Sec. 44.88.680. Qualified energy development; powers and duties of the authority.

294 words·~1 min read·/ak/title-44/chapter-88/44-88-680

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(a)Subject to the limitations of AS 44.88.690 , for qualified energy development, the authority may

(1)use the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund ( AS 44.88.660 ) to finance qualified energy 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 qualified energy development financing;

(4)subject to AS 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 energy 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;

(7)subject to AS 44.88.090 , borrow money and issue bonds; and

(8)pay off the principal of and interest on bonds issued by a municipality to acquire, construct, improve, or equip a public utility if the municipality continues to pay the authority the bond payments due under the terms of the bonds; the authority shall retain the payments from the municipality in a sinking fund, and the municipality may apply to use the funds for qualified energy development.

(b)The authority shall adopt regulations to implement AS 44.88.650 — 44.88.690, including

(1)an application process for acquiring financing under this section;

(2)qualifications for qualified energy development projects applying for financing under this section; and

(3)fiscal controls and accounting procedures for the development fund.