Repaying Trust Funds
(1)The Landowner may terminate the Loan Program Contract at anytime during the life of the contract by repaying all Trust funds, including interest.
(2)The State Forester must calculate the amount due by using the Actual Trust Costs paid to the Landowner to establish the Forest Stand described in the Loan Program Contract, with annual interest at the rate determined in OAR 629-022-0320 (Interest Rate). Interest is simple, prorated to the nearest full month, and begins on the date that payment or payments are made to the Landowner.
(3)When there is a partial Harvest of Forest Products at any time during the life of the Loan Program Contract, the Landowner must make payments of 50 percent of all net receipts, until all the Trust funds, including interest are paid.
(4)When there is a Final Harvest of Forest Products from the Forest Stand, the Landowner must make full repayment of the lowest of the following:
(a)The Actual Trust Cost plus interest attributable to that portion of the Forest Stand so harvested; or
(b)The remaining amount of the Actual Trust Cost plus interest; or
(c)The total of all net receipts.
(5)Repayment of Trust funds is first applied to the Actual Trust Cost paid to the Landowner and then to the accumulative interest, until repaying all the Trust funds, including interest.
(6)The Landowner must make payments to the State Forester, to be deposited in the Trust fund, within 60 days of completing the Harvest Operation triggering the need for payment.
Rule 629-022-0300 — Repaying Trust Funds,