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The Oregon Administrative Rules contain OARs filed through July 15, 2014
 
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OREGON BUSINESS DEVELOPMENT DEPARTMENT

 

DIVISION 30

PORT REVOLVING FUND

 

123-030-0000

Purpose

The purpose of these rules is to provide procedures, standards and criteria for operation of the Port Revolving Fund program authorized by ORS 285A.669 through 285A.732.

Stat. Auth.: ORS 285A.075
Stats. Implemented: ORS 285A.669 - 285A.732
Hist.: EDD 8-2002, f. & cert. ef. 5-1-02; EDD 20-2009, f. 10-30-09, cert. ef. 11-1-09

123-030-0004

Definitions

For the purposes of these rules additional definitions may be found in Procedural Rules, OAR 123-001. The following terms have the following definitions unless the context clearly indicates otherwise: "Fund" means the Oregon Port Revolving Fund.

Stat. Auth.: ORS 285A.075
Stats. Implemented: ORS 285A.669 - 285A.732
Hist.: EDD 8-2002, f. & cert. ef. 5-1-02; EDD 1-2004(Temp), f. & cert. ef. 2-3-04 thru 8-1-04; EDD 16-2004, f. & cert. ef. 8-2-04; EDD 6-2006, f. 10-30-06, cert. ef. 10-31-06; EDD 20-2009, f. 10-30-09, cert. ef. 11-1-09

123-030-0010

Need for the Port Revolving Fund Project

(1) Applications must include sufficient information that will demonstrate the need for the project. The information must include, but not be limited to, the following:

(a) Whether economic benefits and opportunities such as increased employment, increased personal income, and cost savings are evident;

(b) Whether the applicant has a prospective user or other near-term use of the proposed project; and

(c) That the project satisfies the applicable requirements of OAR chapter 123, division 8.

(2) In the event the loan is primarily for a proposed project to facilitate the location or expansion of an industry pursuant to ORS 285A.666–285A.732, the industry expansion to be induced by the loan must include activities consistent with the infrastructure target industries or Ports adopted Strategic Business Plan.

(3) Need for the project will be established for the purpose of these rules for in-state plant relocation if:

(a) The firm engaging in in-state plant relocation has demonstrated that the relocation is necessary for reasons beyond its control;

(b) The relocation will provide a substantial increase or prevent a substantial direct reduction in total Oregon employment.

Stat. Auth.: ORS 285A.075
Stats. Implemented: ORS 285A.669 - 285A.732
Hist.: EDD 9, f. & ef. 10-14-77; EDD 17-1990, f. & cert. ef. 6-28-90; EDD 8-2002, f. & cert. ef. 5-1-02; EDD 1-2004(Temp), f. & cert. ef. 2-3-04 thru 8-1-04; EDD 16-2004, f. & cert. ef. 8-2-04; EDD 20-2009, f. 10-30-09, cert. ef. 11-1-09

123-030-0020

Application Requirements

An eligible port district may submit an application after consulting with Authority staff on a preliminary determination of eligibility and otherwise following the Authority procedures for submitting applications.

(1) The application must be in the form provided by the Authority and must contain or be accompanied by such information as the Authority may require. The Authority will process only completed applications.

(2) A fee of $100 will be charged for each loan application submitted to the Authority All application fees will be made by check or money order and made payable to the Oregon Port Revolving Fund.

(3) All applications for loans from the Oregon Port Revolving Fund must indicate the proposed collateral to secure the loan and must include the following information:

(a) If the port's taxing authority is proposed to be pledged as collateral, a statement certified by the county assessor's office that sets forth the current millage rate, the projected new millage rate, if required to pay off the loan, the port's maximum current limitation, and a statement indicating whether the proposed pledge is within the port's current maximum mileage limitation;

(b) If any of the port's personal or real property is proposed to be pledged as collateral, the Authority may require a formal appraisal, certified by an appropriate licensed authority, attesting to the value of all collateral proposed to be held as security.

Stat. Auth.: ORS 285A.075
Stats. Implemented: ORS 285A.669 - 285A.732
Hist.: EDD 8-2002, f. & cert. ef. 5-1-02; EDD 1-2004(Temp), f. & cert. ef. 2-3-04 thru 8-1-04; EDD 16-2004, f. & cert. ef. 8-2-04; EDD 6-2006, f. 10-30-06, cert. ef. 10-31-06; EDD 20-2009, f. 10-30-09, cert. ef. 11-1-09

123-030-0030

Application Review and Approval

(1) To approve an application for assistance from the fund, the Authority must make the determinations as follows:

(a) The project is consistent with the requirements governing assistance from the fund. If the Authority determines that the applicant and/or the proposed project do not meet the requirements of this section, the Authority may reject an application or require further documentation from the applicant;

(b) The requisite need for the project has been demonstrated in the application or the local planning process;

(c) The port has certified to the Authority that there will be adequate funds available to repay any loans made;

(d) The loan security includes the pledge of revenues and/or other funds are sufficient, when considered with other security, to assure repayment;

(e) The applicant is willing and able to enter into a contract with the Authority for repayment of the loan;

(f) The project is ready to proceed including all necessary permits required by federal, state and local agencies;

(g) The project activities constitute an eligible project;

(h) Moneys in the fund are or will be available for the project;

(i) The requirements under ORS 285A.055 for approval have been satisfied;

(j) The applicant will not owe more than $3 million in principle to the Port Revolving Fund if the loan is approved.

(2) The Authority may provide preliminary approval of a loan application at any time and identify all necessary requirements for final approval.

(3) If the application is denied, the matter will be set aside unless the applicant requests further action under ORS Chapter 183.

Stat. Auth.: ORS 285A.075
Stats. Implemented: ORS 285A.669 - 285A.732
Hist.: EDD 8-2002, f. & cert. ef. 5-1-02; EDD 1-2004(Temp), f. & cert. ef. 2-3-04 thru 8-1-04; EDD 16-2004, f. & cert. ef. 8-2-04; EDD 6-2006, f. 10-30-06, cert. ef. 10-31-06; EDD 20-2009, f. 10-30-09, cert. ef. 11-1-09

123-030-0040

Loan Contract Terms and Conditions

(1) Interest rates will be set by the Authority at market rates, but not less than Treasury Notes of a similar term minus 1 percent.

(2) The term of the loan will not exceed the useful life of the contracted project or 25 years from the year of project completion, whichever is less.

(3) For a flexible manufacturing space project, the loan contract may provide that no interest accrue until the building is 25 percent occupied, or until three years after the date of the loan contract, whichever is earlier.

(4) The loan contract will:

(a) Be in a form as provided by the Authority, and

(b) Provide that the Authority may institute appropriate action to prevent use of project facilities financed by the fund if the port is delinquent in its repayments.

Stat. Auth.: ORS 285A.075
Stats. Implemented: ORS 285A.669 - 285A.732
Hist.: EDD 8-2002, f. & cert. ef. 5-1-02; EDD 1-2004(Temp), f. & cert. ef. 2-3-04 thru 8-1-04; EDD 16-2004, f. & cert. ef. 8-2-04; EDD 6-2006, f. 10-30-06, cert. ef. 10-31-06; EDD 20-2009, f. 10-30-09, cert. ef. 11-1-09

123-030-0050

Sanctions, Exceptions and Appeals

The Department may seek legal remedies against ports that fail to comply with the requirements governing the fund. The Department will not impose remedies until the port has been notified in writing of deficiencies and has been given a reasonable time to respond and correct the deficiencies noted.

Stat. Auth.: ORS 285A.075
Stats. Implemented: ORS 285A.669 - 285A.732 & 285A.690
Hist.: EDD 8-2002, f. & cert. ef. 5-1-02; EDD 1-2004(Temp), f. & cert. ef. 2-3-04 thru 8-1-04; EDD 16-2004, f. & cert. ef. 8-2-04; EDD 6-2006, f. 10-30-06, cert. ef. 10-31-06; EDD 20-2009, f. 10-30-09, cert. ef. 11-1-09; OBDD 15-2010, f. 4-30-10, cert. ef. 5-1-10

The official copy of an Oregon Administrative Rule is contained in the Administrative Order filed at the Archives Division, 800 Summer St. NE, Salem, Oregon 97310. Any discrepancies with the published version are satisfied in favor of the Administrative Order. The Oregon Administrative Rules and the Oregon Bulletin are copyrighted by the Oregon Secretary of State. Terms and Conditions of Use

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