00 HOUSE BILL NO. 76
01 "An Act relating to the mariculture revolving loan fund and loans from the fund; and
02 providing for an effective date."
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
04 * Section 1. AS 16.10.905 is amended to read:
05 Sec. 16.10.905. Powers and duties of the department. The department may
06 (1) make loans to eligible applicants under AS 16.10.900 - 16.10.945
07 for the planning, construction, and operation of a
08 (A) mariculture business; or
09 (B) hatchery that artificially propagates aquatic plants and
10 shellfish for sale to aquatic farms;
11 (2) receive, take, hold, and administer any appropriation, transfer, gift,
12 grant, bequest, devise, or donation of money for the fund;
13 (3) establish amortization plans for repayment of loans, including
14 extensions of the terms of loans;
01 (4) allow an assumption of a loan if
02 (A) the applicant meets the requirements established under this
03 section; and
04 (B) approval of the assumption would be consistent with the
05 purposes of AS 16.10.900 - 16.10.945;
06 (5) establish the rate of interest for loans consistent with law;
07 (6) charge and collect fees for services provided under AS 16.10.900 -
09 (7) adopt regulations under AS 44.62 necessary to carry out the
10 provisions of AS 16.10.900 - 16.10.945, including regulations to establish reasonable
11 fees for services provided; and
12 (8) designate agents and delegate powers as necessary to the agents.
13 * Sec. 2. AS 16.10.910(a) is amended to read:
14 (a) For an applicant to be eligible for a loan under AS 16.10.900 - 16.10.945,
15 the applicant shall be
16 (1) [BE] a resident of the state who has
17 (A) [, AS DETERMINED UNDER (c) OF THIS SECTION;
18 (2) HAVE] a permitted mariculture farm location in this state; and
19 (B) [(3) HAVE] experience or training in the mariculture
20 industry; or
21 (2) a resident of the state or entity organized under the laws of this
22 state that holds a permit under AS 16.40.100 to operate a hatchery for the
23 purpose of supplying aquatic plants or shellfish to an aquatic farm.
24 * Sec. 3. AS 16.10.910(c) is amended to read:
25 (c) To meet the residency requirements of (a) of this section, an individual
26 [THE] applicant
27 (1) shall physically reside in this state and maintain a domicile in this
28 state during the 24 consecutive months preceding the date of application for the
29 program; and
30 (2) may not have
31 (A) declared or established residency in another state; or
01 (B) received residency or a benefit based on residency from
02 another state.
03 * Sec. 4. AS 16.10.915(a) is amended to read:
04 (a) Except as provided in (b) and (c) of this section, a loan under
05 AS 16.10.900 - 16.10.945
06 (1) may not exceed
07 (A) $100,000 a year for an applicant under
08 AS 16.10.910(a)(1); or
09 (B) $1,000,000 a year for an applicant under
10 AS 16.10.910(a)(2);
11 (2) may not exceed a term of 20 years, except for extensions under
12 AS 16.10.905;
13 (3) may not bear interest at a rate greater than the prime rate, as
14 defined in AS 44.88.599, plus one percentage point, but which may not be less than
15 five percent a year or more than nine percent a year;
16 (4) must be secured by a first priority lien on collateral acceptable to
17 the department; and
18 (5) may not be made to a person who has a past due child support
19 obligation established by court order or by the child support services agency under
20 AS 25.27.160 - 25.27.220 at the time of application.
21 * Sec. 5. AS 16.10.915(b) is amended to read:
22 (b) Subsequent loans may be made to a [THE] borrower under
23 (1) AS 16.10.910(a)(1), [AS 16.10.910] if the total of the balances
24 outstanding on the loans received by the borrower does not exceed $300,000; or
25 (2) AS 16.10.910(a)(2), if the total of the balances outstanding on
26 the loans received by the borrower does not exceed $1,000,000.
27 * Sec. 6. AS 16.10.915(c) is amended to read:
28 (c) A loan under AS 16.10.910 may be made for the purchase of boats or
29 vessels determined to be integral to the operation of the farm or hatchery.
30 * Sec. 7. AS 16.10.915 is amended by adding a new subsection to read:
31 (e) The total of balances outstanding on loans made to borrowers under
01 AS 16.10.910(a)(2) may not exceed 40 percent of the principal of the mariculture
02 revolving loan fund.
03 * Sec. 8. AS 16.10.945 is amended by adding a new paragraph to read:
04 (4) "hatchery" has the meaning given in AS 16.40.199.
05 * Sec. 9. This Act takes effect immediately under AS 01.10.070(c).