Oregon Statutes - Chapter 285B - Economic Development II - Section 285B.218 - Pledge to assure repayment of loans or other credit.

(1) The Economic and Community Development Department is authorized to pledge up to $75 million to assure the repayment of loan guarantees or other extensions of credit made to or on behalf of qualified businesses for eligible projects costs.

(2) If the balances in the Credit Enhancement Fund are insufficient to cover any claims by financial institutions that arise from loan and credit guarantees made under ORS 285B.200 to 285B.218, the Oregon Department of Administrative Services is directed to transfer in the fiscal year as often as appropriate any funds from the Administrative Services Economic Development Fund to cover such principal, interest and claims, subject to the condition that no such transfer shall be made prior to the satisfaction of any constitutionally dedicated distribution, the allocation under ORS 391.130 to the Regional Light Rail Extension Construction Fund or any allocations related to the lottery bond program authorized by ORS 286.560 (6)(a) or (b). [Formerly 285.481; 2007 c.804 §61]

Note: See note under 285B.200.

Section:  Previous  285B.186  285B.200  285B.203  285B.206  285B.209  285B.212  285B.215  285B.218  285B.230  285B.233  285B.236  285B.239  285B.242  285B.245  285B.248  Next

Last modified: August 7, 2008