Alaska Administrative Code
Title 15 - Revenue
Chapter 144 - Municipal Bond Bank Authority
15 AAC 144.060 - Board review

(a) The completed application along with the recommendation of the executive director and any other relevant information shall be transmitted to the board of directors for its review.

(b) The board will, in its discretion, request that the executive director obtain additional information and postpone immediate action on the application.

(c) The authority will approve a loan application for a project whose completion requires financing in addition to the loan from the authority, only upon the condition that before the authority issues bonds or disburses funds for the loan, the municipality demonstrates to the authority's satisfaction that all financing required to complete the project has been committed.

(d) The authority may not approve a loan application from a municipality with an obligation in default unless

(e) If the board approves an application, the board will instruct the executive director to enter into a loan agreement to purchase the municipal bonds of the municipality at the time or times the authority is able to sell its own bonds in amounts, at rates of interest, and on other terms and conditions that would enable the authority to purchase the municipal bonds. The loan agreement must require, as a condition of closing the loan, evidence satisfactory to the authority that the municipality has authorized the borrowing.