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(a) The authority will determine whether to approve an application for a real property or tangible personal property loan by evaluating
(2) the applicant's credit standing;
(3) the economic and financial viability of the proposed project; and
(4) the impact the proposed loan would have on the loan portfolio of the authority on the concentration by industry area and geographic region, and on the concentration of loans to a single borrower and related obligors.
(b) If a loan application is approved, the authority will provide a loan commitment which is effective upon payment of a commitment fee by the applicant. The commitment fee is one percent of the principal amount of the authority's participation in the loan. A loan commitment is an agreement by the authority that it will participate in a loan to the applicant in an amount specified in the loan commitment under terms and conditions prescribed by the authority. The commitment fee is nonrefundable.
(c) The authority may issue a loan commitment as described in (b) of this section for a term determined by the authority. Before expiration of the loan commitment term, the originator may request an extension of the loan commitment term for a subsequent period of 30 days if the authority does not fund the authority's participation in the loan. The authority will grant a loan commitment term extension effective upon receipt by the authority of a one-eighth percent (0.125%) non-refundable fee. The authority may grant subsequent loan commitment term extensions for additional 30-day periods effective upon receipt by the authority of an additional one-eighth percent (0.125%) non-refundable fee.
History: In effect before 1988; am 1/11/88, Register 106; am 7/19/91, Register 119; am 11/1/99, Register 153; am 2/8/2001, Register 158; am 10/12/2004, Register 173
Authority: AS 44.88.080
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Last modified 7/05/2006