(a) There is created in the Department of Commerce, Community, and Economic Development a tourism revolving fund. All principal and interest payments, and money chargeable to principal or interest that is collected through liquidation by foreclosure or other process on loans made under Alaska Stat. § 45.81.100 – 45.81.190, shall be paid into the tourism revolving fund.
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Terms Used In Alaska Statutes 45.81.100

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
(b) Money in the fund may be used by the legislature to make appropriations for costs of administering Alaska Stat. § 45.81.100 – 45.81.190.
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