Current through August 30, 2024
(a) Each applicant for a new loan must submit
an application on a form approved by the board and include with the application
(1) a nonrefundable fee of $50;
(2) federal and state income tax returns for
the three years preceding the date of the application;
(3) financial statements, including assets
and liabilities, that support the application;
(4) the amount of loan requested, a
description detailing the proposed use of the proceeds of the loan, and the
plan of repayment of the loan;
(5)
a list of collateral intended to secure the loan, with the following for each
listed:
(A) date of acquisition;
(B) cost;
(C) location;
(D) market value on the date of the
application;
(E) amount of existing
liens; and
(F) if a moving vehicle,
(i) the vehicle's make, model, and year;
and
(ii) the vehicle's engine hours
or odometer reading;
(6) an annual income and expense statement of
the applicant for the year of the application;
(7) a five-year agricultural plan including
projected borrowing needs;
(8) a
statement of the applicant whether the applicant is or was in the past the
subject of a bankruptcy action and, if so, the date of the bankruptcy action;
and
(9) a resume of agricultural
experience, business history, and education of the applicant and relevant
managerial personnel.
(b) Each applicant for a modification of an
existing loan must submit an application on a form approved by the board and
include with the application
(1) a
nonrefundable fee of $50;
(2)
authorization for the division to receive credit reports; and
(3) proof of non-delinquency on any
agricultural or other loan.
(c) Upon request of the division or the
board, an applicant for a new or modified loan must obtain and provide any
additional information and records reasonably necessary to support or clarify
the application or the financial background of the applicant or guarantor,
including
(1) tax returns;
(2) detailed financial and other
statements;
(3) projected income
and expense statements;
(4)
property appraisals;
(5) title
reports;
(6) surveys;
(7) marketing studies;
(8) financial statements prepared by a
certified public accountant; and
(9) copies of orders and decisions in any
bankruptcy actions.
(d)
Unless an application requirement is waived under 11 AAC 39.032(d), a complete
loan application will be presented to the board at a meeting under
11 AAC 39.031 if
(1) the application complies with AS 03.10
and this chapter; and
(2) except in
the case of emergency, the application is received by the division at least 30
calendar days before the date of the meeting.
(e) A corporation applying for a loan shall
submit a current certificate of good standing in the state and a corporate
resolution authorizing the corporation to borrow from the fund. A partnership,
joint venture, or other business entity applying for a loan must submit proof
of the authority to borrow from the fund.
Authority:AS
03.09.040
AS
03.10.020
AS
03.10.030
AS
03.10.050
