(a) Subject to the limitations of AS 44.88.840, for Arctic infrastructure development, the authority may

1. (1) use the Arctic infrastructure development fund (AS 44.88.810) to finance Arctic infrastructure development, insure project obligations, guarantee loans or bonds, and establish reserves;
2. (2) acquire real or personal property by purchase, transfer, or foreclosure when the acquisition is necessary to protect the authority's interest in financing;
3. (3) defer principal payments or capitalize interest on Arctic infrastructure development;
4. (4) subject to AS 36.30.085(e), enter into lease agreements, sales-lease-back agreements, build-operate-transfer and operate-transfer agreements, or any similar project financing agreement for a qualified Arctic infrastructure development;
5. (5) enter into agreements with government entities for the transfer and control of infrastructure, facilities, rights-of-way, and studies;
6. (6) contract for services with a professional advisor, including an attorney, bond counsel, engineer, or other technical expert necessary to fulfill the purposes of the program; and
7. (7) subject to AS 44.88.090, borrow money and issue bonds.

(b) The authority shall adopt regulations to implement AS 44.88.800 — 44.88.840, including

1. (1) a process for acquiring financing under this section;
2. (2) qualifications for Arctic infrastructure development projects applying for financing under this section; and
3. (3) fiscal controls and accounting procedures for the fund.