SB 301 Summary

• Alaska Energy Authority may charge and collect reasonable fees for loan applications, origination, and project feasibility analysis, with collected fees deposited into the general fund.

• Alaska Energy Authority may sell power project fund loans with legislative approval, and may use fund money to repurchase defaulted loans; sale proceeds return to the power project fund.

• Alaska Industrial Development and Export Authority may purchase power project fund loans as revolving fund investments under the February 17, 2010 memorandum of understanding between the two authorities.

• Legislature authorizes Alaska Energy Authority to loan $9,000,000 from the power project fund for the Reynolds Creek hydroelectric project, constituting required legislative approval for loans exceeding $5,000,000.

• Act takes effect immediately.