00                            HOUSE BILL NO. 388                                                                          
01 "An Act relating to loans made from the bulk fuel loan account; and providing for an                                    
02 effective date."                                                                                                        
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 42.45.260(d) is amended to read:                                                                   
05            (d)  Loans made from the bulk fuel loan account to one borrower                                              
06 (1)  may not exceed $1,500,000 [$750,000] or, if the borrower is a                                                  
07 cooperative corporation organized under AS 10.15 or an electric cooperative                                             
08 organized under AS 10.25 and uses the loan to purchase bulk fuel on behalf of more                                      
09 than one community, may not exceed $1,500,000 [$750,000] multiplied by the number                                   
10       of communities on whose behalf the bulk fuel is to be purchased [OR $1,800,000,                                   
11       WHICHEVER IS LESS];                                                                                               
12                 (2)  shall be repaid within one year after the date of the loan                                         
13       disbursement; and                                                                                                 
14                 (3)  may include additional terms and conditions required by the                                        

01       division.                                                                                                         
02    * Sec. 2. AS 42.45.270(c) is amended to read:                                                                      
03            (c)  Loans made from the bulk fuel bridge loan account to one borrower in a                                  
04       fiscal year                                                                                                       
05                 (1)  may not exceed $1,500,000 [$750,000];                                                          
06                 (2)  shall be repaid within one year after the date of the loan                                         
07       disbursement; and                                                                                                 
08                 (3)  may include additional terms and conditions required by the                                        
09       division.                                                                                                         
10    * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to                          
11 read:                                                                                                                   
12       APPLICABILITY. AS 42.45.260(d), as amended by sec. 1 of this Act, and                                             
13 AS 42.45.270(c), as amended by sec. 2 of this Act, apply to loans existing on or entered into                           
14 on or after the effective date of this Act.                                                                             
15    * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).