Title 3 . Commerce, Community, and Economic Development

Chapter 99 . Commercial and Industrial Financing

Section 930. Definitions

3 AAC 99.930. Definitions

In this chapter

(1) "authority" means the Alaska Industrial Development and Export Authority;

(2) "board" or "board of directors" means the board of directors of the Alaska Industrial Development and Export Authority;

(3) repealed 1/11/88;

(4) "code" means the Internal Revenue Code of 1986, as amended;

(5) "department" means the Department of Commerce, Community, and Economic Development;

(6) "executive director" means the executive director of the Alaska Industrial Development and Export Authority;

(7) repealed 11/1/99;

(8) repealed 1/11/88;

(9) repealed 1/11/88;

(10) "financial institution" means, for purposes of 3 AAC 99.700 - 3 AAC 99.785, a federally or state chartered institution authorized to perform banking functions within the state of Alaska;

(11) "guarantee authorization" means the document which authorizes the issuance of a loan guarantee by the authority to a financial institution on behalf of a borrower;

(12) "liquidation" means the exercise of all remedies commercially reasonable, in the opinion of the authority, to collect all amounts available to pay the debt;

(13) "liquidation expenses" means, for purposes of 3 AAC 99.700 - 3 AAC 99.785, normal costs of the foreclosure action, including legal fees, title fees, and advertising costs, the costs and expenses of maintaining the collateral, and costs of sale;

(14) "loan(s)" means, for purposes of 3 AAC 99.700 - 3 AAC 99.785, a new loan or a loan to refinance existing debt;

(15) "loan guarantee agreement" means the document that sets out terms and conditions governing the guarantee of a loan;

(16) "mortgage" means a mortgage deed, deed of trust, or other security instrument;

(17) "originator" means the Commercial Fishing and Agricultural Bank, and a commercial bank, savings and loan association, mutual savings bank, credit union, or other financial institution that

(A) is either insured by the Federal Deposit Insurance Corporation or the National Credit Union Association, or regulated by the Office of Thrift Supervision, The Office of the Comptroller of the Currency, The Federal Reserve, or state banking regulators under AS 6 or substantially similar banking regulations or statutes of another state;

(B) is approved by the authority;

(C) has entered into an agreement with the authority to act as a seller and servicer of loans under the loan participation program;

(18) "outstanding bonds" means, for purposes of 3 AAC 99.700 - 3 AAC 99.785, bonds that have not been paid in full or defeased;

(19) "project," for purposes of 3 AAC 99.700 - 3 AAC 99.785, has the meaning provided in AS 44.88.900 (9) and, with respect to a loan made to provide working capital to a business; means that business;

(20) "public offering" means a sale or proposed sale of bonds to a purchaser who intends to re-sell the bonds to members of the general public;

(21) "region" means one of the regions set out in 3 AAC 99.710(d) ;

(22) "related persons" means persons who are considered to be related for purposes of sections 144 - 150 of the code;

(23) "retained" means the holding of a note evidencing indebtedness, together with the right to receive payments under the note;

(24) repealed 2/8/2001;

(25) "state resident" means an individual who has resided in the state for a minimum of 30 days and who intends to make the state a permanent place of abode; the determination of intent will include consideration of the individual's mailing address, where the individual owns property, where the individual's vehicles are registered, and location of the individual's immediate family;

(26) repealed 2/11/99;

(27) "tangible personal property" means, for the purposes of 3 AAC 99.700 - 3 AAC 99.785, equipment, chattels, mortgages, contracts, inventory, and accounts receivable;

(28) "total available guarantee dollars" means the maximum dollar amount of guarantees the authority will issue, which is the amount shown in 3 AAC 99.710(d) ;

(29) "real property loan" means a loan described in 3 AAC 99.230(a) .

(30) "effective term" means the number of years the loan is outstanding when the originator amortizes its portion of the loan in accordance with 3 AAC 99.240(f) or 3 AAC 99.340(f) .

(31) "loan portfolio of the authority" means all loans, loan participations, and loan guarantees approved and pending closing, owned or issued by the authority under the tax-exempt loan participation program (3 AAC 99.200 - 3 AAC 99.290) , the taxable loan participation program (3 AAC 99.300 - 3 AAC 99.390) , or the business and export assistance program (3 AAC 99.700 - 3 AAC 99.785) , and all other loans appropriated to or purchased by the authority.

History: In effect before 1988; am 1/11/88, Register 106; am 8/1/88, Register 107; am 1/12/89, Register 109; am 11/30/90, Register 118; am 9/25/92, Register 124; am 12/2/94, Register 134; am 2/11/99, Register 150; am 11/1/99, Register 153; am 2/8/2001, Register 158; am 10/12/2004, Register 173

Authority: AS 44.88.080

AS 44.88.085

AS 44.88.900

Editor's note: As of Register 171 (October 2004), the regulations attorney made technical revisions under AS\n 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.