Section 3.101.160. Closing and disbursement of funds.

	(a)  Upon written certification by both the authority and the applicant that all provisions of the commitment letter have been complied with, the financing will be scheduled for closing and, if a loan transaction, disbursement of proceeds. If the financing is a guarantee, then the authority, at the time of closing, will deliver its guarantee to the applicant, or where appropriate, to the applicant's third-party lender or bond trustee or to the closing agent handling the financing transaction between the applicant and its third-party lender.  
	(b)  When the financing involves a qualified energy development that will generate power for sale into an existing public utility transmission or distribution grid, the applicant shall, prior to closing, or the issuance of a guarantee, provide the authority with an executed off-take agreement, either in the form of a power supply or power purchase agreement, the terms of which are, in all material respects, in accordance with the expected terms provided with the application, or with only those deviations from the expected terms that are acceptable to the authority.  

Authorities

44.88.085;44.88.670;44.88.680

Notes

Authority

AS 44.88.085 AS 44.88.670 AS 44.88.680 Editor's note: Even though 3 AAC 101.160 was adopted and effective 4/25/2013, it was not published until Register 207, October 2013.

History

Eff. 4/25/2013, Register 207

References

3.101.160