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Before approving a development project for which bonds must be issued, the authority must find, on the basis of all information reasonably available to it, that
(1) the project and its development under AS 44.88 will be economically advantageous to the state and to the general public welfare and will contribute to the economic growth of the state;
(2) the project applicant is financially responsible;
(3) the project is economically and financially feasible and able to produce revenue adequate to repay the bonds or loans with which it is financed;
(4) increased demand on public facilities that might result from the project will be provided for;
(5) the project will provide or retain employment reasonably related to the amount of the financing by the authority, considering the amount of investment per employee for comparable facilities, and other relevant factors;
(6) the scope of the project is sufficient to provide a reasonable expectation of a benefit to the economy of the state;
(7) the project is in compliance with applicable law; and
(8) issuance of the bonds is not expected to adversely affect the ability of the state or any political subdivision of the state to market other bonds.
History: Eff. 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