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(a) If the authority determines that the applicant has satisfied the application requirements in 3 AAC 99.120, the authority will transmit the application, any other information necessary, and a recommendation to the board for its review. The authority will also transmit to the board with the application substantially completed drafts of the loan and bond documents to which the authority will be a party and which impose significant legal obligations on the authority.
(b) The board will review the application and, in its discretion, approve, reject, or postpone the application. If the board postpones an application, the authority will work with the applicant to obtain additional information or materials necessary to permit the board to make a final determination with respect to the application.
(c) If the board disapproves an application, the authority will notify the applicant of the disapproval.
(d) If the board approves an application, the authority will enter into an agreement in writing with the applicant and the bond purchaser that financing will be provided for the project under terms and conditions specified by the authority. If a project approved by the authority requires the issuance of revenue bonds that exceed $6,000,000, the agreement must include a condition that the applicant obtain and file with the authority a certified copy of a resolution consenting to the location of the project passed by the governing body of the political subdivision, if any, in which the project is located. If the project approved by the authority requires legislative approval, the agreement will be conditioned upon receipt of that approval.
(e) If required under the Internal Revenue Code of 1986, as amended, before the authority issues bonds for a project, the authority will hold a public hearing concerning the project. After the public hearing is completed and before the authority issues the bonds, the Governor must certify that the public hearing was conducted in compliance with the Internal Revenue Code of 1986, as amended, and must approve the issuance of the bonds.
History: In effect before 1988; am 1/11/88, Register 106; am 11/30/90, Register 118; am 7/19/91, Register 119; am 11/1/99, Register 153
Authority: AS 44.88.080
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Last modified 7/05/2006