Or. Admin. R. 340-180-0060 - Loan Guarantee Certificate

(1) In accordance with this part, the Department shall issue a loan guarantee certificate to an applicant who has filed a complete application.

(2) At the beginning of each month the Department shall determine the portion of the funds in the Underground Storage Tank Compliance and Corrective Action Fund that shall be used for the expenses of approved loan guarantee applications during the month. The portion dedicated to the loan guarantee expenses shall be distributed in the following manner:

(a) Sixty percent of the month funds shall be set aside for the expenses of category "A" loan guarantees;

(b) Thirty percent of the month funds shall be set aside for the expenses of category "B" loan guarantees;

(c) Ten percent of the month funds shall be set aside for the expenses of category "C" loan guarantees;

(d) Funds set aside within a category during any month shall be used to provide loan guarantee certificates for loan applications received during the previous month, first providing loan guarantee certificates to applications with the highest numerical ranking within the category, then to applications with the next highest numerical ranking within the category, and so on in numerical order, except:

(A) Within a category, any loan guarantee application not receiving a loan guarantee certificate during a month shall receive a loan guarantee certificate before any new application received during any subsequent month;

(B) Where loan applications have the same numerical ranking, the loan application with the earliest filing date shall receive a loan guarantee certificate first.

(e) At the end of the month, funds not used to provide loan guarantee certificates shall be added to the funds the Department makes available during the next month;

(f) Loan guarantee applications within a category that do not receive a loan guarantee certificate within the current month shall be funded first in time and in priority order within that category during the following month, and so on in subsequent months.

(3) The loan applicant may not assign any right, title, and interest in the loan guarantee certificate or the loan guarantee to any person other than a subsequent property owner, tank owner or permittee of the underground storage tank facility.

(4) Loan guarantee certificates shall be valid for 180 days or the termination date shown on the loan guarantee certificate.

Notes

Or. Admin. R. 340-180-0060

DEQ 25-1989(Temp), f. & cert. ef. 10-26-89; DEQ 13-1990, f. & cert. ef. 3-13-90

Stat. Auth.: ORS 466.706 -ORS 466.995

Stats. Implemented: OL 1989, Ch. 1071