1. (a) Subject to appropriations for the purpose, during each fiscal year, the authority shall allocate to each entity listed in (b) of this section an amount to reimburse the cost paid by the entity during the immediately preceding fiscal year for the principal and interest on outstanding debt for the project listed. An allocation may be made to an entity only if

   1. (1) the debt was incurred before July 1, 2005; and
   2. (2) the power project financed with the debt proceeds is owned and operated by the entity.
2. (b) The authority may make an allocation to an entity under (a) of this section only for reimbursement of costs incurred for construction and renovation of the following power projects and only for reimbursement of total project costs incurred up to the following amounts:

PROJECT

Kodiak Electric Association, Inc. (Nyman Combined $ 6,000,000

Cycle Cogeneration Plant)

Cordova Electric Cooperative (Power Creek Hydropower 12,000,000

Station)

Golden Valley Electric Association (Rock Creek line 700,000

extension)

Copper Valley Electric Association, Inc., Valdez 10,000,000

(cogeneration projects)

The Four Dam Pool Power Agency (Southeast Intertie, 20,000,000

Swan Lake to Tyee Lake)

Metlakatla Power and Light (utility plant and capital 3,000,000

additions)