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- Alaska Statutes.
- Title 16. Fish and Game
- Chapter 10. Fisheries and Fishing Regulations
- Section 520. Limitation On Loans.
previous: Section 510
. Powers and Duties of the Commissioner.
next: Section 525
. Repayment of Principal and Interest On Loans.
AS 16.10.520. Limitation On Loans.
- (a) A single fisheries enhancement loan may not exceed $10,000,000 for a hatchery or other enhancement or rehabilitation
activity conducted under a permit granted to a qualified regional association that has formed a nonprofit corporation,
or to a local nonprofit corporation approved by a qualified regional association. A loan for any other nonprofit
hatchery corporation project may not exceed $1,000,000.
- (b) Loans for the total project costs may be made if the commissioner determines that the applicant has sufficient
financial resources to insure the establishment of an equity position in the project equal to 10 percent of the loan
within 10 years or less, either through a royalty assessment levied under AS 16.10.540
or other means approved by the commissioner. For purposes of this subsection, "total project costs" includes planning
and construction costs for the facility and the cost of operations for not more than the first 10 years. The costs for
operations shall be loaned on an annual basis.
- (c) All loans shall be secured by collateral satisfactory to the commissioner, including but not limited to a first deed
of trust, assignment of lease and leasehold improvements, sale of surplus fish from the hatchery, or royalty
assessments from fishermen levied under AS 16.10.540
- (d) The commissioner may require adequate evidence of performance in utilizing loan funds approved for an initial or
preliminary project before approving a subsequent loan application.
- (e) The total amount of loans made or purchased in any fiscal year may not exceed the amount specifically authorized by
- (f) The commissioner may not make a loan under AS 16.10.500
- 16.10.550 from funds available under AS 16.10.340
(c), unless the commissioner determines, in consultation with the appropriate regional planning team established under
, that the hatchery or other enhancement or rehabilitation activity for which the loan is requested will provide a
significant contribution to common property fisheries, be operated in a manner beneficial to the public interest, and
be managed in a financially viable manner that is reasonably expected to result in repayment of the loan.
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