3 AAC 99.730 - Conditions of guarantee
(a) The authority
may not guarantee loans to refinance existing debt unless the conditions under
AS
44.88.525 have been met.
(b) The authority may not guarantee loans
unless the conditions under
AS
44.88.535 have been met.
(c) A guarantee issued by the authority for
loans must comply with the limitations set forth in
AS
44.88.540 and
44.88.545.
(d) The loan to be guaranteed by the
authority must be secured by a perfected first lien or security interest in the
real or tangible personal property offered as security, unless the authority
specifically waives the priority of the lien or security interest.
(e) Payment of guarantees will come
exclusively from reserves set aside by the authority for this purpose. The
holders of a loan guarantee issued by the authority can look only to the
reserves set aside by the authority for this purpose for payment of the
guarantee and not to the general assets of the authority. The guarantee
authorization shall expressly limit the liability of the authority as provided
in this paragraph. The authority will set aside adequate reserves to cover
outstanding guarantees. Upon request, the authority will provide information as
to the amount of the reserves set aside for this purpose.
Notes
Authority:AS 44.88.525
AS 44.88.530
AS 44.88.535
AS 44.88.540
AS 44.88.545
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