15 AAC 118.030. Acceptance and approval of application; rejection and postponement

(a) When the requirements of 15 AAC 118.020 have been met, the executive director shall present the application to the authority for its consideration. However, nothing in this section prohibits the executive director from forwarding to members portions of the proposed application, as received.

(b) Acceptance of an application will be by motion or resolution. The acceptance motion or resolution will authorize the executive director to retain or further negotiate the services of a nationally recognized financial advisor and other necessary services for the evaluation of the proposed issue, and to request and review additional information and data pertinent to the application.

(c) The authority may request additional information and data or authorize the executive director to make these requests at any time during the application process.

(d) Before the authority approves an application, the applicant must have

(1) repealed 6/15/80;

(2) complied with 15 AAC 118.020 and 15 AAC 118.030;

(3) selected an underwriter acceptable to and approved by the authority; and

(4) submitted financial statements for the applicant and the operator or proposed operator of the existing or proposed medical facility, including balance sheets, income statements and statements of change in financial position, certified by an independent certified public accountant, for the immediately preceding three fiscal years or all fiscal years if the applicant or operator or proposed operator have been in operation for less than three years. Financial statements must also be provided for any parties acting as guarantors, indemnitors or sureties for the applicant or operator or proposed operator. The applicant must also provide pro forma financial statements showing the financial viability of the proposed project.

(e) The authority may consider any relevant information in deciding whether an applicant or operator or proposed operator is qualified to carry out the business of operating and maintaining a medical facility.

(f) The authority may reject or postpone acceptance of an application if the authority determines additional information is necessary. If the authority postpones or rejects an application, the executive director shall notify the applicant in writing of the reasons for the postponement or rejection.

(g) If, after the authority has approved the bond sale or other financial assistance but before the transaction has been completed, the executive director determines that approval was based upon a false or misleading statement by the applicant or operator or proposed operator, the executive director may order the transaction stayed pending a special meeting of the authority. At the special meeting, the authority may affirm its previous action or revoke the bond resolution.

History: Eff. 9/28/79, Register 71; am 6/15/80, Register 74

Authority: AS 18.26.050 (4)

AS 18.26.080

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