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(a) Except as provided in 18 AAC 76.230 for a disadvantaged system, the amortization schedule for financial assistance from the Alaska drinking water fund will be negotiated between the borrower and the department. The department will not negotiate an amortization schedule that exceeds 20 years. Repayment of financial assistance must begin within one year after the date of initiation of operation of the facility, or within one year after the date of a refinancing under 18 AAC 76.205(a) (2). The department will apply amortization repayments first toward any penalties owed, second toward any fees owed, third toward the interest, and fourth toward the principal.
(b) When the department makes an offer of financial assistance, the department will establish a fixed finance charge that includes the fee specified in 18 AAC 76.257(a) , interest, and any adjustment described in 18 AAC 76.252(a) or (c). as appropriate, the finance charge to be assessed as follows:
(1) for a contract term of five to 20 years, accrual of finance charges begins one year after the date of the first payment to the borrower; the department will assess a finance charge at a rate of two and one-half percent of the total amount of financial assistance disbursed, or 30 percent of the current bond rate as defined by the Municipal Bond Index, whichever is higher;
(2) for a contract term of less than five years, accrual of finance charges begins one year after the date of the first payment to the borrower; the department will assess a finance charge of one percent of the total amount of financial assistance disbursed, or 12 1 / 2 percent of the current bond rate as defined by the Municipal Bond Index, whichever is higher;
(3) for financial assistance that is repaid within one year after the first payment to the borrower, the department will assess a finance charge equal to one-half of one percent of the total amount of financial assistance disbursed.
(c) A borrower under a financial assistance agreement under 18 AAC 76.200 - 18 AAC 76.265 that is in effect on December 29, 2000 may, within one year after that date convert the financial assistance agreement to a new finance rate, if all other terms of the agreement remain in effect.
History: Eff. 8/2/97, Register 143; am 12/29/2000, Register 156; am 3/14/2002, Register 161
Authority: AS 46.03.020
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Last modified 7/05/2006