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 99.110 - Application

Current through May 31, 2024
(a) To request the authority's assistance
				  under the conduit revenue bond program, a person must submit an application to
				  the authority. The person may apply on a form provided by the
				  authority.
(b) The application must
				  contain information sufficient to allow the authority to determine whether the
				  proposed project and the applicant appear to be eligible to participate in the
				  conduit revenue bond program and whether interest on the authority's bonds
				  issued for the proposed project would be excluded from gross income for federal
				  income tax purposes under the code. The applicant must submit a nonrefundable
				  $1,100 fee to the authority with the application. If the application is for a
				  refunding of a bond previously issued by the authority for the project, the
				  authority may waive all or part of the fee set out in this
				  subsection.
(c) The authority will
				  review the application and will make a preliminary determination of whether the
				  proposed project and applicant are eligible to participate in the conduit
				  revenue bond program and whether interest on the authority's bonds issued for
				  the project would be excluded from gross income for federal income tax purposes
				  under the code. The authority may contact the applicant to discuss the
				  application or to request additional information. Until the applicant provides
				  information sufficient in the judgment of the authority, the authority will not
				  make a preliminary determination. At any time the authority may (1) notify the
				  board of the application, (2) provide information to the board regarding the
				  applicant and the project, or (3) seek direction from the board regarding the
				  application.
(d) If the authority
				  determines under (c) of this section that the proposed project and applicant
				  are eligible to participate in the conduit revenue bond program and that
				  interest on the authority's bonds issued for the project would be excluded from
				  gross income for federal income tax purposes under the code, the authority will
				  make a recommendation regarding the application to the board. The
				  recommendation may be for the adoption of an eligibility resolution under
				  3 AAC 99.115, the adoption of a bond authorization
				  resolution under
				  3 AAC 99.130, or other action as the authority considers
				  appropriate under the circumstances. The board may accept the recommendation
				  and take the recommended action or may reject the recommendation and take no
				  action or take a different action.
(e) If the authority determines under (c) of
				  this section that the proposed project and applicant are eligible to
				  participate in the conduit revenue bond program but that interest on the
				  authority's bonds issued for the project would not be excluded from gross
				  income for federal income tax purposes under the code, the authority will
				  notify the applicant of such determination and will take no further action with
				  respect to the application unless the applicant notifies or has previously
				  notified the authority that the applicant wishes to finance the applicant's
				  project with proceeds of conduit revenue bonds the interest on which would be
				  included in gross income for federal income tax purposes under the
				  code.
(f) If the authority
				  determines under (c) of this section that the proposed project or applicant is
				  not eligible to participate in the conduit revenue bond program, the authority
				  will notify the applicant of the determination. The applicant may appeal that
				  determination to the board by delivering to the authority a notice of appeal.
				  The authority must receive the notice of appeal not more than 30 days after the
				  date on which the authority notified the applicant of its determination. The
				  authority will transmit the notice of appeal, a summary of the application, and
				  the authority's preliminary determination to the board. The board will make the
				  final determination of whether either the proposed project or the applicant is
				  ineligible for participation in the conduit revenue bond program. If the board
				  determines that either the proposed project or the applicant is ineligible for
				  participation in the conduit revenue bond program, the authority will take no
				  further action with respect to the application and will notify the applicant
				  that this is the final decision on the application.
Authority:
AS
						44.88.080
AS
						44.88.085
AS
						44.88.090
AS
						44.88.095