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(a) If the authority intends to issue more than $1,000,000 in principal amount of tax-exempt bonds for a project under the umbrella bond program (3 AAC 99.200 - 3 AAC 99.290) , the project is eligible for a composite bond issue subject to approval by the authority, the originator, and the borrower.
(b) In a composite bond issue, the authority will issue bonds to finance all or part of the amount of the total loan to the borrower from the originator not financed under the umbrella bond program as described in (a) of this section. The originator shall purchase bonds issued under this subsection and must agree to retain those bonds as long as the total loan is outstanding.
(c) The issuance of bonds under (b) of this section is subject to the provisions of 3 AAC 99.100 - 3 AAC 99.140, except with regard to the financing fee. The financing fee for bonds issued under (b) of this section is one-half percent for the first $1,000,000 of the principal amount of the bonds issued and one-quarter percent of the principal amount of the revenue bonds issued in excess of the first $1,000,000.
History: In effect before 1988; am 1/11/88, Register 106; am 11/30/90, Register 118
Authority: AS 44.88.080
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Last modified 7/05/2006