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Title 3 . Commerce, Community, and Economic Development
Chapter 87 . Fisheries Enhancement Tax Appropriations
Section 80. Assumptions

3 AAC 87.080. Assumptions

(a) A request to assume the obligations and benefits of a loan made under AS 27.09 and this chapter will be processed in the same manner as a loan request.

(b) A loan committee may permit an assumption if the applicant is a good financial risk and the security of the state's investment is preserved.

(c) Wraparound financing that includes a loan made under AS 27.09 and this chapter is prohibited, and constitutes a default on the loan.

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

Authority: AS 27.09.050


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Last modified 7/05/2006