- Alaska Statutes.
- Title 37. Public Finance
- Chapter 17. Alaska Bidco Assistance Program
- Section 540. Loan Commitment Conditions.
previous: Section 530
. Bidco Capitalization Loans.
next: Section 550
. Initial Capitalization of Bidco.
AS 37.17.540. Loan Commitment Conditions.
- (a) When issuing a commitment to make a BIDCO capitalization loan, the department shall make the loan closing contingent
- (1) the BIDCO's receiving a license under AS 10.13, which may occur
simultaneously with the loan closing;
- (2) the BIDCO's satisfying the capitalization requirements of AS 37.17.550; and
- (3) other conditions that the department may impose.
- (b) The department may not issue a loan commitment under this section unless the department determines that the
prospective BIDCO satisfies high quality evaluation standards as determined by the department. The evaluation standards
must include the following findings:
- (1) the loan is likely to substantially promote the purposes of AS 37.17.500 - 37.17.690;
- (2) the BIDCO's prospective management team is highly qualified to manage the BIDCO;
- (3) the BIDCO's business plan is a good business plan that, together with the management team, promotes confidence in the
prospects for the long-term financial success and viability of the BIDCO; and
- (4) if the department issues a loan commitment to the BIDCO, it is probable that the BIDCO will be able to satisfy the
capitalization requirements of AS 37.17.550
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