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(a) A business enterprise may apply for a loan under the umbrella loan program by submitting a loan application to an originator. The originator shall review the proposed use of the money and the applicant's eligibility.
(b) The originator shall submit a preliminary application to the authority on a form provided by the authority. The preliminary application must contain sufficient information to allow the authority to determine that the proposed project and the applicant appear to be eligible to receive a loan under AS 44.88 and that interest on the authority's bonds issued or that could be issued to provide money for the loan would be excluded from gross income for federal income tax purposes under the Internal Revenue Code of 1986, as amended. The originator shall submit a nonrefundable $200 fee to the authority with the preliminary application.
(c) If the authority's portion of the loan is equal to or greater than $1,000,000, the authority will review the preliminary application and will transmit a summary of the preliminary application with a recommendation to the board. If, after reviewing the summary, the board determines to participate in the loan after successful completion of the application process and acquisition or construction of the project, the board will adopt an eligibility resolution. The eligibility resolution is a statement of intent by the authority to issue bonds if conditions specified in the resolution are satisfied by the originator and the applicant. The authority will notify the originator of the action taken by the board.
(d) If the authority's portion of the loan is less than $1,000,000, the authority will review the preliminary application. If, after reviewing the preliminary application, the authority determines the project is of a type that could be funded with the issuance of tax-exempt bonds, the authority will notify the originator.
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