Or. Admin. Code § 123-039-0080 - Loan Requirements and Disbursement of Funds

(1) Prior to the disbursement of any loan funds, the applicant must enter into a loan agreement with the Authority.

(2) The loan agreement shall be in a form provided by the Authority, and must include:

(a) A provision that disbursements will be according to the terms of the loan agreement;

(b) A provision that the liability of the Authority under the loan agreement is contingent upon the availability of moneys in the Fund for use in the project;

(c) A provision that requires the borrower to submit documentation consistent with OAR 123-039-0100(3) to the Authority in a form and schedule set forth by the Authority;

(d) The Department, in its sole discretion, may require that forgivable loans issued for Aquifer Recharge testing projects include a provision that the borrower install totalizing flow meters or equivalent measurement devices to recharge and recovery wells subject to Aquifer Recharge testing as needed to ensure adequate documentation required under OAR 123-039-0100(3); and

(e) Any other provision that the Authority considers necessary or appropriate to implement the Program.

(3) If the forgivable loan amount is for less than the total amount needed to complete the applicant's project, the following additional requirements apply:

(a) The applicant must demonstrate to the Authority that it has binding commitments for additional funds in an amount sufficient to complete the project prior to executing the forgivable loan agreement; and

(b) The forgivable loan agreement shall require that prior to disbursement of any monies from the Fund, the forgivable loan recipient must demonstrate that the project is fully funded.

Notes

Or. Admin. Code § 123-039-0080

OBDD 22-2024, adopt filed 10/08/2024, effective 10/8/2024

Statutory/Other Authority: ORS 285A.075

Statutes/Other Implemented: OR Laws 2023, Chapter 606