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(a) The terms of a loan made by the authority from the power project fund will be determined by the authority and will comply with the following conditions:
(1) the loan must bear an interest rate or rates as determined by the authority that meet the criteria established in AS 42.45.010 (f);
(2) the loan must mature on the date and pay interest on the dates and in the amounts determined by the authority, but the final maturity date may not extend beyond 50 years or the expected and specified productive life of the project being financed, whichever is less; the authority will use the following standards to determine the expected productive life of a project unless the authority determines that a different expected productive life is indicated:
(A) the term of loans will be up to 20 years for reconnaissance studies and for feasibility studies, preconstruction engineering and project design, constructing, equipping, modifying, improving and expanding of
(i) diesel generation facilities;
(ii) wind, geothermal, heating, and conservation facilities;
(iii) wood gasification;
(iv) wood-fired steam-generation facilities;
(v) bulk fuel storage facilities; and
(vi) groundwater source development and transmission of potable water;
(B) the term of loans will be up to 50 years for feasibility studies, preconstruction engineering and project design, constructing, equipping, modifying, improving, and expanding of
(i) coal-fired steam-generation facilities;
(ii) surface storage of potable water; and
(iii) hydroelectric generation facilities designed to produce one megawatt or less of power;
(C) the term of loans will be up to 50 years for feasibility studies, preconstruction engineering and project design, constructing, equipping, modifying, improving and expanding of hydroelectric generation facilities designed to produce more than one megawatts of power; and
(3) the loan must be supported by appropriate documentation that may include a loan agreement, bonds, notes, or other documentation, evidencing to the authority's satisfaction that the loan is secured by one or more of the following:
(A) a pledge of the revenues of the borrower or the project that may be subordinate to operating and maintenance expenses and certain other expenses of the borrower or the project as specified by the authority;
(B) a lien, mortgage, security interest, collateral agreements, or other encumbrance on the project or other assets, rights, or interests of the borrower; or
(C) a pledge of the taxing power of the borrower.
(b) The requirements of (a)(3) of this section do not apply to a loan to an applicant regulated by the Regulatory Commission of Alaska under AS 42.05 if the applicant has a history of repaying long-term loans and demonstrates to the authority that it has the capacity to repay the loan obtained from the authority.
History: Eff. 2/16/96, Register 137
Authority: AS 42.45.010
Editor's note: Before 2/16/96, Register 137, the substance of 19 AAC 96.120 was set out in former 3 AAC 94.100. The history note of 19 AAC 96.120 does not reflect the history of 3 AAC 94.100.
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Last modified 7/05/2006