Loan contract under joint financing programs
If the Oregon Economic and Community Development Commission approves an application for the loan of moneys authorized by ORS 285A.702 (Joint financing), the commission shall enter into a loan contract, secured by good and sufficient collateral, with the port district that provides, among other matters:
(1) That a notice of any lien against the property be filed with the recording officer of each county as provided for in ORS 285A.687 (Filing of lien against port) (1) and (2).
(2) That the loan bear interest at the same rate of interest as provided in ORS 285A.681 (Loan from fund) (1).
(3) That the loan term may not exceed the usable life of the contracted project or 25 years from the year of project completion, whichever is less. The same schedule shall include repayment of interest that accrues during any period of delay in repayment authorized by ORS 285A.666 (Definitions for ORS 285A.666 to 285A.732) to 285A.732 (Short title). The repayment schedule may require payments of varying amounts for collection of accrued interest. However, the commission may make provisions for extensions of time in making repayment if the delinquencies are caused by acts of God or other conditions beyond the control of the port district and the security will not be impaired thereby.
(4) Any other provision the commission considers necessary to ensure expenditure of the moneys loaned for the purposes provided in ORS 285A.702 (Joint financing), including all provisions of ORS 285A.678 (Qualifications for approval of project funding).
(5) That the commission may cause to be instituted appropriate proceedings to foreclose liens as provided for in ORS 285A.690 (Powers to enforce loan agreement) (1) and (2) for delinquent loan payments and shall pay the proceeds of any foreclosure, less the commission’s expenses incurred in foreclosing, into the Oregon Port Revolving Fund. [Formerly 285.913; 2005 c.835 §21]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information