3 AAC 99.570 - Application processing

(a) If the project financing committee's recommendation is that the development project financing be approved, the application will be put on the board's agenda for consideration. If the recommendation is that the development project financing not be approved, the application will not be put on the board's agenda, unless the project applicant requests board consideration. To request board consideration in such a case, the project applicant must notify the executive director in writing that it seeks board consideration. The project applicant's notice to the executive director seeking board consideration must be provided not later than 20 working days after the project applicant is informed in writing of the adverse recommendation on the application for development project financing.

(b) The board may accept or reject an application for development project financing regardless of the recommendation made by the project financing committee. In considering an application, the board may allow the project applicant to make a presentation to the board or the board may limit its consideration to the documents submitted to the authority in connection with the application. The decision of the board to accept or reject a full application for development project financing will constitute the final decision of the authority on the application.

(c) If the board approves the recommendation of the project financing committee, the authority will issue a commitment letter to the project applicant that states the material terms and conditions under which the authority will provide the development project financing.

Notes

3 AAC 99.570

Eff. 12/5/2013, Register 209, April 2014

Authority:AS 44.88.080

AS 44.88.085

AS 44.88.172