Bulk Fuel Loans/Power Project Fund
|Signed Into Law! Chapter 46 SLA 12|
Sponsored by Rep. Bryce Edgmon
Co-Sponsors: Rep. Foster, Rep. Herron, Rep. Guttenberg, Sen. Hoffman, Rep. Olson, Sen. Kookesh, Sen. Wagoner, Sen. Dyson, Sen. Menard, Sen. Egan, Sen. Paskvan, Sen. Davis, Sen. McGuire, Sen. Stedman, Sen. Ellis, Rep. Thomas, Sen. Meyer, Sen. Wielechowski, Sen. Stevens, Sen. French
“An Act relating to the power project fund and to the bulk fuel revolving loan fund; establishing a bulk fuel loan account and making the bulk fuel loan account and the bulk fuel bridge loan account separate accounts in the bulk fuel revolving loan fund; providing for technical assistance to rural borrowers under the bulk fuel bridge loan program; relating to the administration and investment of the bulk fuel revolving loan fund by the division in the Department of Commerce, Community, and Economic Development responsible for community and regional affairs; and providing for an effective date.”
Posted: March 21, 2011 : v27-LS529-B
Section 1 of the bill deletes the Bulk Fuel Revolving Loan Fund (BFRLF) from the list of entities eligible to receive loans from the power project fund.
Section 2 of the bill switches the location of the bulk fuel revolving loan fund from the Alaska Energy Authority to the Division of Community & Regional Affairs (DCRA). Also adds a person or community "maintaining community facilities or infrastructure" to the list of entities eligible for a bulk fuel loan and deletes a requirement that the entity get written endorsement from the governing body of the community for which the loan is sought.
Section 3 of the bill makes a conforming amendment to statutory changes within the bill.
Section 4 of the bill adds language allowing funding options and adds a technical assistance section for borrowers needing help in applying for a loan and/or direction to help improve their creditworthiness.
Section 5 of the bill establishes the bulk fuel loan account and the bulk fuel bridge loan account as separate accounts within the bulk fuel revolving loan fund. It also establishes interest rates for both accounts and lays out general rules for loan limits, allows DCRA to establish criteria for eligibility, and allows DCRA to contract with a state agency or outside contractor to administer or implement a technical assistance and counseling plan.
Section 6 of the bill repeals AS 29.60.660 and AS 42.45.250(c-m).
Sections 7-10 of the bill provide transition language allowing the movement of funds to the newly created subaccount and language stating any outstanding obligations from the current loan fund will continue to be in effect.
Section 11 of the bill sets an immediate effective date for DCRA to begin adopting regulations.
Section 12 of the bill sets an effective date of January 1, 2012
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