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- Alaska Statutes.
- Title 44. State Government
- Chapter 88. Alaska Industrial Development and Export Authority
- Section 159. Interest Rates.
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Section 157. , 44.88.158. Loan Insurance and Loan Insurance Account; Small Business Enterprise Loan Account. [Repealed, Sec. 23 Ch 123 SLA 1990].
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Section 160. Findings of the Authority. [Repealed, Sec. 23 Ch 123 SLA 1990].
AS 44.88.159. Interest Rates.
- (a) The interest rate on a loan participation purchased from the proceeds of tax-exempt bonds or expected by the authority
to be purchased from the proceeds of tax-exempt bonds shall be determined under the regulations adopted by the
authority under AS 44.88.085(g)(2)(C) and shall be not
less than the cost of funds to the authority. In this subsection, "cost of funds" means the true interest cost
expressed as a rate on tax-exempt bonds of the authority plus an additional percentage as determined by the authority
to represent the allocable expenses of operation, costs of issuance, and loan servicing costs.
- (b) The interest rate on a loan participation purchased from the proceeds of taxable bonds or expected by the authority to
be purchased from the proceeds of taxable bonds shall be determined under the regulations adopted by the authority
under AS 44.88.085
(g)(2)(C) and shall be not less than the cost of funds to the authority. In this subsection, "cost of funds" means the
true interest cost expressed as a rate on taxable bonds, plus an additional percentage as determined by the authority
to represent the allocable expenses of operation, costs of issuance, and loan servicing costs.
- (c) [Repealed, Sec. 23 ch 123 SLA 1990].
- (d) The provisions of this section apply only to a loan participation purchased under AS 44.88.155
- 44.88.159.
- (e) The interest rate on a loan participation purchased directly from the assets of the authority shall be determined
under the regulations adopted by the authority under AS 44.88.085
(g)(2)(C). However, the minimum interest rate on a loan participation purchased from assets of the authority may not be
less than the minimum interest rate determined
- (1) under (a) of this section if the project is of a type that could be funded with tax-exempt bonds; or
- (2) under (b) of this section if the project is of a type that could not be funded with tax-exempt bonds.
- (f) In determining an interest rate under the regulations adopted by the authority under AS 44.88.085
(g)(2)(C), the authority may determine to disregard the minimum interest rate required under (a), (b), or (e) of this
section for a loan participation purchased by the authority to resolve lending limits or reserve restrictions imposed
on the financial institution and may instead determine to retain the interest rate existing at the time the authority
purchases a portion of the loan.
Article 04. GENERAL ADMINISTRATIVE PROVISIONS
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