(a) Subject to the limitations of AS 44.88.690, for qualified energy development, the authority may

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Terms Used In Alaska Statutes 44.88.680

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • municipality: means a political subdivision incorporated under the laws of the state that is a home rule or general law city, a home rule or general law borough, or a unified municipality. See Alaska Statutes 01.10.060
(1) use the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund [AS 44.88.660] to finance qualified energy development, insure project obligations, guarantee loans or bonds, and establish reserves;
(2) acquire real or personal property by purchase, transfer, or foreclosure when the acquisition is necessary to protect the authority’s interest in financing;
(3) defer principal payments or capitalize interest on qualified energy development financing;
(4) subject to AS 36.30.085(e), enter into lease agreements, sales-lease-back agreements, build-operate-transfer, and operate-transfer agreements, or any similar project financing agreement for a qualified energy development;
(5) enter into agreements with government entities for the transfer and control of infrastructure, facilities, rights-of-way, and studies;
(6) contract for services with a professional advisor, including an attorney, bond counsel, engineer, or other technical expert necessary to fulfill the purposes of the program;
(7) subject to AS 44.88.090, borrow money and issue bonds; and
(8) pay off the principal of and interest on bonds issued by a municipality to acquire, construct, improve, or equip a public utility if the municipality continues to pay the authority the bond payments due under the terms of the bonds; the authority shall retain the payments from the municipality in a sinking fund, and the municipality may apply to use the funds for qualified energy development.
(b) The authority shall adopt regulations to implement AS 44.88.650 – 44.88.690, including

(1) an application process for acquiring financing under this section;
(2) qualifications for qualified energy development projects applying for financing under this section; and
(3) fiscal controls and accounting procedures for the development fund.
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