Section 3.102.900. Definitions.

In this chapter,  
		(1) "authority" means the Alaska Industrial Development and Export Authority;  
		(2) "board" means the board of the authority;  
		(3) "executive director" means the executive director of the authority;  
		(4) "guarantee" means an agreement pledging assets of the authority to pay the regularly scheduled principal and interest due on a loan made for a qualified project, subject to conditions set out in the guarantee;  
		(5) "leveraged loan" mean a loan made into an investment entity, the proceeds of which, together with other funds, including tax credit equity, are invested as a qualified equity investment in a qualified community development entity that will use the funds to finance a project, business, or nonprofit activity for which the entity allocates new markets tax credits;  
		(6) "leverage loan product" means either a guarantee or a loan;  
		(7) "loan" means an extension of credit by the authority or a third-party lender to a borrower for an approved and eligible project, business, or nonprofit activity;  
		(8) "new markets tax credit" or "NMTC" means tax credits that arise out of 26 U.S.C. 45D (Internal Revenue Code) and related regulations;  
		(9) "NMTC financing" means a loan or guarantee provided under this chapter in connection with the federal new markets tax credit program administered by the Community Development Financial Institutions Fund that arises out of 26 U.S.C. 45D (Internal Revenue Code) and related regulations;  
		(10) "working day" does not include a Saturday, Sunday, or a state holiday.  

Authorities

44.88.085;44.88.770;44.88.799

Notes

Authority

AS 44.88.085 AS 44.88.770 AS 44.88.799 Editor's note: Even though 3 AAC 102.900 was adopted and effective 3/29/2013, it was not published until Register 207, October 2013. ________________________

History

Eff. 3/29/2013, Register 207

References

3.102.900