Sec. 45.88.010. Fund established.
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/ak/title-45/chapter-88/45-88-010A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 45.88.010. Fund established.
(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 AS 45.88.010 — 45.88.090. Loans made under AS 45.88.010 — 45.88.090 are to be used
(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 AS 45.88.010 — 45.88.090.
(c)[Repealed, § 38 ch 83 SLA 2010.]
(d)Notwithstanding any other provision in AS 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 AS 45.88.010 — 45.88.090.