ORS 285B.563
Water Fund

  • uses
  • conditions for making loan
  • grant awards
  • investment of fund moneys
  • rules and policies

(1)

There is established in the State Treasury, separate and distinct from the General Fund, the Water Fund. Interest earned by the Water Fund shall be credited to the fund. All moneys in the Water Fund are continuously appropriated to the Oregon Business Development Department for the Oregon Infrastructure Finance Authority for the purposes described in ORS 285B.560 (Definitions for ORS 285B.560 to 285B.599) to 285B.599 (Effect of failure to repay to Water Fund), including the direct project management costs.

(2)

Intentionally left blank —Ed.

(a)

Moneys in the Water Fund may be obligated to water projects.

(b)

Moneys shall be used primarily to make loans to municipalities. The authority may make a loan only if:

(A)

The municipality applying for the loan certifies to the department that adequate funds will be available to repay the loan; and

(B)

The authority determines that the amount of the loan applied for is based on a reasonable and prudent expectation of the municipality’s ability to repay the loan.

(c)

The authority may award a grant if a loan is not feasible due to:

(A)

Financial hardship to the municipality, as determined by the authority, based on consideration of anticipated water service charges or anticipated waste water service charges, the per capita income of the municipality and any other factors as the department by rule may establish; and

(B)

Special circumstances of the water project.

(d)

The authority may also award grants from the fund to:

(A)

Identify and implement sustainable technologies and practices;

(B)

Build asset management capacity for municipalities;

(C)

Plan for strategic initiatives that focus on the regionalization of water systems; or

(D)

Provide third party technical assistance to communities in the development of water systems that include asset management components.

(e)

The authority may determine the amount of grant or loan funding on a case-by-case basis.

(3)

The moneys in the fund may also be used to assist the authority in selling revenue bonds on behalf of municipalities in order to carry out the purposes of ORS 285B.560 (Definitions for ORS 285B.560 to 285B.599) to 285B.599 (Effect of failure to repay to Water Fund).

(4)

Moneys in the Water Fund may be invested as provided by ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government). The earnings from the investments and other program income shall be credited to the Water Fund.

(5)

The Water Fund shall consist of:

(a)

Moneys appropriated to the fund by the Legislative Assembly.

(b)

Moneys transferred to the fund by the authority from the Special Public Works Fund created by ORS 285B.455 (Special Public Works Fund).

(c)

Moneys transferred to the Water Fund by the Water Resources Commission from the Water Development Fund created by Article XI-I(1) of the Oregon Constitution.

(d)

Moneys from any federal, state or other grants.

(e)

Proceeds of revenue bonds issued under ORS 285B.575 (Issuance of revenue bonds).

(f)

Earnings on the Water Fund.

(6)

The authority shall administer the fund.

(7)

The department shall adopt rules and policies for the administration of the fund. The department shall coordinate its rulemaking regarding safe drinking water projects with the Water Resources Department and the Oregon Health Authority. The rules adopted under this subsection for safe drinking water projects shall:

(a)

Require the installation of meters on all new active service connections from any distribution lines funded with moneys from the fund or from the proceeds of revenue bonds issued under ORS 285B.572 (Eligibility of project for revenue bond financing) to 285B.578 (Nature of revenue bonds).

(b)

Require a plan, to be adopted by a municipality receiving financial assistance from the fund, for installation of meters on all service connections throughout the drinking water system not later than two years after the completion of a safe drinking water project.

(8)

Intentionally left blank —Ed.

(a)

The Oregon Infrastructure Finance Authority shall manage the Water Fund and any expenditures from accounts in the fund and transfers between accounts so that the fund provides a continuing source of financing consistent with ORS 285B.413 (Legislative findings).

(b)

If necessary to ensure repayment of bonds issued under ORS 285B.560 (Definitions for ORS 285B.560 to 285B.599) to 285B.599 (Effect of failure to repay to Water Fund), the authority may reduce the value of the fund when the authority:

(A)

Finds that without a reduction in fund value, bonds secured by the fund are likely to be in default; and

(B)

Imposes a moratorium on grants until the requirements of paragraph (a) of this subsection are satisfied.

(9)

Intentionally left blank —Ed.

(a)

The authority may charge administrative costs to the fund, but not to moneys segregated in the account created by subsection (11) of this section, to pay for administrative costs incurred by the authority.

(b)

To the extent permitted by federal law, administrative costs of the authority may be paid from bond proceeds.

(10)

The authority may establish other accounts within the Water Fund for the payment of water projects costs, reserves, debt service payments, credit enhancements, costs of issuing revenue bonds, administrative costs and operating expenses or any other purpose necessary to carry out ORS 285B.560 (Definitions for ORS 285B.560 to 285B.599) to 285B.599 (Effect of failure to repay to Water Fund).

(11)

There is created within the Water Fund a separate and distinct account for the proceeds from the sale of water development general obligation bonds issued for safe drinking water projects and credited to the special account under this section. Any investment earnings thereon shall be segregated in and continuously appropriated to a special, separately accounted for subaccount of this account. Moneys credited to this account shall be maintained separate and distinct from moneys credited to subaccounts created under subsection (10) of this section. Notwithstanding ORS 285B.566 (Use of awards) or subsection (4) of this section, all repayments of moneys loaned from the account created by this subsection, including interest on the moneys, shall be credited to the Water Development Administration and Bond Sinking Fund created by ORS 541.830 (Water Development Administration and Bond Sinking Fund).

(12)

As used in this section, “administrative costs” include the authority’s direct and indirect costs for investigating and processing an application, developing a contract, monitoring the use of funds by a municipality, investigating and resolving a budget discrepancy, closing a project and providing financial and other assistance to a municipality. [Formerly 285.757; 1999 c.509 §45; 2001 c.883 §37; 2003 c.773 §50; 2005 c.835 §23; 2007 c.783 §107; 2007 c.804 §36; 2009 c.595 §200; 2009 c.830 §122a]

Source: Section 285B.563 — Water Fund; uses; conditions for making loan; grant awards; investment of fund moneys; rules and policies, https://www.­oregonlegislature.­gov/bills_laws/ors/ors285B.­html.

285B.050
Definitions for ORS 285B.050 to 285B.098
285B.053
Borrowing money from Oregon Business Development Fund
285B.056
Fees
285B.059
Conditions for commission approval of project
285B.062
Loan contract
285B.063
Annual adjustment of maximum contract amounts
285B.065
Loans in distressed areas exempt from security and collateral requirements
285B.068
Payment of moneys for project
285B.080
Director as agent
285B.081
Repayment and collection
285B.083
Use of refinancing and other financial assistance for repayment
285B.086
Authorization to lend funds for joint governmental projects or match money
285B.089
Loan contract
285B.092
Oregon Business Development Fund
285B.093
Oregon Targeted Development Account
285B.098
Status of loan to county or municipality
285B.109
Definitions for ORS 285B.109 to 285B.119
285B.111
Purpose of ORS 285B.109 to 285B.119
285B.113
Contracts with financial institutions to participate in program
285B.115
Loss reserve accounts
285B.117
Enrollment of qualified loan in program
285B.118
Claims for reimbursement of losses
285B.119
Capital Access Fund
285B.120
Oregon Small Business Development Act
285B.123
Purpose
285B.130
Loans from Small Business Expansion Loan Fund
285B.133
Small Business Expansion Loan Fund
285B.165
Purpose of ORS 285B.165 to 285B.171
285B.168
Grants
285B.169
Centers to collaborate with state agencies and private sector
285B.171
Short title
285B.174
Programs to assist businesses in procuring government contracts and grants
285B.178
Definitions for Microenterprise Development Act
285B.179
Purposes of Microenterprise Development Act
285B.186
Short title
285B.200
Definitions for ORS 285B.200 to 285B.218
285B.203
Purpose of Credit Enhancement Fund
285B.206
Duties of department
285B.209
Fees and terms for loan and credit guarantees
285B.215
Credit Enhancement Fund
285B.218
Pledge to assure repayment
285B.230
Local economic development strategy
285B.233
Legislative findings
285B.236
Guidelines for local economic development strategies
285B.260
Local Economic Opportunity Fund
285B.266
Strategic Reserve Fund
285B.280
Definition of “traded sector.”
285B.283
Policy
285B.286
Entrepreneurial and industry development activities
285B.290
Industry Competitiveness Fund
285B.320
Purpose of ORS 285B.320 to 285B.371
285B.323
Definitions for ORS 285B.320 to 285B.371
285B.326
Request for issuance of bonds
285B.329
Review of project by commission
285B.335
Powers of department
285B.338
Powers of commission
285B.341
Limitation on state power
285B.344
Issuance of bonds
285B.350
Method of issuing bonds
285B.353
Administrative expenses
285B.356
Refunding bonds
285B.359
Validity of bonds
285B.362
Covenants in bonds
285B.365
Limitations of bonds
285B.368
Powers and rights of bondholders
285B.371
State interest in eligible projects not necessary for loans
285B.410
Definitions for ORS 285B.410 to 285B.482
285B.413
Legislative findings
285B.419
Administration of Special Public Works Fund
285B.420
Financial assistance for levee projects
285B.421
Levee Project Grant Fund
285B.422
Funding to municipalities for development projects
285B.428
Application for funds
285B.437
Contract with municipality
285B.440
Primary use of moneys in fund
285B.449
Effect of failure to comply or default
285B.455
Special Public Works Fund
285B.456
Levee Project Subaccount
285B.458
Grants for assistance to distressed or rural areas
285B.460
Funding and assistance for planning projects
285B.462
Funding and assistance for emergency projects
285B.465
Allowable costs of projects
285B.467
Oregon Infrastructure Finance Authority to determine eligibility for revenue bond financing
285B.470
Powers of authority
285B.473
Issuance of revenue bonds
285B.476
Application of law to revenue bonds
285B.479
Nature of revenue bonds
285B.482
Revenue bonds as parity bonds
285B.500
Purpose of ORS 285B.500 to 285B.512
285B.503
Oregon Unified International Trade Fund
285B.506
Grant agreements
285B.509
Agreements between primary sponsor and United States
285B.512
End of lottery allocations upon certification by administrator of authority
285B.515
“Primary sponsor” and “project sponsor” defined
285B.530
Definitions for ORS 285B.530 to 285B.548
285B.533
Issuance of infrastructure lottery bonds
285B.548
Amount of infrastructure lottery bonds
285B.551
Issuance of additional lottery bonds
285B.560
Definitions for ORS 285B.560 to 285B.599
285B.563
Water Fund
285B.566
Use of awards
285B.569
When constitutional restrictions apply to use of certain funds
285B.572
Eligibility of project for revenue bond financing
285B.575
Issuance of revenue bonds
285B.578
Nature of revenue bonds
285B.581
Repayment plans
285B.584
Powers of authority
285B.587
Deposit and use of bond proceeds
285B.590
Other forms of financial assistance
285B.593
Technical assistance grants and loans
285B.596
Funding of distressed area or nonurban water projects
285B.599
Effect of failure to repay to Water Fund
285B.600
Definitions for ORS 285B.600 to 285B.620
285B.602
Rules
285B.605
Certification of eligible employers
285B.608
Application for certification
285B.610
Revocation of certificate
285B.615
Oregon Business Retention and Expansion Program
285B.618
Department estimate of program tax revenues
285B.620
Oregon Business Retention and Expansion Program Fund
285B.622
Transfer of moneys from Strategic Reserve Fund
285B.625
Legislative findings
285B.626
Definitions for ORS 285B.625 to 285B.632
285B.627
Oregon Industrial Site Readiness Program
285B.630
Department to obtain employment and wage information for eligible employers at regionally significant industrial sites and determine estimated incremental income tax revenues
285B.632
Oregon Industrial Site Readiness Program Fund
285B.635
Legislative findings
285B.636
Definitions for ORS 285B.635 to 285B.640
285B.637
Oregon Industrial Site Readiness Assessment Program
285B.640
Oregon Industrial Site Readiness Assessment Program Fund
285B.642
Findings in furtherance of economic development
285B.651
Definitions for ORS 285B.651 to 285B.676
285B.655
Distributions to assist rural jurisdictions with applications for funding
285B.660
Oregon Business Development Department to develop policy for distributions, work with district association, oversee rural grant services
285B.670
Annual report to legislature by Oregon Business Development Department
285B.676
Oregon Rural Capacity Fund
285B.740
Legislative intent
285B.743
Application for entrepreneurial development loan
285B.746
Conditions for loan approval
285B.749
Additional conditions for loan approval
285B.753
Indexing of annual revenue limit amount and maximum loan amount
285B.758
Oregon Entrepreneurial Development Loan Fund
285B.764
Definitions for ORS 285B.764 to 285B.775
285B.768
Oregon Business Development Department to develop and implement loan program
285B.771
Application process
285B.774
Disadvantaged and Emerging Small Business Loan Fund
285B.775
Annual report by Oregon Business Development Department to legislature
285B.780
Purpose
285B.784
Definitions for ORS 285B.780 to 285B.799
285B.787
RFP process for awards to lenders
285B.791
Agreements with lenders
285B.794
Annual report by lenders
285B.797
Release of lender and use of balance in account
285B.799
Biennial report by Oregon Business Development Department to legislature
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