The department may not require the repayment of the principal of and interest on a loan made under AS 16.10.910 during the first six years of the loan. However, for a loan made under AS 16.10.910(a)(2), the department may defer repayment of the principal of and interest on the loan for an additional period not to exceed the first 11 years of the loan. The department may provide that interest on the principal of a loan made under AS 16.10.910(a)(1) does not accrue during a period not to exceed the first six years of the loan. For a loan made under AS 16.10.910(a)(2), the department shall provide that interest on the principal of the loan does not accrue during the first six years of the loan, and the department may provide that interest on the principal of the loan does not accrue during an additional period not to exceed the first 11 years of the loan.
Structure Alaska Statutes
Chapter 10. Fisheries and Fishing Regulations
Article 14. Mariculture Revolving Loan Fund.
Sec. 16.10.890. Declaration of policy.
Sec. 16.10.900. Mariculture revolving loan fund.
Sec. 16.10.905. Powers and duties of the department.
Sec. 16.10.915. Limitations on loans.
Sec. 16.10.920. Repayment of principal of and interest on loans.
Sec. 16.10.923. Voluntary assessment on sale of shellfish.
Sec. 16.10.930. Special account established.
Sec. 16.10.935. Disposal of property acquired after default.