Title 3 . Commerce, Community, and Economic Development

Chapter 81 . Fisheries Enhancement Tax Appropriations

Section 10. Loan application process

3 AAC 81.010. Loan application process

(a) To apply for a loan for planning, construction, or operation of a hatchery, preconstruction activities necessary to obtain a permit, or for planning and implementation of nonhatchery fisheries enhancement activities and rehabilitation, including lake fertilization and habitat improvement, an applicant shall file with the department

(1) a completed application for a fisheries enhancement loan, on a form provided by the department;

(2) a letter of intent stating the amount requested, a schedule of acceptable collateral and the intended use of the proposed loan money, on a form provided by the department;

(3) copies of all permits, including copies of permits necessary to construct the hatchery facility;

(4) a copy of the general contractor's bid or an estimate of construction costs for the hatchery and an estimate of operating costs; costs in excess of $100,000 may be required to be supported by a minimum of two competitive bids;

(5) a copy of the statement of nonprofit status issued by the United States Internal Revenue Service or the department;

(6) a letter from the qualified regional association in that area approving the local nonprofit association, if the loan request is from a local nonprofit corporation and is for preconstruction activities or exceeds $1,000,000;

(7) a financial statement, including the most recent annual statement, the current month-end statement, and the terms of all outstanding state loans, on a form provided by the department;

(8) a projected statement of profit and loss, including actual figures currently available, and forecasted future state loan requirements, using the sample format provided by the department or a similar format acceptable to the department;

(9) the names of officers and principal employees of the corporation, and a brief resume of their professional background and experience, on a form provided by the department;

(10) a corporate resume, on a form provided by the department or other form acceptable to the department;

(11) a signed credit authorization, on a form provided by the department;

(12) a corporate resolution signed by the corporate president and secretary, authorizing the corporation to apply for a loan and authorizing an officer or agent to provide information and documentation necessary for loan approval, on a form provided by the department;

(13) a consent to release information, on a form provided by the department;

(14) a $100 nonrefundable application fee;

(15) a signed copy of the applicant's federal income tax returns for the most recent year; and

(16) any other information that might be helpful to an applicant in demonstrating eligibility for a loan, as requested by the department.

(b) A loan for preconstruction activities may be initiated by filing the materials listed in (a) of this section, except for the materials listed in paragraphs (a)(3) and (4) of this section.

(c) A loan for planning and implementation of nonhatchery fisheries enhancement and rehabilitation activities may be initiated by filing the materials listed in (a) of this section, except for the material listed in (a)(4) of this section. An applicant for a loan under this subsection shall also submit a statement, as detailed as possible, indicating the benefits to the fisheries of the area likely to result from the enhancement and rehabilitation activities.

(d) The department will, in its discretion, process an application for a loan without the information described in (a) of this section, if the department determines that the department can make an informed lending decision without access to the information.

History: Eff. 9/11/85, Register 95; am 1/11/87, Register 101; am 8/10/97, Register 143

Authority: AS 16.10.510