Sec. 42.45.270. Bulk fuel bridge account; loans.

215 words·~1 min read·/ak/title-42/chapter-45/42-45-270

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(a)The bulk fuel bridge loan account is established as a separate account within the fund. Subject to availability of funds in the account, the division may make bulk fuel bridge loans from the bulk fuel bridge loan account as provided in AS 42.45.250 — 42.45.299.

(b)A community or person is eligible for a bulk fuel bridge loan only if the community or person

(1)meets the requirements of AS 42.45.250 (a); and

(2)has been denied an application for a bulk fuel loan under AS 42.45.260 .

(c)Loans made from the bulk fuel bridge loan account to one borrower in a fiscal year

(1)may not exceed $750,000;

(2)shall be repaid within one year after the date of the loan disbursement; and

(3)may include additional terms and conditions required by the division.

(d)The division shall implement a technical assistance and counseling plan for borrowers who have received a bulk fuel bridge loan to help those borrowers improve creditworthiness or other financial criteria likely to be considered by the division if the borrower applies for another bulk fuel loan in the future. The division may contract with a state agency or outside contractor to administer or implement the technical assistance and counseling plan.