The department may

(1) make loans to eligible applicants under Alaska Stat. § 16.10.890 – 16.10.945 for the planning, construction, and operation of a

Terms Used In Alaska Statutes 16.10.905

  • Amortization: Paying off a loan by regular installments.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Bequest: Property gifted by will.
  • Devise: To gift property by will.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(A) mariculture business;
(B) hatchery that artificially propagates marine aquatic plants or shellfish; or
(C) a shellfish enhancement project;
(2) receive, take, hold, and administer any appropriation, transfer, gift, grant, bequest, devise, or donation of money for the fund;
(3) establish amortization plans for repayment of loans, including extensions of the terms of loans;
(4) allow an assumption of a loan if

(A) the applicant meets the requirements established under this section; and
(B) approval of the assumption would be consistent with the purposes of Alaska Stat. § 16.10.890 – 16.10.945;
(5) establish the rate of interest for loans consistent with law;
(6) charge and collect fees for services provided under Alaska Stat. § 16.10.890–16.10.945;
(7) adopt regulations under Alaska Stat. Chapter 44.62 necessary to carry out the provisions of Alaska Stat. § 16.10.890 – 16.10.945, including regulations to establish reasonable fees for services provided; and
(8) designate agents and delegate powers as necessary to the agents.
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