(1) There is created within the State Treasury a revolving fund known as the Oregon Business Development Fund, separate and distinct from the General Fund. Interest earned by the fund shall be credited to the fund. Moneys in this fund are continuously appropriated to the Oregon Economic and Community Development Commission for the following purposes:
(a) Administrative expenses of the commission in marketing public business finance, processing applications, investigating proposed business development projects and servicing outstanding loans. In any one year, administrative expenses charged under this paragraph may not be greater than the total revenues received in that year from fees provided for in subsection (2)(a) of this section, plus four percent of the total asset value of the fund.
(b) Payment of loans to applicants under ORS 285B.050 to 285B.098.
(c) Actions the commission deems necessary to obtain repayment of outstanding loans.
(d) Purchase or buyout of superior or prior liens or mortgages on or a security interest in any business development project financed in part by a loan from the fund, when the commission determines:
(A) A loan from the fund is in default and is in liquidation or at risk of being forced into liquidation by another creditor to the project; and
(B) The action is necessary to maintain or enhance the value of the commission’s collateral in the project.
(2) The fund created by subsection (1) of this section shall consist of:
(a) Fees as determined by the commission.
(b) Repayment of moneys loaned to counties, municipalities or persons from the fund, including interest on those moneys or including other receipts.
(c) Payment of such moneys as may be appropriated to the fund by the Legislative Assembly.
(d) Moneys obtained from any interest accrued from funds.
(e) Moneys from any grant made to the fund by any federal agency.
(3) All repayments, interest and other receipts from outstanding indebtedness or any other source shall be retained and accumulated in the fund and shall be used for the purposes of the fund.
(4) Notwithstanding any other law, if at any time there are insufficient funds in established business finance programs, the commission may direct the transfer of unobligated funds from the fund. [Formerly 285.443; 1999 c.247 §3; 1999 c.509 §28; 2003 c.167 §5; 2007 c.804 §47]
Section: Previous 285B.074 285B.077 285B.080 285B.081 285B.083 285B.086 285B.089 285B.092 285B.093 285B.095 285B.098 285B.103 285B.105 285B.108 285B.120 NextLast modified: August 7, 2008