ORS 470.170
Security for loan


(1)

Intentionally left blank —Ed.

(a)

Except as otherwise provided in this subsection, when a loan is made under this chapter to an applicant other than a municipal corporation, the loan shall be secured pursuant to a mortgage, trust deed, security agreement, pledge, assignment or similar instrument, by a security interest or lien on real or personal property in the full amount of the loan or as the Director of the State Department of Energy shall require for adequate security, including but not limited to long-term leasehold interests or equitable interests in real property or personal property. In lieu of, or in addition to, any of the collateral otherwise described in this paragraph, the applicant may secure the loan by providing credit enhancement, including but not limited to a letter of credit or payment bond, or a guaranty acceptable to the director.

(b)

To the extent consistent with any declaration, pledge or agreement for bonds issued under ORS 470.220 (Issuance of bonds) to 470.290 (Bond indebtedness limited to constitutional limit), an energy efficiency and sustainable technology loan shall be secured as provided in ORS 470.680 (State Department of Energy to identify forms of acceptable security) or 470.685 (Recording liens).

(2)

When a loan is made to a municipal corporation for the development of a small scale local energy project under this chapter, the loan shall be secured as the director shall require for adequate security. The security may be in the form of a lien, mortgage, interest under a lease-purchase contract or other form of security acceptable to the director and the municipal corporation.

(3)

When a loan made under this chapter is secured by a lien on the real property of the applicant, the director shall perfect the lien by recording as provided by law.

(4)

Upon payment of all amounts loaned to an applicant pursuant to this chapter, the director shall file a satisfaction or release notice that indicates repayment of the loan.

(5)

The director may cause to be instituted appropriate proceedings to foreclose liens for delinquent loan payments, and shall pay the proceeds of any such foreclosure, less the director’s expenses incurred in foreclosing, into the Small Scale Local Energy Project Administration and Bond Sinking Fund if the loan was issued from the Small Scale Local Energy Project Loan Fund, or into the Energy Project Bond Loan Fund if the loan was from the Energy Project Bond Loan Fund. In a foreclosure proceeding the director may bid on property offered for sale in the proceedings and may acquire title to the property on behalf of the state.

(6)

The director may take any action, make any disbursement, hold any funds or institute any action or proceeding necessary to protect the state’s interest.

(7)

The director may settle, compromise or release, for reasons other than uncollectibility as provided in ORS 293.240 (Writing off uncollectible debts due state agency), all or part of any loan obligation so long as the director’s action is consistent with the purposes of this chapter and does not impair the ability to pay the administrative expenses of the State Department of Energy or the obligations of any bonds then outstanding. [1979 c.672 §9; 1981 c.50 §5; 1983 c.188 §4; 1987 c.365 §3; 1999 c.365 §9; 2001 c.584 §10; 2003 c.186 §66; 2009 c.753 §66]

Source: Section 470.170 — Security for loan, https://www.­oregonlegislature.­gov/bills_laws/ors/ors470.­html.

470.050
Definitions
470.060
Application for financing
470.065
Confidentiality of information provided by or on behalf of applicant
470.070
Small Scale Local Energy Project Advisory Committee
470.080
Standards for small scale local energy projects
470.090
Approval or rejection of project financing by director
470.100
Committee review of rejection or approval in different amount
470.110
Gifts credited to Small Scale Local Energy Project Loan Fund
470.120
Limit on loan to amount not funded by other sources
470.130
Appropriation of Small Scale Local Energy Project Loan Fund
470.135
Administration of small scale local energy project loan program funds and accounts
470.140
Rulemaking authority
470.145
State Department of Energy to develop marketing plan
470.150
Loan contract
470.155
Loan contract in form of intergovernmental agreement
470.160
Payment from loan funds
470.170
Security for loan
470.180
Withholding of state funds due to municipal corporation that defaults on loan
470.190
Remedies
470.200
Refinancing of project
470.210
Municipal corporation may enter into loan contract
470.220
Issuance of bonds
470.225
Procedure for bond issuance
470.230
Bond proceeds credited to Small Scale Local Energy Project Loan Fund
470.240
General obligation bonds to include promise to pay principal amount
470.270
General obligation refunding bonds
470.280
General obligation bond repayment from sinking fund
470.290
Bond indebtedness limited to constitutional limit
470.300
Small Scale Local Energy Project Administration and Bond Sinking Fund
470.310
Procedure if sinking fund inadequate
470.500
Goals
470.505
Delay or suspension of program
470.510
State Department of Energy may enter contracts for loan issuance
470.515
Rules
470.520
State Department of Energy may contract for performance of duties
470.525
Quarterly report
470.530
Qualifications
470.535
Applications for certification as project manager
470.540
State Department of Energy to notify unsuccessful applicants
470.545
Appeal of certification decision
470.550
Term of certification of project manager
470.555
Project managers
470.560
Rules
470.565
Loan applicant request for energy savings projection
470.570
Energy Project Supplemental Fund
470.575
Jobs, Energy and Schools Fund
470.580
Energy Project Bond Loan Fund
470.585
Energy Revenue Bond Repayment Fund
470.590
Proposals
470.595
Investment with financial manager
470.600
State Department of Energy may enter agreements to disburse supplemental capital funds
470.605
Local governments may direct moneys to certain funds to finance loans
470.610
Issuance of bonds
470.615
Payment of bonds
470.620
Bond pledges
470.630
Form of disbursement
470.635
Requirement for energy savings projection
470.640
Amount of loans
470.645
Application for loan
470.650
Residential small scale local energy projects
470.655
Project initiation fee
470.660
Investor-owned utilities
470.665
Consumer-owned utilities
470.670
Repayment requirement for customer served by electric utility and gas utility
470.675
Cost eligibility for ratemaking purposes
470.680
State Department of Energy to identify forms of acceptable security
470.685
Recording liens
470.690
Avoidance of foreclosure
470.695
Sale of real property
470.700
Use of loan offset grant moneys
470.710
Apprenticeship and job training
470.715
Costs of adopting rules
470.720
Loan program information to be provided by utilities
470.800
Clean Energy Deployment Fund
470.805
Renewable Energy Development Subaccount
470.810
Clean energy deployment program
470.815
School district projects
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