OAR 340-178-0050
Reduced Interest Rate Certificate

(1)

In accordance with this division, the Department shall issue a reduced interest rate certificate to an applicant who has filed a complete application and meets the requirements of OAR 340, division 172 and this division.

(2)

Funds collected and deposited into the Underground Storage Tank Compliance and Corrective Action Fund may be used to make reduced interest rate payments. The Department will pay to the lender all valid claims for interest rate payments to the commercial lending institutions against UST Reduced Interest Rate Confirmation letter. A lender can claim reduced interest rate payment on a calendar quarter basis.

(3)

The applicant may not assign any right, title, and interest in the reduced interest rate certificate or confirmation letter to any person other than a subsequent property owner, tank owner or permittee of the underground storage tank facility.

(4)

UST Reduced Interest Rate Certificates shall be valid for one year from the date of issue. A certificate may be renewed subject to availability of funds from the USTCCA fund.

Source: Rule 340-178-0050 — Reduced Interest Rate Certificate, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=340-178-0050.

Last Updated

Jun. 8, 2021

Rule 340-178-0050’s source at or​.us