HB 452: "An Act amending the manner of computation of interest rates on loans made from the senior housing revolving fund by the Alaska Housing Finance Corporation, and giving retrospective effect to that amendment; and providing for an effective date."
00HOUSE BILL NO. 452 01 "An Act amending the manner of computation of interest rates on loans made 02 from the senior housing revolving fund by the Alaska Housing Finance 03 Corporation, and giving retrospective effect to that amendment; and providing for 04 an effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. AS 18.56.720 is amended to read: 07 Sec. 18.56.720. INTEREST RATE. The interest rate on loans made under 08 AS 18.56.700 - 18.56.799 [THAT ARE FUNDED BY A BOND ISSUE UNDER 09 AS 18.56.790] is equal to the cost to the corporation of the money used to make the 10 loan and means the amount allocable to the loan that is determined after taking 11 into consideration the actual or estimated 12 (1) interest rate of the debt entered into to obtain money for the 13 loan; 14 (2) cost of issuing the debt, if any;
01 (3) original issue discounts, if any, applicable to the debt; and 02 (4) related program operating costs such as loan servicing fees, debt 03 trustee fees, credit enhancement fees, loan guarantee or insurance fees, and other 04 direct or allocable program operating costs of the corporation [OF FUNDS OF 05 THAT BOND ISSUE PLUS 06 (1) TWO PERCENTAGE POINTS FOR A CONSTRUCTION LOAN; 07 (2) ONE-HALF OF ONE PERCENTAGE POINT FOR A 08 PERMANENT LOAN]. 09 * Sec. 2. LIMITATION ON APPLICABILITY. This Act may not be applied to increase 10 the rate of interest on a loan made under AS 18.56.700 - 18.56.799 that is outstanding on the 11 effective date of this Act. 12 * Sec. 3. This Act is retroactive to July 1, 1992, except as provided in sec. 2 of this Act, 13 and applies to loans made under AS 18.56.700 - 18.56.799 on or after that date. 14 * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).