CSHB 388(FIN): "An Act relating to loans made from the bulk fuel loan account; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 388(FIN) 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 APPROPRIATIONS TO THE BULK FUEL REVOLVING LOAN FUND. (a) For the 13 fiscal years ending June 30, 2026, and June 30, 2027, 14 (1) if the unexpended and unobligated balance of the bulk fuel revolving loan 15 fund (AS 42.45.250) is insufficient to make a loan to an eligible borrower as provided in 16 AS 42.45.260(d), as amended by sec. 1 of this Act, and AS 42.25.270(c), as amended by sec. 17 2 of this Act, the legislature may appropriate to the bulk fuel revolving loan fund the amount 18 necessary to make a loan to the eligible borrower; 19 (2) the legislature may appropriate an amount equal to an appropriation made 20 in (1) of this subsection, along with applicable interest, from the bulk fuel revolving loan fund 21 to the funding source from which the appropriation made in (1) of this subsection was made. 22 (b) It is the intent of the legislature that appropriations made under (a)(2) of this 23 section be made as soon as practicable after a borrower repays a loan made from the bulk fuel 24 revolving loan fund. 25 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 26 read: 27 APPLICABILITY. AS 42.45.260(d), as amended by sec. 1 of this Act, and 28 AS 42.45.270(c), as amended by sec. 2 of this Act, apply to loans existing on or entered into 29 on or after the effective date of this Act. 30 * Sec. 5. This Act takes effect immediately under AS 01.10.070(c).