Title 11 . Natural Resources

Chapter 39 . Agricultural Revolving Loan Fund

Section 101. Applications for loans

11 AAC 39.101. Applications for loans

(a) Each applicant must submit an application on a form approved by the board and include with the application

(1) a nonrefundable fee of $50;

(2) federal and state income tax returns for the three years preceding the date of the application;

(3) financial statements, including assets and liabilities, that support the application;

(4) the amount of loan requested, a description detailing the proposed use of the proceeds of the loan, and the plan of repayment of the loan;

(5) a list of collateral intended to secure the loan, with the following for each listed:

(A) date of acquisition;

(B) cost;

(C) location;

(D) market value;

(E) amount of existing liens;

(6) an annual income and expense statement of the applicant for the year of the application;

(7) a five-year agricultural plan including projected borrowing needs;

(8) a statement of the applicant whether the applicant is or was in the past the subject of a bankruptcy action and, if so, the date of the bankruptcy action; and

(9) a resume of agricultural experience, business history, and education of the applicant and relevant managerial personnel.

(b) Upon request, an applicant must obtain and provide any additional information and records reasonably necessary to support or clarify the application or the financial background of the applicant or guarantor, including

(1) tax returns;

(2) detailed financial and other statements;

(3) projected income and expense statements;

(4) property appraisals;

(5) title reports;

(6) surveys;

(7) marketing studies;

(8) financial statements prepared by a certified public accountant; and

(9) copies of orders and decisions in any bankruptcy actions.

(c) Unless an application requirement is waived under 11 AAC 39.032(d) , a complete loan application will be presented to the board at a meeting under 11 AAC 39.031 if

(1) the application complies with AS 03.10 and this chapter; and

(2) except in the case of emergency, is received by the division at least 30 calendar days before the date of the meeting.

(d) A corporation applying for a loan shall submit a current certificate of good standing in the state and a corporate resolution authorizing the corporation to borrow from the fund. A partnership, joint venture, or other business entity applying for a loan must submit proof of the authority to borrow from the fund.

History: Eff. 12/1/84, Register 92; am 1/1/86, Register 96; am 10/27/2002, Register 164

Authority: AS 03.09.040

AS 03.10.020

AS 03.10.030

AS 03.10.050