(a) Unless the authority has obtained legislative approval by law, the authority may not use the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund established in AS 44.88.660 to
(1) make a loan for more than one-third of the capital cost of qualified energy development;
(2) make a loan guarantee if the amount of the guarantee exceeds $20,000,000; or
(3) purchase or acquire gas reserves or a gas lease or become a working interest owner of a natural gas lease.
(b) Financing under AS 44.88.680 is limited to the life of qualified energy development, which may not be more than
(1) 30 years; or
(2) 50 years for a transmission line or hydroelectric qualified energy development.
(c) Notwithstanding (a) of this section, the authority may use the Alaska Industrial Development and Export Authority sustainable energy transmission and supply development fund established in AS 44.88.660 as security for a bond guarantee.
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