The Water Resources Commission may approve the financing for the construction of a water development project described in an application filed as provided in ORS 541.705 using moneys in the Water Development Fund, secured by a first, parity or second lien in the manner provided in ORS 541.740 if, after investigation the commission finds that:
(1) The proposed water development project is feasible and a reasonable risk from practical and economic standpoints;
(2) The plan for the construction, operation and maintenance of the proposed water development project is satisfactory and, if the primary purposes of the project include irrigation or drainage, the agricultural potential is confirmed;
(3) The plan for construction and operation will provide multipurpose facilities, to the extent practicable;
(4) The applicant is a qualified, credit-worthy and responsible water developer and is willing and able to enter into a contract with the commission for construction and repayment as provided in ORS 541.730;
(5) Moneys in the Water Development Fund are or will be available for the construction of the proposed water development project;
(6) There is a need for the proposed water development project, the proposed project is in the public interest and the applicant’s financial resources are adequate to provide the working capital needed to operate and maintain the project; and
(7) The construction cost associated with any secondary use does not exceed the construction cost of the primary use of the water development project. [1977 c.246 §5; 1981 c.166 §2; 1981 c.592 §3; 1985 c.673 §115; 1999 c.212 §2]
(Loan Contracts)
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