00 SENATE BILL NO. 36                                                                                                      
01 "An Act relating to interest on and repayment of A. W. Brindle memorial                                                 
02 scholarship loans; and providing for an effective date."                                                                
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 14.43.305(f) is amended to read:                                                                    
05     (f)  That portion of the loan that is forgiven under (e) or (j) of this section shall                            
06 be considered a grant to the recipient.                                                                                 
07    * Sec. 2.  AS 14.43.305(i) is amended to read:                                                                       
08  (i)  To the extent they are not in conflict with terms and conditions under                                           
09 AS 14.43.250 - 14.43.325, the terms and conditions of a memorial scholarship loan                                       
10 made under AS 14.43.250(b)(5) are the same as the terms and conditions for a                                            
11 scholarship loan under AS 14.43.090 - 14.43.160, except that the interest on the loan                                  
12 is equal to five percent.                                                                                              
13    * Sec. 3.  AS 14.43.305 is amended by adding a new subsection to read:                                               
14  (j) A recipient of a memorial scholarship loan under AS 14.43.250(b)(5) who                                           
01 graduates from a certificate or degree program shall receive forgiveness of 10 percent                                  
02 of loan indebtedness, up to a maximum of 50 percent of loan indebtedness, for each                                      
03 one-year period during the first five years following graduation that the recipient is                                  
04 employed full time in fisheries, fishery science, fishery management, seafood                                           
05 processing, food technology, or  other closely related field.                                                           
06    * Sec. 4.  This Act applies to principal and interest due on a loan entered into on or after                         
07 July 1, 1995.                                                                                                           
08    * Sec. 5.  This Act takes effect July 1, 1995.