Application Review and Approval
To approve an application for assistance from the fund, the Authority must make the determinations as follows:
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;
The requisite need for the project has been demonstrated in the application or the local planning process;
The port has certified to the Authority that there will be adequate funds available to repay any loans made;
The loan security includes the pledge of revenues and/or other funds are sufficient, when considered with other security, to assure repayment;
The applicant is willing and able to enter into a contract with the Authority for repayment of the loan;
The project is ready to proceed including all necessary permits required by federal, state and local agencies;
The project activities constitute an eligible project;
Moneys in the fund are or will be available for the project;
The requirements under ORS 285A.055 for approval have been satisfied;
The applicant will not owe more than $3 million in principle to the Port Revolving Fund if the loan is approved.
The Authority may provide preliminary approval of a loan application at any time and identify all necessary requirements for final approval.
If the application is denied, the matter will be set aside unless the applicant requests further action under ORS Chapter 183.