00                            HOUSE BILL NO. 389                                                                          
01 "An Act relating to loans made to commercial fishermen under the Commercial Fishing                                     
02 Loan Act for energy efficiency upgrades; and providing for an effective date."                                          
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 16.10.320 is amended by adding a new subsection to read:                                           
05            (l)  For a new loan under AS 16.10.300 - 16.10.370 made on or after the                                      
06       effective date of this Act, the department may provide a reduction of the interest rate                           
07       of not more than two percent if at least 50 percent of the loan proceeds are used by the                          
08       borrower for energy efficiency upgrades that use products manufactured or produced                                
09       in the state. In this subsection, "manufactured or produced" means processing,                                    
10       developing, or making an item into a new item with a distinct character and use.                                  
11    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).