Section 3.99.595. Closing.

	(a)  Upon written certification by both the authority and the project applicant that all provisions of the commitment letter have been complied with, the financing will be scheduled for closing and disbursement of the financing proceeds.  
	(b)  When the financing involves a development project that the authority does not intend to own or operate and that will generate power for sale into an existing public utility transmission or distribution grid, the project applicant shall, before closing, 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.  
	(c)  The authority may require in the financing agreement or other closing documents signed by the project applicant that the project applicant periodically provide financial, operational, or other information in a form acceptable to the authority in its sole discretion to the authority over the term of the financing.  
	(d)  The authority may require in the financing agreement or other closing documents that the project applicant allow the authority, or its designated agent, to periodically review the development project by  
		(1) conducting an on-site visit and inspection of the development project; and  
		(2) reviewing updated financial, operational, or other information on the project applicant or the development project.  

Authorities

44.88.080;44.88.085;44.88.172;44.88.212

Notes

Authority

AS 44.88.080 AS 44.88.085 AS 44.88.172 AS 44.88.212

History

Eff. 12/5/2013, Register 209