Sec. 44.88.840. Limitations on financing.

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(a)Unless the authority has obtained legislative approval by law, the authority may not use the Arctic infrastructure development fund established in AS 44.88.810 to make

(1)a loan for more than one-third of the capital cost of an Arctic infrastructure development; or

(2)a loan guarantee if the amount of the guarantee exceeds $20,000,000.

(b)Financing under AS 44.88.830 is limited to the projected life of the Arctic infrastructure development, which may not be more than 40 years.

(c)Notwithstanding

(a)of this section, the authority may use the Arctic infrastructure development fund established in AS 44.88.810 as security for a bond guarantee.

(d)The authority may guarantee a loan under AS 44.88.830 if the loan is made to a business with a majority interest held by state residents.

Article 11. Cook Inlet Oil and Gas Development Projects and Reserve-Based Lending.