(1) The Environmental Quality Commission shall establish by rule policies for establishing loan terms and interest rates for loans made from the Water Pollution Control Revolving Fund that ensure that the objectives of ORS 468.423 to 468.440 are met and that adequate funds are maintained in the Water Pollution Control Revolving Fund to meet future needs. In establishing the policy, the commission shall take into consideration at least the following factors:
(a) The capability of the project to enhance or protect water quality.
(b) The ability of a public agency to repay a loan.
(c) Current market rates of interest.
(d) The size of the community or district to be served by the treatment works.
(e) The type of project financed.
(f) The ability of the applicant to borrow elsewhere.
(g) Whether advances have been made to the Water Pollution Control Revolving Fund from the Pollution Control Fund that must be repaid to the Pollution Control Sinking Fund.
(2) The commission may establish an interest rate ranging from zero to the market rate. The commission may establish the loan term, provided that the loans must be fully amortized not later than 20 years after project completion.
(3) The commission shall adopt by rule any procedures or standards necessary to carry out the provisions of ORS 468.423 to 468.440. [1987 c.648 §7; 1993 c.411 §10; 1995 c.79 §282; 2005 c.137 §1]
Section: Previous 468.429 468.430 468.431 468.433 468.435 468.437 468.439 468.440 468.450 468.451 468.453 468.455 468.456 468.458 468.460 NextLast modified: August 7, 2008