(a) The mariculture revolving loan fund is created in the Department of Commerce, Community, and Economic Development to carry out the purposes of AS 16.10.890 - 16.10.945.
(b) The mariculture revolving loan fund consists of the following:
(1) money appropriated to, transferred to, or received by gift, grant, devise, bequest, or donation to the fund;
(2) principal and interest payments or other income earned on loans or investments of the fund; and
(3) money chargeable to principal or interest that is collected through liquidation by foreclosure or other process on loans made under AS 16.10.890 - 16.10.945.
(c) Money in the fund may be used by the legislature to make appropriations for costs of administering AS 16.10.890 - 16.10.945.
(d) Of the total amount available annually to the department to carry out the purposes of AS 16.10.890 - 16.10.945, less any funds appropriated under (c) of this section, 60 percent shall be available solely for making loans under AS 16.10.910(a)(1) and the remainder shall be available solely for making loans under AS 16.10.910(a)(2).
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