If the Oregon Economic and Community Development Commission approves the project, the commission, 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:
(1) 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 commission. 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 commission may provide. However, upon approval by the commission, 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 commission.
(c) Shall provide for evidence of debt assurance of, and security for, repayment by the applicant as are considered necessary by the commission.
(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 paragraph (a) of this subsection, 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 (5).
(2) Provisions satisfactory to the commission for field engineering and inspection, the commission to be the final judge of completion of the contract.
(3) 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.
(4) Any other provision the commission considers necessary to ensure expenditure of the funds for the purposes set forth in the approved application. [Formerly 285.885; 2001 c.883 §13; 2003 c.773 §13; 2005 c.835 §20]
Section: Previous 285A.660 285A.663 285A.666 285A.669 285A.672 285A.675 285A.678 285A.681 285A.684 285A.687 285A.690 285A.693 285A.696 285A.699 285A.702 NextLast modified: August 7, 2008