(a) The mariculture revolving loan fund is created in the Department of Commerce, Community, and Economic Development to carry out the purposes of Alaska Stat. § 16.10.890–16.10.945.
Terms Used In Alaska Statutes 16.10.900
Bequest: Property gifted by will.
Devise: To gift property by will.
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
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(b) The mariculture revolving loan fund consists of the following:
(1) money appropriated to, transferred to, or received by gift, grant, devise, bequest, or donation to the fund;(2) principal and interest payments or other income earned on loans or investments of the fund; and(3) money chargeable to principal or interest that is collected through liquidation by foreclosure or other process on loans made under Alaska Stat. § 16.10.890–16.10.945. (c) Money in the fund may be used by the legislature to make appropriations for costs of administering Alaska Stat. § 16.10.890 – 16.10.945. (d) Of the total amount available annually to the department to carry out the purposes of Alaska Stat. § 16.10.890 – 16.10.945, less any funds appropriated under (c) of this section, 60 percent shall be available solely for making loans under Alaska Stat. § 16.10.910 (a)(1) and the remainder shall be available solely for making loans under Alaska Stat. § 16.10.910 (a)(2).
