(1) There is established in the State Treasury the Marine Navigation Improvement Fund. The moneys in the fund and interest earnings on the moneys in the fund are continuously appropriated to the Economic and Community Development Department for the purposes of:
(a) Paying a portion of the costs of dredging activities that are carried out in the harbors and channels on the Oregon coast and along the Columbia River when federal law or regulation requires a portion of the costs of such dredging to be paid by nonfederal interests; and
(b) Paying the study and construction costs of other new navigation improvement projects that directly support a federally authorized navigation improvement project.
(2) The Marine Navigation Improvement Fund established by this section consists of moneys appropriated to the fund by the Legislative Assembly, repayment of loans made with moneys in the fund and bond proceeds deposited in the fund.
(3) Moneys in the fund shall be used primarily to make loans to ports for eligible projects. The department may award a grant or provide other assistance from moneys in the fund to a port for an eligible project only if a loan is not feasible due to the financial hardship of the port or other special circumstances, as set forth in rules adopted by the department.
(4) Eligibility for assistance from the Marine Navigation Improvement Fund shall be limited to and funded, subject to the availability of funds, in the following order of priority:
(a) Federally authorized studies and construction of new navigation improvement projects.
(b) Other new navigation improvement projects if the projects directly support or provide access to a federally authorized navigation improvement project or a federally authorized navigation channel.
(5) Financial assistance for construction costs under subsection (4)(a) of this section shall be limited to those projects that have completed all federally required studies and have confirmed positive cost-benefit ratios as required by the National Economic Development Plan.
(6) Financial assistance for construction costs under subsection (4)(b) of this section is limited to projects sponsored by a port, as defined in ORS 777.005 or 778.005, that meet criteria developed by the department.
(7) Financial assistance for studies of other new construction projects under subsection (1)(b) of this section is limited to projects that meet criteria developed by the department. [1989 c.1020 §2; 1991 c.461 §87; subsection (3) enacted as 1991 c.461 §88; 2001 c.570 §1; 2003 c.741 §13]
Note: See note under 777.262.Section: Previous 777.240 777.250 777.255 777.258 777.260 777.262 777.265 777.267 777.270 777.272 777.273 777.275 777.277 777.279 777.280 Next
Last modified: August 7, 2008