3 Alaska Admin. Code § 161.030

Current through October 17, 2024

Section 3 AAC 161.030 - Eligibility

To be eligible for a loan,

(1) an applicant must intend to use the loan for purchase of fuel to generate power or supply the public with fuel for use, including the necessary costs of transporting the fuel;

(2) an applicant must agree to repay the loan in one year or less, according to a repayment plan determined by the division;

(3) the amount of the loan, added to the amounts of all other bulk fuel revolving loan principal balances to the same borrower

(A) may not exceed $750,000, unless the loan is from the bulk fuel loan account and the borrower

(i) is a cooperative corporation organized under AS 10.15 or an electric cooperative organized under AS 10.25; and

(ii) uses the loan to purchase bulk fuel on behalf of more than one community; and

(B) may not exceed the lesser of

(i) $750,000 multiplied by the number of eligible communities on whose behalf the bulk fuel is to be purchased; or

(ii) $1,800,000.

3 AAC 161.030

Eff. 9/2/2008, Register 188; am 1/28/2009, Register 189; am 3/8/2013, Register 205

Authority:AS 42.45.250

AS 42.45.260

AS 42.45.270