Section 3.106.150. Loan fees and reimbursement of costs.

	(a)  An applicant for a loan from the power project fund must pay an application fee of   
		(1) $200 for applications requesting loan amounts up to and including $100,000;  
		(2) $1,000 for applications requesting loan amounts of more than $100,000 and not more than $500,000;  
		(3) $2,000 for applications requesting loan amounts of more than $500,000 and not more than $1,000,000; or  
		(4) $5,000 for applications requesting loan amounts of more than $1,000,000.  
	(b)  The application fees in (a) of this section are nonrefundable and due at the time an application is filed with the authority.  
	(c)  The authority may require the applicant to enter into an agreement obligating the applicant to reimburse the authority for the authority's costs to conduct a feasibility analysis of the loan application or proposed project.  
	(d)  If the authority approves an application, the borrower shall pay a closing fee of one percent of the total loan amount at the time of closing. The application fee will be credited toward the closing fee. The authority may add the closing fee to the balance of the loan at loan closing. If the authority entered into an agreement with the applicant for reimbursement of the authority's costs for conducting a feasibility analysis under (c) of this section, the authority may add the cost of the authority's feasibility analysis to the balance of the loan at closing.  

Authorities

42.45.010;44.83.080

Notes

Authority

AS 42.45.010 AS 44.83.080

History

Eff. 4/8/2015, Register 214