CSSB 266(RES): "An Act authorizing the commissioner of community and economic development to refinance and extend the term of a fishery enhancement loan."
00 CS FOR SENATE BILL NO. 266(RES) 01 "An Act authorizing the commissioner of community and economic development to 02 refinance and extend the term of a fishery enhancement loan." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 16.10.510 is amended to read: 05 Sec. 16.10.510. Powers and duties of the commissioner. The commissioner 06 may 07 (1) make loans to permit holders, under AS 16.10.400 - 16.10.470, 08 including those holders issued permits before June 24, 1977, for the planning, 09 construction, and operation of hatchery facilities; 10 (2) make loans to qualified regional associations that have formed a 11 nonprofit corporation or a local nonprofit corporation approved by a qualified regional 12 association, for preconstruction activities necessary to obtain a permit; 13 (3) designate agents and delegate powers to them as necessary; 14 (4) adopt regulations necessary to carry out the provisions of
01 AS 16.10.500 - 16.10.560, including regulations to establish reasonable fees for 02 services provided; 03 (5) establish amortization plans for repayment of loans, not to exceed 04 30 years unless the commissioner has extended the term of the loan beyond 30 05 years under (11) of this section; 06 (6) establish the rate of interest for loans not to exceed nine and one- 07 half percent a year; 08 (7) establish regional and local offices and advisory groups to carry 09 out, or assist in carrying out, the duties and authority of the commissioner; 10 (8) [REPEALED 11 (9)] make grants for organizational and planning purposes to qualified 12 regional associations that have formed a nonprofit corporation, in amounts not 13 exceeding $100,000 per region and up to an additional $100,000 on a 50/50 cash 14 matching basis with the regional associations that have an authorized royalty 15 assessment under AS 16.10.540; the state portion of the matching share shall be 16 available when a final vote for assessments is made under AS 16.10.540; this 17 provision also applies to qualified regional associations that have formed a nonprofit 18 corporation before June 24, 1977; 19 (9) [(10)] make loans to qualified regional associations that have 20 formed a nonprofit corporation or to local nonprofit corporations approved by 21 qualified regional associations for planning and implementation of fisheries 22 enhancement and rehabilitation activities including, but not limited to, lake 23 fertilization and habitat improvement; 24 (10) refinance a debt obligation incurred by a borrower under this 25 section if the borrower otherwise qualifies for a loan under AS 16.10.500 - 26 16.10.560; the interest rate for a loan to refinance a debt obligation incurred 27 under this section may not exceed the interest rate that is in effect for new loans 28 under this section at the time that the loan commitment for the refinancing loan 29 is made; a loan made under this paragraph is not subject to AS 16.10.525; 30 (11) extend the term of a loan made under this section if the 31 commissioner finds that extension of the term of the loan would alleviate an
01 undue financial hardship on the borrower; the commissioner shall submit 02 annually a report to the legislature summarizing the commissioner's decisions 03 during the prior calendar year to approve or deny requests to extend loans under 04 this paragraph and the reasons for the decisions; 05 (12) charge and collect the fees established under this section.