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Title 3 . Commerce, Community, and Economic Development
Chapter 81 . Fisheries Enhancement Tax Appropriations
Section 55. Lending practices

3 AAC 81.055. Lending practices

(a) Loans may be made for planning and construction of fish hatchery facilities, including preconstruction activities necessary to obtain a permit.

(b) Repealed 7/4/91.

(c) Loan money may not be used to reimburse an applicant for expenses paid more than six months before receipt of the application by the department.

(d) A loan will not be approved for refinancing long-term debt. Interim or construction financing is not considered long-term debt if the term is 12 months or less and the promissory note or the original agreement was executed less than six months before receipt of the application by the department.

(e) The department will, in its discretion, quarterly set the interest rate for a loan under this chapter. The interest rate set for a quarter remains in effect until the department changes the rate. The interest rate set by the department is based on the bank prime rate listed in the Wall Street Journal during the previous quarter plus one percentage point, not to exceed the maximum interest allowed under AS 16.10.510 (6). The interest rate will be established at the nearest 1 / 2 point.

(f) The interest rate for a loan is the quarterly interest rate in effect at the time the loan commitment is made. The interest rate for a loan will be at a fixed rate for the term of the loan.

History: Eff. 9/11/85, Register 95; am 7/4/91, Register 119; am 11/29/92, Register 124

Authority: AS 16.10.510

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Last modified 7/05/2006