3 AAC 101.090 - Loan committee

(a) Once the authority determines that the requested financing is proper under the SETS program and fund and that a complete application has been submitted for review, the authority will notify the applicant in writing that the application is deemed complete.

(b) After payment of the application fee, a completed application will be reviewed by a loan committee for the purpose of making a recommendation to the board about the requested financing. The loan committee for the SETS program and fund will consist of one or more of the authority's employees the executive director may designate. With the executive director's approval, the loan committee may engage and consult professional advisors in considering an application.

(c) The loan committee may request modifications to the completed application or changes in the terms of the requested financing.

(d) The loan committee's approval of the completed application will constitute a recommendation to the board for it to approve the requested financing. The loan committee's rejection of a completed application will constitute a recommendation to the board that the requested financing be rejected.

Notes

3 AAC 101.090

Eff. 4/25/2013, Register 207

Even though 3 AAC 101.090 was adopted and effective 4/25/2013, it was not published until Register 207, October 2013.

Authority:AS 44.88.085

AS 44.88.670

AS 44.88.680