1. (a) An application the loan committee approves will be placed on the agenda for consideration at the next available board meeting. An application the loan committee rejects will not be put on the agenda for the board's consideration unless the applicant requests board consideration. To request board consideration, an applicant must file an appeal in accordance with 3 AAC 103.150.
2. (b) The board may accept or reject the application regardless of the loan committee's recommendation. The decision of the board to accept or reject an application will constitute the final decision of the authority on the application.
3. (c) If the board approves an application, the authority will issue to the applicant a commitment letter to finance the Arctic infrastructure development. The applicant must accept the commitment letter in writing within 20 working days after its issuance.

(Eff. 12/3/2015, Register 218)

Authority: AS 44.88.085, AS 44.88.800, AS 44.88.820, AS 44.88.830