15 AAC 144.080. Conditions

(a) A municipality that submits a loan application shall make its books and records available for inspection by the authority or its agents upon the receipt of a reasonable request to inspect them.

(b) The authority will, in its discretion, request that the municipality pay in advance for the direct cost of evaluating its application and no application will be considered until the requested payment has been made.

(c) The authority will, in its discretion, require that the applicant agree that in the event of a postponement of the date of purchase of municipal bonds, the applicant will hold the authority harmless from any liability arising out of reliance by the applicant or any third party upon approval of the loan application.

(d) The authority will, in its discretion, require that the loan agreement to be entered into provide terms, conditions and limitations with respect to the amount of bonds that the municipality may issue after execution of the agreement, the pledging of municipal revenues to the municipal bonds purchased by the authority, and otherwise as in the opinion of the authority are proper for the purposes and security of the authority and the holders of its bonds and notes.

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

Authority: AS 44.85.080

AS 44.85.095

AS 44.85.170

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