17 AAC 45.125. Lease rates, interest, late notice fee, and security for payment

(a) If the department grants a lease or privilege at an airport by competitive award under 17 AAC 45.300 - 17 AAC 45.399 and the award is based on the rent or fee offered by the successful bidder or proposer, the rent or fee for that lease or privilege is the amount set by the award.

(b) Interest at the rate provided in AS 45.45.010 accrues on and attaches to any unpaid rent, fee, or charge under this chapter from the date payment is due through the date paid.

(c) In addition to interest assessed under (b) of this section, a lessee, permittee, or concessionaire must pay to the department a late notice fee of $50 for each late payment for which the department issues a late notice to the lessee, permittee, or concessionaire for

(1) non-payment of a rent or fee by the date required by the lease, permit, or concession; or

(2) failure to submit to the department a certified activity report by the date required by the lease, permit, or concession.

(d) The department may require a person using an airport to make a deposit, post a bond, or provide a letter of credit, personal guarantee, or other form of security if the department determines the requirement is necessary to guarantee payment of any charge, rent, or fee payable for use of an airport or of any other obligation in connection with that use. The deposit, bond, letter of credit, personal guarantee, or other security must be in a form and in an amount the department finds acceptable considering the person's financial obligations to the airport, the person's financial responsibility, and the proposed activities on the airport.

History: Eff. 3/28/2002, Register 161

Authority: AS 02.15.020

AS 02.15.060

AS 02.15.090

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