15 AAC 144.060. Board review

(a) The completed application along with the recommendation of the executive director and any other relevant information shall be transmitted to the board of directors for its review.

(b) The board will, in its discretion, request that the executive director obtain additional information and postpone immediate action on the application.

(c) The authority will approve a loan application for a project whose completion requires financing in addition to the loan from the authority, only upon the condition that before the authority issues bonds or disburses funds for the loan, the municipality demonstrates to the authority's satisfaction that all financing required to complete the project has been committed.

(d) The authority may not approve a loan application from a municipality with an obligation in default unless

(1) the municipality has undertaken to cure the default in a manner approved by all parties to the obligation; and

(2) the authority finds that approval of the loan application will not have an adverse effect on the authority's credit rating.

(e) If the board approves an application, the board will instruct the executive director to enter into a loan agreement to purchase the municipal bonds of the municipality at the time or times the authority is able to sell its own bonds in amounts, at rates of interest, and on other terms and conditions that would enable the authority to purchase the municipal bonds. The loan agreement must require, as a condition of closing the loan, evidence satisfactory to the authority that the municipality has authorized the borrowing.

History: Eff. 4/1/76, Register 58; am 10/19/94, Register 132

Authority: AS 44.85.080

AS 44.85.095

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