Section 11 AAC 17.050 - Disbursement of fundsFunds will be disbursed to projects for which appropriations have been made and for which agreements have been executed when
(1) for those projects submitted under 11 AAC 17.020(1) and (2), the municipality furnishes the director evidence that federal funds have been made available for the project;(2) for those projects submitted under 11 AAC 17.020(3), the municipality enters into a loan agreement with the state specifying repayment of the amount loaned plus annual interest at the rate of six percent within 10 years of the date the loan agreement is executed;(3) for those projects submitted under 11 AAC 17.020(4), the director determines the previous expenditures by the municipality were used on eligible property and the funds to be granted by the state are to be spent on the same property.Authority:AS 41.21.040
AS 41.22.030