ORS 285A.681
Loan from fund

  • required contract terms
  • repayment plan
  • rules

(1)

If the Oregon Infrastructure Finance Authority approves the project, the authority, on behalf of the state, and the applicant may enter into a loan contract that is secured by good and sufficient collateral. The loan contract shall set forth, among other matters:

(a)

A plan for repayment by the applicant to the Oregon Port Revolving Fund of moneys borrowed from the fund for the project and interest on the moneys at a rate of interest of not less than one percent less than the prevailing interest rate on United States Treasury bills of comparable term, as determined by the authority. The repayment plan, among other matters:

(A)

Shall provide for commencement of repayment by the port district of moneys used for the project and interest thereon no later than one year after the date of the loan contract or at any other time as the authority may provide. However, upon approval by the authority, a repayment plan for a flexible manufacturing space project may provide that no interest shall accrue until the building is at least 25 percent occupied or until three years after the date of the loan contract, whichever is earlier.

(B)

May provide for reasonable extension of the time for making any repayment in emergency or hardship circumstances if approved by the authority.

(C)

Shall provide for evidence of debt assurance of, and security for, repayment by the applicant as are considered necessary by the authority.

(D)

Shall specify a loan term that may not exceed the usable life of the contracted project or 25 years from the year of project completion, whichever is less. The payment schedule shall include repayment of interest that accrues during any period of delay in repayment authorized by subparagraph (A) of this paragraph, and the payment schedule may require payments of varying amounts for collection of the accrued interest.

(E)

Shall provide for partial or complete repayment, in excess of scheduled payments, of any outstanding principal loan amount without penalty. If any prepayment is made, that amount may not be included in any computation for the purposes of ORS 285A.678 (Qualifications for approval of project funding) (5).

(b)

Provisions satisfactory to the authority for field engineering and inspection, the authority to be the final judge of completion of the contract.

(c)

That the liability of the state under the contract is contingent upon the availability of moneys in the Oregon Port Revolving Fund for use in the project.

(d)

Any other provision the authority considers necessary to ensure expenditure of the funds for the purposes set forth in the approved application.

(2)

The Oregon Infrastructure Finance Authority may make limited moneys available from the Oregon Port Revolving Fund to eligible ports for grants to assist with capital improvement projects.

(3)

The Oregon Business Development Department shall adopt by rule eligibility criteria and award limits for grants from the fund. [Formerly 285.885; 2001 c.883 §13; 2003 c.773 §13; 2005 c.835 §20; 2009 c.830 §41]

Source: Section 285A.681 — Loan from fund; required contract terms; repayment plan; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors285A.­html.

285A.010
Definitions for ORS 284.101 to 284.148 and ORS chapters 285A, 285B and 285C
285A.020
Legislative findings
285A.040
Oregon Business Development Commission
285A.045
Duties and functions of commission
285A.050
Biennial report
285A.055
Prerequisites for certain commission actions
285A.060
Advisory and technical committees
285A.070
Oregon Business Development Department
285A.075
Department duties
285A.080
Salaries and expenses of personnel
285A.083
Authority to require fingerprints for criminal records check
285A.091
Oregon Infrastructure Finance Authority Board
285A.093
Board duties
285A.096
Oregon Infrastructure Finance Authority
285A.098
Powers of Oregon Infrastructure Finance Authority
285A.101
Administrator
285A.103
Oregon Infrastructure Finance Fund
285A.106
Prohibited acts
285A.108
Rules
285A.116
Regions for job development
285A.143
Sister State Committee
285A.145
Sister State Committee authority
285A.148
Oregon-China Sister State Committee
285A.152
Oregon-China Sister State Committee authority
285A.154
Oregon Broadband Advisory Council
285A.157
Oregon Broadband Advisory Council Fund
285A.160
Biennial report
285A.166
Oregon Broadband Office
285A.185
Brownfields redevelopment
285A.188
Brownfields Redevelopment Fund
285A.190
Oregon Coalition Brownfields Cleanup Program
285A.192
Oregon Coalition Brownfields Cleanup Fund
285A.193
Definitions
285A.194
Forgivable loan program for removal and remedial costs at brownfields
285A.195
Application process
285A.196
Documentation required for forgiveness
285A.197
Rulemaking for administration of loan program
285A.198
Oregon Brownfield Properties Revitalization Fund
285A.200
Gifts
285A.206
Department to prepare financial statements
285A.213
Safe Drinking Water Revolving Loan Fund
285A.224
Business Retention Fund
285A.227
Oregon Business, Innovation and Trade Fund
285A.230
University Innovation Research Fund
285A.240
Legislative findings
285A.243
Compact
285A.300
Definition for ORS 285A.300 to 285A.312
285A.303
Findings
285A.306
Title I Bank Fund
285A.309
Use of funds
285A.312
Application of federal statutes
285A.325
Foreign trade zones
285A.328
Specific corporation authorized to maintain foreign trade zone
285A.340
Legislative findings
285A.346
Purchases of assistance services for small businesses
285A.349
Evaluation of effectiveness of assistance
285A.420
Legislative findings
285A.422
Definitions for ORS 285A.420 to 285A.435
285A.425
Beginning and Expanding Farmer Loan Program
285A.430
Revenue bonds to finance agricultural projects
285A.433
Authority of Oregon Business Development Department
285A.435
Beginning and Expanding Farmer Loan Program Fund
285A.510
Definitions for ORS 285A.510 to 285A.522
285A.513
Policy
285A.516
Agency to receive notice of plant closing or layoff
285A.519
Notice to employers of agency that receives closing or layoff notice
285A.522
Annual report of plant closings and layoffs
285A.600
Policy
285A.603
“Port” defined for ORS 285A.603 to 285A.627
285A.615
Provision of managerial assistance and technical services
285A.627
Authority as coordinating entity for port activities
285A.654
Port Planning and Marketing Fund
285A.657
Grants
285A.660
Funding priorities
285A.666
Definitions for ORS 285A.666 to 285A.732
285A.669
Application for project money
285A.672
Review of application
285A.675
Private contract for project not prohibited
285A.678
Qualifications for approval of project funding
285A.681
Loan from fund
285A.684
Payment from fund upon loan approval
285A.687
Filing of lien against port
285A.690
Powers to enforce loan agreement
285A.693
Sources of loan repayment moneys
285A.696
Duties of director
285A.699
Reimbursement to port revolving fund upon refinancing of project
285A.702
Funds for joint projects or match money
285A.705
Loan contract
285A.708
Oregon Port Revolving Fund
285A.709
Transfers to Port Planning and Marketing Fund
285A.711
Use of fund proceeds
285A.732
Short title
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