Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 14 - Alaska Energy Authority › Chapter 106 - Loan Programs › Article 1 - Loan From Power Project Fund › 3 AAC 106.100 - Power project fund loan application

Current through May 31, 2024
(a) An applicant
				  for a loan from the power project fund must submit an application to the
				  authority. The application must contain at the time of submission transfer the
				  following information:
(1) the legal name of
				  the applicant and the legal authority under which it was created and other
				  information that will demonstrate that the applicant is an eligible borrower
				  under AS
				  42.45.010;
(2) a certified copy of the resolution or
				  other official action taken by the applicant's governing body authorizing the
				  application for a loan;
(3) the
				  name, title, and address of the applicant's official correspondent or
				  representative for purposes of the application;
(4) the names and titles of the applicant's
				  principal officers, including the chief executive officer or general
				  manager;
(5) the names and
				  addresses of the engineer, legal counsel, financial advisor or consultant, and
				  any management, engineering, design, economic, or other advisors or consultants
				  that the applicant has for the project;
(6) the terms requested for the loan,
				  including the total dollar amount of the loan, the maximum time allowed for
				  repayment and whether the applicant requests a reduced interest rate under (c)
				  of this section;
(7) a general
				  description of the use to which the loan money will be applied, including
(A) the geographic location of the
				  project;
(B) a comprehensive
				  statement clearly demonstrating public need for the project and the project's
				  eligibility under
				  AS
				  42.45.010;
(C) the proposed allocation of loan money to
				  each purpose or to each phase of a project; and
(D) a narrative section providing a detailed
				  description of the project, including each purpose of the project, a timeline
				  and description of project phases, and the estimated annual operating costs and
				  revenues of the project once project operations begin;
(8) information from which the authority can
				  determine
(A) in the case of a loan to
				  construct, equip, modify, or expand a project, whether the project is
				  technically and economically viable, and is financially feasible under the
				  criteria for financial feasibility in
				  3 AAC 106.125(a); and
(B) whether the applicant has the financial
				  ability including, if necessary, the authority to charge and collect rates,
				  fees, or rentals or in the case of a municipality, to levy taxes to generate
				  sufficient revenue to repay the loan;
(9) the status of any proceedings undertaken
				  by the applicant to obtain permits, certificates or other authorizations from
				  any federal, state, or local agency necessary to begin, complete, and operate
				  the project;
(10) financial
				  statements for the previous two complete fiscal or calendar years of the
				  applicant and any other party or parties acting as guarantor of the loan,
				  unless otherwise required by the authority; these financial statements must
				  include balance sheets and profit-and-loss statements and when possible, must
				  be certified by an independent certified public accountant;
(11) for an investor-owned electric utility,
				  a business history of any person or entity owning or controlling 10 percent or
				  more of the applicant's stock or business;
(12) for a leveraged lease financing
				  arrangement, information sufficient for the authority to determine that the
				  provisions of
				  AS
				  42.45.010(b)(2) have been
				  met; and
(13) if the applicant is a
				  Native village council, a resolution waiving sovereign immunity on a form
				  provided by the authority.