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(a) The authority will, in its discretion, issue bonds to finance or participate in the financing of the project only after completion of the application process as described in this section. The applicant must provide information requested by the authority and must notify the authority of any change in the project or the applicant that occurs after the original submission of the application that may affect the eligibility of the project or the applicant for participation in the program under AS 44.88. The authority will, in its discretion, request information that the authority considers necessary or appropriate to permit preparation of the necessary loan and bond documents. The authority will work with the applicant and the bond purchaser to prepare substantially completed drafts of the loan and bond documents for the applicant's project for presentation to the board under 3 AAC 99.130.
(b) The authority will terminate the application process at any time and in its discretion if the authority determines that either the project or the applicant is not eligible for participation in the program under AS 44.88 or if the authority determines that the applicant has failed to provide the information required by (a) of this section or if the authority determines that the applicant has failed to cooperate with the authority sufficiently to permit preparation of the documents described in (a) of this section. The authority will notify the applicant of the termination of the application process.
History: In effect before 1988; am 1/11/88, Register 106; am 11/30/90, Register 118; am 2/11/99, Register 150; am 11/1/99, Register 153
Authority: AS 44.88.080
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Last modified 7/05/2006