(a) There is established in the Department of Commerce, Community, and Economic Development the alternative energy conservation revolving loan fund to carry out the purposes of Alaska Stat. § 45.88.010 – 45.88.090. Loans made under Alaska Stat. § 45.88.010 – 45.88.090 are to be used
Terms Used In Alaska Statutes 45.88.010
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
(1) to develop means of energy production utilizing one or more alternative energy systems; and(2) to purchase, construct, and install energy conservation improvements in commercial buildings.(b) Money in the fund may be used by the legislature to make appropriations for costs of administering Alaska Stat. § 45.88.010 – 45.88.090.(c)[Repealed, Sec. 38 ch 83 SLA 2010].(d) Notwithstanding any other provision in Alaska Stat. § 45.88.010 – 45.88.090, a multifuel heating system that uses the combination of wood or fossil fuel for fuel does qualify under this loan fund.(e) The alternative energy conservation revolving loan fund consists of
(1) money appropriated to the fund by the legislature;(2) gifts, bequests, or contributions from other sources;(3) principal and interest payments or other income earned on loans or investments in the fund; and(4) money chargeable to principal or interest that is collected through liquidation by foreclosure or other processes on loans made under Alaska Stat. § 45.88.010 – 45.88.090.
