Enrolled SB 387: Authorizing the making of certain commercial fishing loans to eligible community quota entities for the purchase of certain fishing quota shares; and providing for an effective date.
00Enrolled SB 387 01 Authorizing the making of certain commercial fishing loans to eligible community quota 02 entities for the purchase of certain fishing quota shares; and providing for an effective date. 03 _______________ 04 * Section 1. AS 16.10.310(a)(1) is amended to read: 05 (1) make loans 06 (A) to individual commercial fishermen who have been state 07 residents for a continuous period of two years immediately preceding the date 08 of application for a loan under AS 16.10.300 - 16.10.370, who have had a 09 crewmember or commercial fishing license under AS 16.05.480 or a permit 10 under AS 16.43 for the year immediately preceding the date of application and 11 any other two of the past five years, and who actively participated in the 12 fishery during those periods 13 (i) for the purchase of entry permits; or
01 (ii) to upgrade existing vessels and gear for the purpose 02 of improving the quality of Alaska seafood products; 03 (B) to an individual for the repair, restoration, or upgrading of 04 existing vessels and gear, for the purchase of entry permits and gear, and for 05 the construction and purchase of vessels, if the individual has been a state 06 resident for a continuous period of two years immediately preceding the date 07 of application for a loan under AS 16.10.300 - 16.10.370, and either 08 (i) because of lack of training or lack of employment 09 opportunities in the area of residence, does not have occupational 10 opportunities available other than commercial fishing; or 11 (ii) is economically dependent on commercial fishing 12 for a livelihood and for whom commercial fishing has been a traditional 13 way of life in Alaska; 14 (C) for the purchase of quota shares for fisheries in or off the 15 state by individual commercial fishermen who 16 (i) have been state residents for a continuous period of 17 two years immediately preceding the date of application for a loan 18 under AS 16.10.300 - 16.10.370; 19 (ii) for any two of the past five years, possessed a 20 crewmember or commercial fishing license under AS 16.05.480 or a 21 permit under AS 16.43 and actively participated in a fishery for which 22 the license or permit was issued; 23 (iii) qualify as transferees for quota shares under 24 applicable law; and 25 (iv) are not eligible for financing from other recognized 26 commercial lending institutions to purchase quota shares; 27 (D) to an individual commercial fisherman to satisfy past due 28 federal tax obligations, if the fisherman has been a state resident for a 29 continuous period of two years immediately preceding the date of application 30 for the loan, has filed past and current federal tax returns with the federal 31 government, has executed an agreement with the federal government for
01 repayment of past due federal tax obligations, and either 02 (i) has had a crewmember or commercial fishing license 03 under AS 16.05.480 or a permit under AS 16.43 for the year 04 immediately preceding the date of application and any other two of the 05 past five years, and has actively participated in the fishery during those 06 periods; 07 (ii) because of lack of training or lack of employment 08 opportunities in the area of residence, does not have occupational 09 opportunities available other than commercial fishing; or 10 (iii) is economically dependent on commercial fishing 11 for a livelihood and for whom commercial fishing has been a traditional 12 way of life in Alaska; 13 (E) for the purchase of fishing quota shares by a 14 community quota entity eligible under federal statute or regulation to 15 purchase the fishing quota shares if the community quota entity is not 16 eligible or qualified for financing from other recognized commercial 17 lending institutions to purchase the fishing quota shares; 18 * Sec. 2. AS 16.10.320(d) is amended to read: 19 (d) The total of balances outstanding on loans made to a borrower under 20 AS 16.10.310(a)(1)(A) may not exceed $300,000. The total of balances outstanding 21 on loans made to a borrower under AS 16.10.310(a)(1)(B) may not exceed $100,000. 22 The total balances outstanding on loans made to a borrower under 23 AS 16.10.310(a)(1)(C) may not exceed $300,000. The total of balances outstanding 24 on loans made to a borrower under AS 16.10.310(a)(1)(D) to satisfy past due federal 25 tax obligations may not exceed $30,000. The total of balances outstanding on loans 26 made under AS 16.10.310(a)(1)(E) may not exceed $2,000,000 per community 27 eligible under federal statute or regulation to establish or participate in the 28 establishment of a community quota entity. Excluding loans made under 29 AS 16.10.310(a)(1)(C), (D), and (E) [AS 16.10.310(a)(1)(C) AND (D)], the total of 30 balances outstanding on all loans, including debt refinancing under AS 16.10.310(a), 31 made to a borrower under AS 16.10.300 - 16.10.370 may not exceed $300,000.
01 * Sec. 3. This Act takes effect on the date that the commissioner of community and 02 economic development certifies to the revisor of statutes and the lieutenant governor that 03 federal regulations authorizing community quota entities in this state to purchase fishing 04 quota shares for certain fisheries under the federal individual fishing quota program are 05 effective.