Or. Admin. Code § 141-060-0020 - Financial Awards
(1) The Board
may require retention of a minimum balance in the Fund to ensure that monies
will be available for future awards.
(2) Awards shall be made only in the form of
loans and only to qualified applicants for approved uses of the Fund:
(a) The loans shall be made from the loanable
balance of the ORR Fund, from the interest income of the Fund, and from annual
loan repayments;
(b) The number of
loans shall be determined by the Board.
(3) Maximum loan amounts shall be determined
by the Board prior to notifying the public of available funds.
(4) The Board shall establish the maximum
interest rate for each funding cycle prior to giving public notice of available
funds.
(5) The Board shall
determine the interest rate to accompany each award based on the applicant's
financial ability to repay interest on the award.
(6) The Board shall determine repayment
schedules on each award based on the financial ability of the applicant to
repay the award and interest imposed under section (4) of this rule.
(7) The Board shall determine appropriate
security for each award based on the availability and value of the security and
the nature and extent of encumbrances upon such security.
Notes
Stat. Auth.: ORS 566
Stats. Implemented: ORS 566.310 - ORS 566.360
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