Application Review and Approval
For a construction project the Authority must make the following determinations:
The municipality has certified that the proposed project is feasible, is the most cost effective solution, and adequately serves the applicable land uses in both the short and long term;
The loan is secured by the pledge of utility revenues or other revenues, collateral, or payments from any owners of specially benefited properties, and such pledge is sufficient, when considered with other collateral or assets, to assure repayment, and the municipality has certified to the Authority that there will be adequate funds available to repay the loans made to the municipality from the fund;
The municipality is willing and able to enter into a contract with the Authority;
The project is consistent with the requirements governing assistance from the fund. If the Authority determines that the municipality or the proposed project does not meet the requirements of OAR chapter 123, division 42, the Authority may reject an application or require further documentation from the municipality;
Other funds that may be needed to complete the project are available or the municipality has a binding commitment for such funds. If a portion of the other funds needed to complete the project is not available or committed at the time an award is made, the award will be conditional on securing the other needed funds or a binding commitment for such funds; and
The project is ready to begin and the municipality has committed in writing that, if awarded the assistance, it shall proceed immediately.
For a planning project, the Authority must make the following determinations:
The requirements set out in OAR 123-042-0132(1) are met, except for subsection (b) if no loan is being awarded;
The planning activities must be for a project that is eligible under OAR chapter 123, division 42 and meets the criteria listed in OAR 123-042-0045; and
The municipality has demonstrated the ability to secure, the administrative capacity to undertake and complete the planning project.