3 AAC 87.900 - Definitions

Unless the context requires otherwise, in this chapter

(1) repealed 8/10/97;

(2) "default" includes a violation of any provision of AS 27.09, this chapter, or the loan documents, failure to make the necessary payment within 15 days after it is due, or failure to maintain the insurance required by the department;

(3) "department" means the Department of Commerce, Community, and Economic Development;

(4) "mining" means the extraction of ore and preparation of a mineral product for market;

(5) "residency" means, in the case of an individual, physical presence in Alaska with the intent to remain indefinitely and make a home in the state;

(6) "wraparound financing" means a contract that includes the balance due on an existing debt and an additional amount to cover the difference between the selling price and the existing debt; and

(7) "director" means the director of the division assigned economic development functions or its successor agency in the department.

Notes

3 AAC 87.900

Eff. 9/11/85, Register 95; am 8/10/97, Register 143; am 10/16/2012, Register 204

As of Register 171 (October 2004), the regulations attorney made technical revisions under AS 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.

Authority:AS 27.09.050