(a) There is created within the Department of Commerce, Community, and Economic Development a revolving fund to be known as the fisheries enhancement revolving loan fund. Except as provided in (b) and (c) of this section, the fund shall be used to carry out the purposes of Alaska Stat. § 16.10.500 – 16.10.560 and for no other purpose. 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. § 16.10.500 – 16.10.560, shall be paid into the fisheries enhancement revolving loan fund.
Terms Used In Alaska Statutes 16.10.505
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. § 16.10.500 – 16.10.560.(c) Money in the fund that the commissioner determines to be excess to that needed to carry out the purpose of Alaska Stat. § 16.10.500 – 16.10.560 may be used to carry out the purpose of Alaska Stat. § 16.10.300 – 16.10.370.
