Sec. 16.10.505. Fisheries enhancement revolving loan fund.

163 words·~1 min read·/ak/title-16/chapter-10/16-10-505·

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(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 AS 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 AS 16.10.500 — 16.10.560, shall be paid into the fisheries enhancement revolving loan fund.

(b)Money in the fund may be used by the legislature to make appropriations for costs of administering AS 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 AS 16.10.500 — 16.10.560 may be used to carry out the purpose of AS 16.10.300 — 16.10.370.