Section 3 AAC 99.260 - Application review and fees(a) The authority will determine whether to approve an application for the authority to participate in a real property or tangible personal property loan by evaluating (1) whether the requirements of AS 44.88.155 and 3 AAC 99.200 - 3 AAC 99.290 have been met;(2) the applicant's credit standing;(3) the economic and financial viability of the proposed project or qualified energy development;(4) the economic and financial viability of the proposed project or qualified energy development;(5) whether and the extent to which the loan is consistent with the fulfillment of the authority's purposes established in AS 44.88.070; and(6) any other commercially reasonable underwriting criteria the authority, in its discretion, determines to be pertinent to the application, given the terms of the financing or the nature of the applicant or the proposed project or qualified energy development.(b) If a loan application is approved, the authority will provide a loan commitment which is effective upon payment of a commitment fee by the applicant. The commitment fee is one percent of the principal amount of the authority's participation in the loan. A loan commitment is an agreement by the authority that it will participate in a loan to the applicant in an amount specified in the loan commitment under terms and conditions prescribed by the authority. The commitment fee is nonrefundable.(c) The authority may issue a Joan commitment as described in (b) of this section for a term determined by the authority. Before expiration of the loan commitment term, the originator may request an extension of the loan commitment term for a subsequent period of 30 days if the authority does not fund the authority's participation in the loan. The authority will grant a loan commitment term extension effective upon receipt by the authority of 12.5 basis points applied to the committed loan amount as a nonrefundable fee. The authority may grant subsequent loan commitment term extensions for additional 30-day periods effective upon receipt by the authority of an additional 12.5 basis points applied to the committed loan amount as a nonrefundable fee.In effect before 1988; am 1/11/88, Register 106; am 7/19/91, Register 119; am 11/1/99, Register 153; am 2/8/2001, Register 158; am 10/12/2004, Register 173; am 4/25/2013, Register 207; am 6/28/2018, Register 227, October 2018Even though the amendment of 3 AAC 99.260 was effective 4/25/2013, it was not published until Register 207, October 2013.
Authority:AS 44.88.070
AS 44.88.080
AS 44.88.085
AS 44.88.212