OAR 340-054-0056
Clean Water State Revolving Fund Loans: CWSRF Loan Use Conditions

(1)

Clean Water Act plans. DEQ will only provide a loan to a project that is consistent with plans developed under sections 303(e), 319 or 320 of the Clean Water Act.

(2)

Refinancing a long-term loan. DEQ will not provide a loan that will be used to refinance another lender’s long-term loan or other debt obligations.

(3)

Refinancing an interim loan. DEQ may provide a loan to refinance an interim loan or self-generated funds used to pay DEQ-approved project costs if the borrower:

(a)

Provides DEQ with a written notice of intent to apply for long-term financing;

(b)

Wants to proceed with the project using interim financing or self-generated funds; and

(c)

Agrees to proceed at its own risk whether or not the CWSRF is available to provide long-term financing.

(4)

Interim financing. DEQ may provide short-term, construction-period financing for an eligible project if the following conditions are met:

(a)

The CWSRF’s liquidity is sufficient to provide financing without adversely affecting the amount and timing of disbursements needed for prior obligations;

(b)

The borrower has a legally enforceable obligation for long-term project financing satisfactory to DEQ; and

(c)

The loan agreement for interim financing will stipulate DEQ is not obligated to provide long-term financing for the project.

Source: Rule 340-054-0056 — Clean Water State Revolving Fund Loans: CWSRF Loan Use Conditions, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=340-054-0056.

Last Updated

Jun. 8, 2021

Rule 340-054-0056’s source at or​.us