(a) Subject to the limitations of Alaska Stat. § 44.88.840, for Arctic infrastructure development, the authority may
Terms Used In Alaska Statutes 44.88.830
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
(1) use the Arctic infrastructure development fund (Alaska Stat. § 44.88.810) to finance Arctic infrastructure 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 Arctic infrastructure development;(4) subject to Alaska Stat. § 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 Arctic infrastructure 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; and(7) subject to Alaska Stat. § 44.88.090, borrow money and issue bonds.(b) The authority shall adopt regulations to implement Alaska Stat. § 44.88.800-44.88.840, including
(1) a process for acquiring financing under this section;(2) qualifications for Arctic infrastructure development projects applying for financing under this section; and(3) fiscal controls and accounting procedures for the fund.
