To be eligible for a loan,

1. (1) an applicant must intend to use the loan for purchase of fuel to generate power or supply the public with fuel for use, including the necessary costs of transporting the fuel;
2. (2) an applicant must agree to repay the loan in one year or less, according to a repayment plan determined by the division;

3. (3) the amount of the loan, added to the amounts of all other bulk fuel revolving loan principal balances to the same borrower

   1. (A) may not exceed $750,000, unless the loan is from the bulk fuel loan account and the borrower

      1. (i) is a cooperative corporation organized under AS 10.15 or an electric cooperative organized under AS 10.25; and
      2. (ii) uses the loan to purchase bulk fuel on behalf of more than one community; and

   2. (B) may not exceed the lesser of

      1. (i) $750,000 multiplied by the number of eligible communities on whose behalf the bulk fuel is to be purchased; or
      2. (ii) $1,800,000.

(Eff. 9/2/2008, Register 188; am 1/28/2009, Register 189; am 3/8/2013, Register 205)

Authority: AS 42.45.250, AS 42.45.260, AS 42.45.270