OAR 340-180-0030
General Provisions Guaranteed Underground Storage Tank Facility Loan

(1)

Property owners, tank owners, and permittees of a UST facility that contains motor fuel may qualify to receive a guaranteed loan for soil remediation, UST upgrading, and UST replacement.

(2)

The applicant for a guaranteed loan shall provide a minimum down payment of 20 percent.

(3)

The guaranteed loan must be issued by a commercial lending institution.

(4)

The loan guarantee provided by the Department may be up to 80 percent of the loan principal, not to exceed $64,000 at any facility location.
NOTE: For example, for a $50,000 UST project, the applicant must provide a minimum 20 percent down payment ($10,000), the commercial lending institution may loan the remaining 80 percent ($40,000), and the Department may only guarantee 80 percent of the amount of money loaned. In this case the loan guarantee would be $32,000.

(5)

Loan guarantees shall be issued in a priority order, in accordance with OAR 340-180-0020 (Distribution Priority of Funds for Loan Guarantee Expenses) and 340-180-0060 (Loan Guarantee Certificate).

(6)

Only one loan guarantee may be issued to each facility.

(7)

The loan guarantee is limited to work for soil remediation at a facility where USTs contain motor fuel and work to upgrade or replace the underground storage tank systems containing an accumulation of motor fuel located at a facility where:

(a)

The USTs are regulated by OAR 340, division 150;

(b)

UST system upgrading, retrofitting and replacement is performed by licensed service providers in accordance with OAR 340-160-0005 (Purpose) through 340-160-0150 (Fees);

(c)

UST tightness testing and/or soil assessment was performed prior to issuance of a loan guarantee;

(d)

Performance of UST tightness testing and/or soil assessment was in accordance with OAR 340-170-0010 (Definitions) through 340-170-0080 (Reimbursement Grant Payment);

(e)

Each regulated underground storage tank has a valid UST permit; and

(f)

Work started after September 1, 1989 and is completed by August 31.

(8)

Loan guarantees are not available to pay for soil remediation at a facility undergoing decommissioning, including tank removal or where tanks are being filled in place.

(9)

Money from a loan guaranteed by the Department shall only be used for labor, material and equipment listed on the Department published eligible expense list.

Source: Rule 340-180-0030 — General Provisions Guaranteed Underground Storage Tank Facility Loan, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=340-180-0030.

Last Updated

Jun. 8, 2021

Rule 340-180-0030’s source at or​.us