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(a) Upon receipt of a completed application and other information requested or required, the authority will review the application.
(b) The authority after reviewing an application, other than an application for a loan for reconnaissance studies, feasibility studies, license and permit applications, or engineering and design, will make a determination that includes the following:
(1) written comments analyzing whether
(B) the project will meet the needs of the area to be served by project and will benefit the area;
(C) for a loan to construct, equip, modify, or expand a project, the project is technically and economically viable and financially feasible;
(D) for a construction project, any alternatives to the project exist that would result in development of power or potable water at a different site, by a different method, or by an entity other than applicant, which could reasonably be expected to provide, within a time schedule comparable to the project, comparable volumes of power or potable water at a lower cost to the consumer and which meet the criteria set out in (B) and (C) of this paragraph;
(E) the applicant has applied for, or has been awarded, necessary permits or certificates;
(F) for a construction project, the project is financially feasible;
(G) for a construction project, a loan from the power project fund, if available, will make the project financially feasible and, if so, the amount of money that must be loaned and the rate of interest necessary for the project to be financially feasible;
(H) for a construction project, if enough money is not available in the power project fund to make a loan for the project, or if a loan cannot be made at a rate of interest low enough to allow the project to be financially feasible, the loan should be approved if assistance is made to the applicant from some other source or sources identified by the authority;
(I) if there is power project fund money that the authority can loan for more than one project, the needs of, and benefits to, the area to be served by the project are greater than the needs of, benefits offered to, other areas of the state by a project for which sponsors may also seek loan money from the authority, if this determination can be made based on information existing at the time of the authority's review;
(J) the applicant has, or will have, sufficient revenue from all sources to repay the loan; and
(2) a list of subjects to be analyzed in any studies to be made by the applicant.
(c) The authority will consider each application for a loan for reconnaissance studies, feasibility studies, license and permit applications, engineering and design that has been transmitted to it for action and will determine whether the applicant is an eligible borrower under AS 42.45.010 , whether the loan will be used to pay the costs of activities that are eligible under AS 42.45.010 , and whether the applicant can reasonably be expected to have sufficient revenue from all sources to timely repay the loan.
(d) A loan committee comprised of authority staff designated by the executive director of the authority shall make the final decision of the authority on applications for loans up to and including $2,000,000. For loans in excess of $2,000,000, the board of directors of the authority, upon recommendation by the loan committee, will make the final decision of the authority on applications for loans, except for loans that require legislative approval under AS 42.45.010 (j). The final decision of the authority to approve or disapprove an application for a loan will be in the form of a written determination that contains the findings required by this section, and any other comments the authority considers appropriate. The authority will transmit copies of the determination to the applicant.
(e) If the authority approves the loan application, the authority will deliver a copy of its decision to the applicant within 30 days after making its decision. The decision will
(1) indicate whether there are conditions that the applicant must satisfy before the authority will make the loan to the applicant; and
(2) include proposed loan terms.
(f) If the authority approves an application, and after approval of the loan by the legislature to the extent required under AS 42.45.010 (j), the authority will enter into a loan agreement with the applicant under conditions complying with 3 AAC 106.120, but only after receiving a certified copy of the resolution or other official action taken by the applicant's governing body agreeing to the terms of the loan.
(g) It is the responsibility of the applicant and not of the authority to obtain the approval by the legislature if approval of the applicant's loan is required under AS 42.45.010 (j).
History: Eff. 2/16/96, Register 137; am 3/25/2005, Register 173
Authority: AS 42.45.010
Editor's note: Before 2/16/96, Register 137, the substance of 19 AAC 96.110 was set out in former 3 AAC 94.080 and 3 AAC 94.090. The history note of 19 AAC 96.110 does not reflect the history of 3 AAC 94.080 and 3 AAC 94.090.
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Last modified 7/05/2006