(1) There is established in the State Treasury, separate and distinct from the General Fund, the Safe Drinking Water Revolving Loan Fund. All moneys in the Safe Drinking Water Revolving Loan Fund are continuously appropriated to the Economic and Community Development Department.
(2) The Economic and Community Development Department shall administer the Safe Drinking Water Revolving Loan Fund in accordance with a memorandum of understanding between the department and the Department of Human Services.
(3) The Safe Drinking Water Revolving Loan Fund shall consist of:
(a) Moneys transferred to the fund by the Department of Human Services for purposes authorized by the memorandum of understanding between the Department of Human Services and the Economic and Community Development Department.
(b) Moneys transferred to the fund by the federal government, other state agencies or local governments.
(c) Moneys transferred to the fund by the Legislative Assembly or the Oregon Economic and Community Development Commission.
(d) Proceeds from the sale of revenue bonds.
(e) Repayment of financial assistance provided with moneys from the fund.
(f) Interest and other earnings on moneys in the fund.
(4) Moneys in the Safe Drinking Water Revolving Loan Fund shall be used to provide financial or other assistance to publicly owned and privately owned water systems under the Safe Drinking Water Act Amendments of 1996, P.L. 104-182, and rules of the Economic and Community Development Department. As used in this subsection, “assistance” includes direct purchase by the Economic and Community Development Department of goods or services related to a water system project to the extent permitted by the memorandum of understanding between the Economic and Community Development Department and the Department of Human Services, the Safe Drinking Water Act Amendments of 1996, and as authorized by rules of the Economic and Community Development Department.
(5) The owner of a water system may borrow from the Safe Drinking Water Revolving Loan Fund by entering into a loan agreement with the Economic and Community Development Department. The owner of a municipally owned water system may enter into a loan agreement with the department notwithstanding any restriction on indebtedness in the charter or bylaws of the municipality or any other provision of law. Moneys owed to the department by the borrower under a loan agreement may be paid from:
(a) Revenue from any water system project of the borrower, including special assessment revenue;
(b) Amounts withheld under subsection (6) of this section;
(c) The general fund of the borrower;
(d) Any combination of sources listed in paragraphs (a) to (c) of this subsection; or
(e) Any other source.
(6) If a borrower fails to comply with a loan agreement entered into under subsection (5) of this section, the Economic and Community Development Department may seek appropriate legal remedies to secure any repayment due the Safe Drinking Water Revolving Loan Fund. If a borrower defaults on repayment due the fund, the State of Oregon may withhold any amounts otherwise due to the borrower. Any amounts withheld under this subsection shall be credited toward repayment of the borrower’s indebtedness to the fund. [1999 c.236 §1; 2001 c.883 §4a; 2003 c.773 §2]
Section: Previous 285A.190 285A.192 285A.200 285A.203 285A.206 285A.209 285A.212 285A.213 285A.215 285A.216 285A.218 285A.221 285A.224 285A.227 285A.240 NextLast modified: August 7, 2008