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Title 3 . Commerce, Community, and Economic Development
Chapter 155 . Small Municipality Energy Assistance Program
Section 20. Interest accrual on grant account balance

3 AAC 155.020. Interest accrual on grant account balance

(a) The interest for each grant account established under AS 37.06.020 (b) equals

(1) the balance in the grant account as of the close of the last day of the fiscal year for which the calculation is made; multiplied by,

(2) the annual percentage rate at which interest is received by other accounts in the state's general investment fund that receive interest during the fiscal year for which the calculation is made.

(b) Interest must be appropriated before it will be allocated to individual grant accounts by the department.

History: Eff. 8/19/93, Register 127; am 12/31/93, Register 128

Authority: AS 37.06.020

AS 37.06.080

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Last modified 7/05/2006