Section 3.99.160. Composite bond issue.

	(a)  If the authority intends to issue bonds for a project under the tax-exempt loan participation program (3 AAC 99.200 - 3 AAC 99.290) or the taxable loan participation program (3 AAC 99.300 - 3 AAC 99.390), the project is eligible for a composite bond issue subject to approval by the authority, the originator, and the borrower.  
	(b)  In a composite bond issue, the authority will issue bonds to finance all or part of the amount of the total loan to the borrower from the originator not financed under the tax-exempt loan participation program or the taxable loan participation program as described in (a) of this section. The originator shall purchase bonds issued under this subsection and must agree to retain those bonds as long as the total loan is outstanding.  
	(c)  The issuance of bonds under (b) of this section is subject to the provisions of 3 AAC 99.100 - 3 AAC 99.140, except with regard to the financing fee. The financing fee for bonds issued under (b) of this section is one-half of one percent for the first $1,000,000 of the principal amount of the bonds issued and one-quarter percent of the principal amount of the revenue bonds issued in excess of the first $1,000,000.  

Authorities

44.88.080;44.88.085;44.88.090;44.88.155

Notes

Reference

3 AAC 99.100
3 AAC 99.140

Authority

AS 44.88.080 AS 44.88.085 AS 44.88.090 AS 44.88.155 ________________________

History

In effect before 1988; am 1/11/88, Register 106; am 11/30/90, Register 118; am 12/3/2010, Register 197