1995 Alaska Statutes
TITLE 03 AGRICULTURE AND ANIMALS
Chapter 03.10. ALASKA AGRICULTURAL LOAN ACT
Sec. 03.10.033. RESTRUCTURING OF AGRICULTURAL DEBT.

(a) To increase the return to the state, the Agricultural Revolving Loan Fund Board may restructure loans in existence on January 1, 1987, made by the board or by the Alaska Agricultural Action Council based upon guidelines approved by the board. The restructuring may only include reduction of interest to rates below those specified by AS 03.10.030, an extension of the term of the loan, and an improvement to the security interest of the state. It may not reduce the amount of principal and interest owed before the loan is restructured.

(b) The maximum term of a loan modified under (a) of this section is 30 years from the date of restructuring.

(c) Notwithstanding any other provision of this section, the Agricultural Revolving Loan Fund Board may approve an application for restructuring under this section only upon

(1) the applicant's written release of the state, including the Alaska Agriculture Action Council, the agricultural revolving loan fund, and the University of Alaska, from all potential liability for actions and omissions occurring before the date of restructuring that relate in any way to a state farm project, land sale, land sale relinquishment, farm loan, or loan application or loan modification application, whether granted or denied by the state; and

(2) assignment by the applicant to the board of the proceeds from the federal government under 7 U.S.C. 1442 (Conservation Reserve Program) and P.L. 88-26 (Feed Grain Act of 1963), as amended.

(d) If the board receives proceeds under (c)(2) of this section that exceed the amount owed and credited to the loan during the year, the board shall refund the extra proceeds to the applicant.