(1) There is established in the State Treasury, separate and distinct from the General Fund, the Credit Enhancement Fund. All moneys in the fund are continuously appropriated to the Economic and Community Development Department for the following purposes:
(a) Payment of claims pursuant to contracts for loan or credit guarantees under ORS 285B.200 to 285B.218.
(b) Payment of administrative costs of the department for actual and necessary administrative expenses incurred by the department in administering the fund and establishing and maintaining the program established under ORS 285B.200 to 285B.218.
(c) Repayment of transfers of funds required or authorized by law.
(d) Purchase or buyout of superior or prior liens, mortgages or security interests.
(2) Moneys in the Credit Enhancement Fund shall consist of:
(a) Moneys appropriated to the fund by the Legislative Assembly, including moneys derived from the Administrative Services Economic Development Fund.
(b) Proceeds from collateral assigned to the department.
(c) Interest earned on moneys in the fund.
(d) Transfers of moneys to the fund.
(e) Fees assessed for guarantees, as determined by the department.
(f) Moneys from gifts.
(g) Moneys from any grant made to the fund by any federal agency.
(h) Proceeds of insurance provided by the Export-Import Bank of the United States or by any other provider of insurance for export transactions. [Formerly 285.471; 2007 c.804 §60]
Note: See note under 285B.200.
Section: Previous 285B.183 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 NextLast modified: August 7, 2008