
Even though
					 3 AAC 101.160 was adopted and effective 4/25/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS 44.88.670
AS
					 44.88.680
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 101 - Sustainable Energy Transmission and Supply Development Program › 3 AAC 101.170 - Post-closing matters

Current through May 31, 2024
The authority may require in the financing agreement or other
				  closing documents signed by the applicant that the applicant periodically
				  provide financial, operational, or other information to the authority over the
				  term of the financing. The authority, or its designated agent, may periodically
				  review the qualified energy development and may require the applicant to
(1) permit an on-site visit and inspection of
				the qualified energy development by the authority or its agent;
(2) provide updated financial, operational or
				other information on the applicant or the qualified energy
				development.
Even though
					 3 AAC 101.170 was adopted and effective 4/25/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS 44.88.670
AS
					 44.88.680
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 101 - Sustainable Energy Transmission and Supply Development Program › 3 AAC 101.180 - Lease-purchase and other financing agreements

Current through May 31, 2024
(a) The authority
				may finance a qualified energy development through the SETS fund by entering
				into a lease-purchase, sale-leaseback, build-operate-transfer,
				operate-transfer, or similar financing arrangement with an applicant. However,
				the authority will not make any financing arrangement for which legislative
				approval under
				AS
				36.30.085 is required unless the financing
				arrangement has been approved by the legislature. The authority will not make
				any financing arrangement that exceeds the capital costs limitation of
				AS
				44.88.690(a)(1) without
				legislative approval.
(b) An
				applicant seeking to enter into a lease-purchase, sale-leaseback,
				build-operatetransfer, operate-transfer, or similar financing arrangement shall
				submit a preliminary application under
				3 AAC 101.060 and a full application under 3 AAC 101.070. The preliminary application and the final application should include a
				statement setting out the financing arrangement being sought with the
				authority. The authority will consider the application as provided for in 3
				Type equation here. AAC 101.090,
				3 AAC 101.100, 3 AAC 101.110, and
				3 AAC 101.150. The applicant shall pay the authority a
				nonrefundable application fee of
(1) $5,500
				for any financing arrangement up to $10,000,000;
(2) $11,000 for any financing arrangement
				from $10,000,000 to $20,000,000;
(3) $22,000 for any financing arrangement
				over $20,000,000. The application fee is nonrefundable but the applicant may
				apply it against the commitment fee if the authority approves the
				financing.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 101 - Sustainable Energy Transmission and Supply Development Program › 3 AAC 101.900 - Definitions

Current through May 31, 2024
In this chapter
(1)
				"appraised value" means any valuation methodology acceptable to the authority,
				including comparable sale valuation, replacement cost valuation and produced by
				any third party evaluators deemed appropriate by the authority;
(2) "authority" means the Alaska Industrial
				Development and Export Authority;
(3) "board" means the board of the Alaska
				Industrial Development and Export Authority;
(4) "capital costs" means the one-time costs
				associated with the acquisition or construction of a qualified energy
				development, including the price of purchased assets such as land, equipment,
				or other materials incorporated into the facility, the cost of site
				preparation, permits, construction of the facility and designing and planning
				the construction, and the cost of financing, including legal, financial,
				underwriting, insurance, and other transactional expenses as may necessarily be
				incurred; capital costs may also include interest payments financed during the
				construction and start-up period of the qualified energy development;
(5) "executive director" means the executive
				director of the Alaska Industrial Development and Export Authority;
(6) "financing" means either a loan or a
				guarantee of a loan or bond or a financing arrangement as described in
				AS
				44.88.680(a)(4);
(7) "guarantee" means an agreement pledging
				assets of the SETS fund to pay the regularly scheduled principal and interest
				due on a loan or bond made for a qualified energy development, subject to
				conditions set out in the guarantee;
(8) "loan" means an extension of credit by
				the authority or a third-party lender to an applicant or for a qualified energy
				development;
(9) "mortgage" means a
				mortgage, deed of trust, or other security instrument encumbering real property
				or an interest in real property;
(10) "qualified energy development" has the
				meaning given in
				AS
				44.88.900;
(11) "SETS program and fund" means the
				sustainable energy transmission and supply development program and fund
				established by
				AS
				44.88.650 and
				44.88.660;
(12) "working day" does not include a
				Saturday, Sunday, or a state holiday.
Even though
					 3 AAC 101.900 was adopted and effective 4/25/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS 44.88.650
AS 44.88.660
AS 44.88.680
AS 44.88.690
AS
					 44.88.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.010 - Scope of chapter

Current through May 31, 2024
This chapter applies to guarantees and loans made by the
				  authority under the new markets tax credit assistance guarantee and loan
				  program authorized by
				  AS
				  44.88.700-44.88.799.
Even though
					 3 AAC 102.010 was adopted and effective 3/29/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS 44.88.700
AS 44.88.710
AS 44.88.715
AS 44.88.720
AS 44.88.730
AS 44.88.740
AS 44.88.750
AS 44.88.760
AS 44.88.770
AS
					 44.88.799
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.020 - Eligibility

Current through May 31, 2024
(a) The authority may guarantee a loan being
				made by a third party or make a direct loan in connection with an NMTC
				financing of a project, business, or nonprofit activity located in the
				state.
(b) The borrower must have
				the ability, as determined by the authority, to successfully repay the
				loan.
(c) NMTC leverage loan
				products may be issued only if the loans to be issued or guaranteed are
				necessary to facilitate an NMTC financing and if that NMTC financing is
				intended to increase economic activity in or provide needed services to
				low-income communities as determined by the federal NMTC program.
(d) The authority will monitor the size of
				its NMTC financing to ensure that no more than $40,000,000 in total loans and
				guarantees are outstanding at any one time.
Even though
					 3 AAC 102.020 was adopted and effective 3/29/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS 44.88.700
AS 44.88.715
AS 44.88.760
AS
					 44.88.770
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.040 - Examination

Current through May 31, 2024
(a) The application and accompanying
				materials will be processed and evaluated by a loan officer. The loan officer
				will evaluate the applicant's eligibility, financial and credit history,
				operating plan, ability to repay, and proposed collateral.
(b) On the basis of the information provided,
				the loan officer will either request additional information required under
				3 AAC 102.030, notify the applicant that the applicant
				is ineligible for a guarantee or loan, or recommend a proposed action on the
				guarantee or loan request to the appropriate loan committee. The recommendation
				of a loan officer is not binding on a loan committee.
Even though
					 3 AAC 102.040 was adopted and effective 3/29/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS 44.88.720
AS 44.88.730
AS
					 44.88.770
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.050 - Loan committee

Current through May 31, 2024
(a) A loan committee consists of one or more
				persons the authority's executive director appoints to act on a request for an
				NMTC leverage loan product.
(b) A
				loan committee shall consider the recommendations of the loan officer assigned
				to process the application and any other relevant information. A loan committee
				shall also consider the applicant's eligibility for NMTC financing, financial
				and credit record, ability to repay, operating plan, and the adequacy of
				collateral offered to secure the loan or guarantee.
(c) After considering a guarantee or loan
				request as described in (b) of this section, a loan committee shall approve or
				deny the request, approve the request subject to modification, or table the
				request subject to obtaining additional information.
(d) A loan committee may impose reasonable
				conditions on the approval of an NMTC leverage loan product, including
				requiring additional guarantors.
(e) If a guarantee or loan request is denied,
				significantly modified, or tabled by a loan committee, the loan committee shall
				provide the applicant with a statement explaining reasons for the
				action.
(f) An applicant's material
				misstatement or omission of fact constitutes grounds for denial of a guarantee
				or loan request.
Even though
					 3 AAC 102.050 was adopted and effective 3/29/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS
					 44.88.770
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.060 - Application review

Current through May 31, 2024
(a) The authority will determine, in its sole
				discretion, whether to approve an application for NMTC leverage loan product by
				evaluating the following, among other considerations:
(1) existing and prior debts;
(2) credit reports obtained from creditors
				and private credit reporting services;
(3) prior loan history with the
				authority;
(4) timeliness in making
				payments on loans and other debts;
(5) prior bankruptcies;
(6) existence of tax liens;
(7) unpaid judgments and prior foreclosures;
				and
(8) financial and credit
				reputation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.070 - Costs

Current through May 31, 2024
(a) A non-refundable $1,250 application fee
				is due from the applicant at the time that an application is filed with the
				authority. This fee will be credited toward the guarantee fee if a guarantee is
				issued or toward the origination fee if a loan is made.
(b) All expenses the authority incurs in
				providing a guarantee or loan, including processing the application, must be
				paid by the applicant. These expenses include the cost of credit reports,
				travel, and other direct costs.
(c)
				For loan assumptions, a loan assumption fee of one percent of the outstanding
				loan balance is due upon approval by the loan committee and must be paid to the
				authority before the loan assumption is effective.
Even though 3 AAC 102.070 was adopted and effective
					 3/29/2013, it was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS
					 44.88.770
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.080 - Conditions of guarantees

Current through May 31, 2024
(a) In addition to
				the requirements of
				3 AAC 102.020, the following conditions must be met in
				order for the authority to issue a guarantee:
(1) the loan must meet the requirements of
				AS
				44.88.730(a)(1);
(2) the borrower must demonstrate the ability
				to repay the loan as required in
				AS
				44.88.730(a)(3);
(3) the term of the loan may not exceed 10
				years;
(4) the portion of the loan
				not guaranteed by the authority must be held by the originating financial
				institution or another institution approved by the authority; and
(5) loan guarantee must provide a benefit to
				the project, business, or nonprofit activity.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.090 - Review by authority

Current through May 31, 2024
(a) The authority will not guarantee a loan
				under this chapter that is made before issuance of a guarantee authorization
				under this section. The authority will not guarantee a loan under this chapter
				without making the determination required under
				AS
				44.88.700(c).
(b) If the authority approves an application
				for a guarantee, the authority will issue a guarantee authorization to the
				applicant stating that a guarantee will be provided for a specified portion of
				the loan under terms and conditions specified by the authority in the guarantee
				authorization. The terms and conditions, under which the guarantee will be
				valid and binding, will be set out in the guarantee authorization and in the
				loan guarantee agreement made with the financial institution providing the
				loan. No guarantee will be effective until the loan guarantee agreement is
				executed by the financial institution and returned to the authority and until
				the terms of the guarantee authorization are met. Any violation by the
				financial institution of the terms and conditions set out in the loan guarantee
				agreement or in the guarantee authorization that causes or contributes to a
				subsequent loss will, at the option of the authority, cause the guarantee to
				become null and void and absolutely unenforceable against the authority as of
				the date of the violation.
(c) If
				the authority denies an application, the authority will notify the applicant of
				the denial.
Even though
					 3 AAC 102.090 was adopted and effective 3/29/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS 44.88.700
AS
					 44.88.770
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.100 - Loans

Current through May 31, 2024
(a) The authority may make a loan under this
				chapter only if the authority determines that the applicant was unable to use
				the authority's guarantee to obtain a loan from a financial institution under
				commercially reasonable terms. Before making the determination to extend a
				loan, the authority shall require the applicant to submit documentation
				evidencing that at least two financial institutions have reviewed an
				application for a loan for which the authority issued a guarantee, and either
				rejected the application or approved the application subject to terms the
				authority determines are commercially unreasonable. The authority may require
				the applicant to submit applications for a loan to one or more additional
				financial institutions.
(b) The
				authority's loan officer will request whatever additional information the
				authority requires to evaluate the loan request. On the basis of all of the
				information provided, the loan officer will then make a recommendation to the
				appropriate loan committee as to whether the authority should convert the
				guarantee into a loan and what, if any, additional conditions should be
				applied, including whether the loan amount should be less than the guarantee
				amount. The recommendation of a loan officer is not binding on a loan
				committee.
Even though
					 3 AAC 102.100 was adopted and effective 3/29/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS 44.88.700
AS 44.88.750
AS
					 44.88.770
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.110 - Lending practices

Current through May 31, 2024
(a) The proceeds of the loan may be used by
				the applicant for purposes related to the project, business, or nonprofit
				activity. These purposes include working capital, equipment, construction, and
				other development costs. The loan can be used only for the purposes stated in
				the application.
(b) The authority
				may make a loan under this chapter for only a portion of a project. The
				authority, in its discretion, shall determine the final value of the loan by
				evaluating the following:
(1) whether the
				application requirements of this chapter have been met;
(2) the applicant's credit rating;
(3) the economic and financial viability of
				the proposed project;
(4) the
				impact of the proposed loan on the $40,000,000 limit of
				AS
				44.88.760;
(5) any other commercially reasonable
				underwriting criteria the authority, in its discretion, determines to be
				pertinent to the application, the nature of the applicant or of the proposed
				project.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.120 - Interest rates

Current through May 31, 2024
(a) The initial rate of interest on the authority's loan made under this chapter 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." 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.
(b) In this section,
(1) "true interest cost rate" means
(A) if the authority issues bonds to fund an NMTC leverage loan, the rate on the bonds of the authority; or
(B) if the authority uses authority assets to fund an NMTC leverage loan, 65 percent of the rate identified on the daily Federal Home Loan Bank of Seattle's 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 375 basis points;
(ii) for a variable rate loan, 100 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 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.130 - Loan terms

Current through May 31, 2024
(a) A loan committee shall establish the term
				of a loan and repayment schedule within the limitations set by this
				chapter.
(b) A loan under this
				chapter shall be for a term of not less than eight years and may not exceed a
				term of 10 years unless extended by a loan modification approved under
				3 AAC 102.160. The term of a loan will be based on the
				useful life of the asset being purchased or to be constructed with the NMTC
				financing, the size of the loan, and the needs of the applicant.
(c) The authority may request that a sinking
				fund be funded with amortizing payments on a regular basis.
Even though
					 3 AAC 102.130 was adopted and effective 3/29/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS 44.88.750
AS
					 44.88.770
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.140 - Transaction closing and disbursement of funds

Current through May 31, 2024
Upon certification by the authority and the applicant that
				  all provisions of the commitment have been complied with, the financing will be
				  scheduled for closing. If the NMTC leverage loan product is a loan transaction,
				  the loan proceeds will be disbursed as contemplated in the authority's loan
				  commitment, which will ordinarily mean the loan funds will be disbursed at the
				  time of and as part of the closing of the overall NMTC transaction. If the NMTC
				  leverage loan product is a guarantee, the authority will enter into a guarantee
				  agreement with the financial institution providing the guaranteed loan, which
				  guarantee agreement will enumerate the parties' obligations and
				  responsibilities. The guarantee agreement will be executed simultaneously with
				  the other closing requirements.
Even though
					 3 AAC 102.140 was adopted and effective 3/29/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS
					 44.88.770
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.150 - Assumption

Current through May 31, 2024
(a) A request for permission to assume the
				obligations and benefits of a loan made under this chapter will be processed in
				the same manner as a loan application.
(b) A loan committee may permit an assumption
				only if the borrower is a good financial risk and the security of the loan fund
				is preserved or improved.
Even though
					 3 AAC 102.150 was adopted and effective 3/29/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS
					 44.88.770
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.160 - Modifications

Current through May 31, 2024
(a) A request for a modification to a loan
				made under this chapter will be processed in the same manner as a loan
				application.
(b) A loan committee
				may permit a loan modification only if the security of the loan under the loan
				fund is preserved or improved.
Even though
					 3 AAC 102.160 was adopted and effective 3/29/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS
					 44.88.770
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.170 - Reconsideration and appeal of financing decision

Current through May 31, 2024
(a) If a guarantee
				or loan request made under this article is denied, tabled, or significantly
				modified by the authority, an applicant may file a written request for
				reconsideration within 15 working days after receipt of notice of the
				authority's decision.
(b) The
				authority will, in its sole discretion, reconsider a request upon a showing by
				the applicant that
(1) there has been a
				substantial change in circumstances;
(2) additional relevant information is
				provided to the authority; or
(3)
				administrative errors were made by the authority.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.180 - Post-closing matters

Current through May 31, 2024
In the agreements regarding the NMTC financing that are
				  signed on or before closing, the applicant must agree to provide timely
				  information to the authority over the term of the financing regarding the
				  finances of the project, business, or nonprofit activity, and other matters the
				  authority requires. In addition, the authority or its designee will review the
				  project, business, or nonprofit activity periodically
Even though
					 3 AAC 102.180 was adopted and effective 3/29/2013, it
					 was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS
					 44.88.770
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 102 - New Markets Tax Credit Assistance Guarantee and Loan Program › 3 AAC 102.900 - Definitions

Current through May 31, 2024
In this chapter,
(1)
				"authority" means the Alaska Industrial Development and Export
				Authority;
(2) "basis points" means
				the common unit of measure for interest rates and other percentages in finance;
				one hundred basis points equals one percent;
(3) "board" means the board of the
				authority;
(4) "executive director"
				means the executive director of the authority;
(5) "guarantee" means an agreement pledging
				assets of the authority to pay the regularly scheduled principal and interest
				due on a loan made for a qualified project, subject to conditions set out in
				the guarantee;
(6) "leveraged loan"
				mean a loan made into an investment entity, the proceeds of which, together
				with other funds, including tax credit equity, are invested as a qualified
				equity investment in a qualified community development entity that will use the
				funds to finance a project, business, or nonprofit activity for which the
				entity allocates new markets tax credits;
(7) "leverage loan product" means either a
				guarantee or a loan;
(8) "loan"
				means an extension of credit by the authority or a third-party lender to a
				borrower for an approved and eligible project, business, or nonprofit
				activity;
(9) "new markets tax
				credit" or "NMTC" means tax credits that arise out of
				26 U.S.C.
				45D (Internal Revenue Code) and related
				regulations;
(10) "NMTC financing"
				means a loan or guarantee provided under this chapter in connection with the
				federal new markets tax credit program administered by the Community
				Development Financial Institutions Fund that arises out of
				26 U.S.C.
				45D (Internal Revenue Code) and related
				regulations;
(11) "working day"
				does not include a Saturday, Sunday, or a state holiday.
Even though 3 AAC 102.900 was adopted and effective
					 3/29/2013, it was not published until Register 207, October
					 2013.
Authority:
AS
					 44.88.085
AS
					 44.88.770
AS
					 44.88.799
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 103 - Arctic Infrastructure Development Program › 3 AAC 103.010 - Scope of chapter

Current through May 31, 2024
This chapter applies to applications for financing under, and
				  the authority's administration of, the Arctic infrastructure development
				  program and fund established by
				  AS
				  44.88.800 -
				  44.88.840.
Even though the adoption of 3 AAC 103.010 was effective
					 12/3/2015, it was not published until Register 218, July
					 2016.
Authority:
AS
					 44.88.085
AS 44.88.800
AS 44.88.810
AS 44.88.820
AS 44.88.830
AS 44.88.840
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 103 - Arctic Infrastructure Development Program › 3 AAC 103.020 - Eligible projects

Current through May 31, 2024
The authority may make a loan or issue a bond, or guarantee a
				  loan or bond, under this chapter to finance an Arctic infrastructure
				  development.
Even though the adoption of 3 AAC 103.020 was effective
					 12/3/2015, it was not published until Register 218, July
					 2016.
Authority:
AS
					 44.88.085
AS 44.88.800
AS 44.88.820
AS 44.88.830
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 103 - Arctic Infrastructure Development Program › 3 AAC 103.030 - Financing limitations

Current through May 31, 2024
The authority may not provide a loan for an Arctic
				  infrastructure development in excess of the capital cost limitation of
				  AS
				  44.88.840(a)(1), or the
				  dollar amount limitation of
				  AS
				  44.88.840(a)(2), unless the
				  legislature has approved exceeding the limitation. The authority will not
				  provide financing for an Arctic infrastructure development for a term longer
				  than is authorized under
				  AS
				  44.88.840(b).
Even though the adoption of 3 AAC 103.030 was effective
					 12/3/2015, it was not published until Register 218, July
					 2016.
Authority:
AS
					 44.88.085
AS 44.88.830
AS 44.88.840
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 103 - Arctic Infrastructure Development Program › 3 AAC 103.040 - Eligible applicants

Current through May 31, 2024
An applicant may be an individual, municipal government,
				  tribe, or business or other entity that is organized in any manner. To the
				  extent required under state law, an applicant seeking financing under the
				  Arctic infrastructure development program and fund must be authorized to do
				  business in the state and hold a valid state business
				  license.
Even though the adoption of 3 AAC 103.040 was effective
					 12/3/2015, it was not published until Register 218, July
					 2016.
Authority:
AS
					 44.88.085
AS 44.88.800
AS 44.88.820
AS 44.88.830
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 103 - Arctic Infrastructure Development Program › 3 AAC 103.050 - Application process

Current through May 31, 2024
The application process for seeking financing under the
				  Arctic infrastructure development program and fund is a two-step procedure
				  using first the submission of a preliminary application form. If the authority
				  determines, based on the preliminary application, that the Arctic
				  infrastructure development is eligible for financing under the Arctic
				  infrastructure development program and fund, the authority may request the
				  applicant submit a full application.
Even though the adoption of 3 AAC 103.050 was effective
					 12/3/2015, it was not published until Register 218, July
					 2016.
Authority:
AS
					 44.88.085
AS 44.88.800
AS 44.88.820
AS 44.88.830
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 103 - Arctic Infrastructure Development Program › 3 AAC 103.060 - Preliminary application

Current through May 31, 2024
(a) An applicant
				seeking financing under the Arctic infrastructure development program and fund
				may apply by completing a preliminary application. The preliminary application
				must be on a form supplied by the authority describing the nature of the Arctic
				infrastructure development, its location, size, and ownership. There is no fee
				for the submission of a preliminary application. The authority will review the
				preliminary application and advise the applicant whether to proceed with a full
				application.
(b) If the authority
				has not requested that an applicant submit a full application within 90 days
				after the applicant submitted the preliminary application, the preliminary
				application will be deemed to be denied. An applicant whose preliminary
				application is expressly denied by the authority, or whose preliminary
				application is deemed to be denied under this subsection, may nevertheless
				elect to submit a full application to the authority so long as the applicant
				does so no later than 20 working days after the date of the denial. Submission
				of a full application shall be an applicant's sole remedy for the authority
				denying a preliminary application or failing to act on a preliminary
				application. If an applicant does not submit a full application within the
				required time period after the preliminary application is denied or deemed to
				be denied, the matter will be forever closed and the applicant will be entitled
				to no further consideration of it.
Even though the adoption of 3 AAC 103.060 was effective
					 12/3/2015, it was not published until Register 218, July
					 2016.
Authority:
AS
					 44.88.085
AS 44.88.800
AS 44.88.820
AS 44.88.830
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 103 - Arctic Infrastructure Development Program › 3 AAC 103.080 - Terms of financing

Current through May 31, 2024
(a) The principal amount of a loan may not
				exceed one-third of the appraised value of the collateral for the loan or
				guarantee, and a loan guarantee may not exceed $20,000,000.
(b) Any financing the authority provides must
				be secured by a mortgage that is a first lien on the real property in fee
				simple or on a leasehold estate or an easement where the infrastructure
				development is located. The authority may review and approve other security
				provisions and arrangements as well as encumbrances against the real property
				that do not affect the authority's security.
(c) Any financing the authority provides must
				be secured by a first position security interest in the applicant's rights
				under, and the proceeds of, any contract for sales, leases, or rentals from the
				infrastructure development.
(d) Any
				financing for infrastructure development as an Artic infrastructure development
				project must require amortization provisions and require periodic payments by
				the borrower. The term for a financing may not exceed the following calculated
				from the date the financing is made:
(1) a
				financing to an Arctic infrastructure development project may not exceed the
				limitations established in
				AS
				44.88.840(b); and
(2) the term of a financing under the Arctic
				infrastructure development program and fund may not exceed the remaining
				estimated economic life of the collateral for the loan.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 103 - Arctic Infrastructure Development Program › 3 AAC 103.090 - Loan committee

Current through May 31, 2024
(a) Once the authority determines that a
				complete application for an eligible project has been submitted for review, the
				authority will notify the applicant in writing that the application is deemed
				complete.
(b) After payment of the
				application fee, a completed application will be reviewed by a loan committee
				for the purpose of making a recommendation to the board regarding the requested
				financing. The loan committee for the Arctic infrastructure development program
				and fund will consist of one or more of the authority's employees the executive
				director may designate. With the executive director's approval, the loan
				committee may engage and consult professional advisors in considering an
				application.
(c) The loan
				committee may request modifications to the completed application or changes in
				the terms of the requested financing.
(d) The loan committee's approval of the
				completed application will constitute a recommendation to the board for its
				approval of the requested financing. The loan committee's rejection of a
				completed application will constitute a recommendation to the board that the
				requested financing be rejected.
Even though the adoption of 3 AAC 103.090 was effective
					 12/3/2015, it was not published until Register 218, July
					 2016.
Authority:
AS
					 44.88.085
AS 44.88.800
AS 44.88.820
AS 44.88.830
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 103 - Arctic Infrastructure Development Program › 3 AAC 103.100 - Board review

Current through May 31, 2024
(a) An application the loan committee
				approves will be placed on the agenda for consideration at the next available
				board meeting. An application the loan committee rejects will not be put on the
				agenda for the board's consideration unless the applicant requests board
				consideration. To request board consideration, an applicant must file an appeal
				in accordance with 3 AAC 103.150.
(b) The board may accept or reject the
				application regardless of the loan committee's recommendation. The decision of
				the board to accept or reject an application will constitute the final decision
				of the authority on the application.
(c) If the board approves an application, the
				authority will issue to the applicant a commitment letter to finance the Arctic
				infrastructure development. The applicant must accept the commitment letter in
				writing within 20 working days after its issuance.
Even though the adoption of 3 AAC 103.100 was effective
					 12/3/2015, it was not published until Register 218, July
					 2016.
Authority:
AS
					 44.88.085
AS 44.88.800
AS 44.88.820
AS 44.88.830
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 103 - Arctic Infrastructure Development Program › 3 AAC 103.110 - Application evaluation standards

Current through May 31, 2024
(a) The authority
				may approve or reject a full application for financing under the Arctic
				infrastructure development program and fund by evaluating the following:
(1) whether the application requirements of
				this chapter have been met;
(2) the
				applicant's credit standing;
(3) the
				economic and financial viability of the proposed Arctic infrastructure
				development;
(4) the impact of the
				proposed infrastructure development on the portfolio of the Arctic
				infrastructure development program and fund, 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
				financing is consistent with the fulfillment of the purposes of the Arctic
				infrastructure development program and fund established in
				AS
				44.88.800; 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 infrastructure development.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 13 - Alaska Industrial Development and Export Authority › Chapter 103 - Arctic Infrastructure Development Program › 3 AAC 103.130 - Guarantee fees

Current through May 31, 2024
(a) For any financing under the Arctic
				infrastructure development program and fund that is in the form of a guarantee,
				the applicant must pay the authority a guarantee fee in the amount the
				authority in its discretion determines to be appropriate. The authority will
				inform the applicant of the guarantee fee in the commitment letter issued for a
				guaranty.
(b) The authority may
				set the guarantee fee as a one-time fixed amount, a one-time percentage of the
				amount guaranteed, a recurring annual fixed amount, a recurring annual
				percentage of the amount guaranteed, or a combination of these kinds of
				amounts. In setting a guarantee fee, the authority will consider the following:
				guarantee; development;
(1) the amount and
				duration of the guarantee and any other conditions of the
(2) the nature and credit standing of the
				applicant;
(3) the nature and
				economic and financial viability of the infrastructure
(4) the security provided to the authority
				for the issuance of the guaranty;
(5) the risk to the authority in providing
				the guaranty;
(6) the financial
				benefit the applicant or the Arctic infrastructure development receives from
				the authority's guaranty; and
(7)
				any other commercially reasonable factors the authority determines to have a
				bearing on setting the guarantee fee.