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(a) The authority may not guarantee loans to refinance existing debt unless the conditions under AS 44.88.525 have been met.
(b) The authority may not guarantee loans unless the conditions under AS 44.88.535 have been met.
(c) A guarantee issued by the authority for loans must comply with the limitations set forth in AS 44.88.540 and 44.88.545.
(d) The loan to be guaranteed by the authority must be secured by a perfected first lien or security interest in the real or tangible personal property offered as security, unless the authority specifically waives the priority of the lien or security interest.
(e) Payment of guarantees will come exclusively from reserves set aside by the authority for this purpose. The holders of a loan guarantee issued by the authority can look only to the reserves set aside by the authority for this purpose for payment of the guarantee and not to the general assets of the authority. The guarantee authorization shall expressly limit the liability of the authority as provided in this paragraph. The authority will set aside adequate reserves to cover outstanding guarantees. Upon request, the authority will provide information as to the amount of the reserves set aside for this purpose.
History: Eff. 8/1/88, Register 107; am 11/30/90, Register 118; am 10/23/96, Register 141; am 2/11/99, Register 150; am 11/1/99, Register 153
Authority: AS 44.88.525
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Last modified 7/05/2006