Section 3.106.100. Power project fund loan application.

	(a)  An applicant for a loan from the power project fund must submit an application to the authority. The application must contain at the time of submission the following information:  
		(1) the legal name of the applicant and the legal authority under which it was created and other information that will demonstrate that the applicant is an eligible borrower under AS 42.45.010;  
		(2) a certified copy of the resolution or other official action taken by the applicant's governing body authorizing the application for a loan;   
		(3) the name, title, and address of the applicant's official correspondent or representative for purposes of the application;  
		(4) the names and titles of the applicant's principal officers, including the chief executive officer or general manager;  
		(5) the names and addresses of the engineer, legal counsel, financial advisor or consultant, and any management, engineering, design, economic, or other advisors or consultants that the applicant has for the project;  
		(6) the terms requested for the loan, including the total dollar amount of the loan, the maximum time allowed for repayment, and whether the applicant requests a reduced interest rate under (c) of this section;  
		(7) a general description of the use to which the loan money will be applied, including  
			(A) the geographic location of the project;  
			(B) a comprehensive statement clearly demonstrating public need for the project and the project's eligibility under AS 42.45.010;  
			(C) the proposed allocation of loan money to each purpose or to each phase of a project; and  
			(D) a narrative section providing a detailed description of the project, including each purpose of the project, a timeline and description of project phases, and the estimated annual operating costs and revenues of the project once project operations begin;  
		(8) information from which the authority can determine   
			(A) in the case of a loan to construct, equip, modify, or expand a project, whether the project is technically and economically viable, and is financially feasible under the criteria for financial feasibility in 3 AAC 106.125(a); and   
			(B) whether the applicant has the financial ability including, if necessary, the authority to charge and collect rates, fees, or rentals or in the case of a municipality, to levy taxes to generate sufficient revenue to repay the loan;  
		(9) the status of any proceedings undertaken by the applicant to obtain permits, certificates or other authorizations from any federal, state, or local agency necessary to begin, complete, and operate the project;  
		(10) financial statements for the previous two complete fiscal or calendar years of the applicant and any other party or parties acting as guarantor of the loan, unless otherwise required by the authority; these financial statements must include balance sheets and profit-and-loss statements and when possible, must be certified by an independent certified public accountant;  
		(11) for an investor-owned electric utility, a business history of any person or entity owning or controlling 10 percent or more of the applicant's stock or business;  
		(12) for a leveraged lease financing arrangement, information sufficient for the authority to determine that the provisions of AS 42.45.010(b)(2) have been met; and   
		(13) if the applicant is a Native village council, a resolution waiving sovereign immunity on a form provided by the authority.  
	(b)  An applicant shall, in addition to the application, timely provide other information requested by the authority.  
	(c)  Repealed 4/8/2015.  
	(d)  An applicant requesting an interest rate less than the rate set out in AS 42.45.010(f)(2)(A) must provide information sufficient for the authority to determine that the reduced rate is necessary to allow the project to meet the criteria for financial feasibility under 3 AAC 106.125(b).  

Authorities

42.45.010;44.83.080

Notes

Reference

3 AAC 106.120
3 AAC 106.140
3 AAC 106.159

Authority

AS 42.45.010 AS 44.83.080 Editor's note: Before 2/16/96, Register 137, the substance of 19 AAC 96.100 was set out in former 3 AAC 94.070. The history note of 19 AAC 96.100 does not reflect the history of 3 AAC 94.070.

History

Eff. 2/16/96, Register 137; am 4/8/2015, Register 214

References

19.96.100;3.94.070