OAR 731-030-0120
Project Agreements, Interest Rates and Charges
(1)
For an Application approved under OAR 731-030-0110 (Approval Procedures), the Department will make an Infrastructure Loan or provide Infrastructure Assistance from the Infrastructure Fund by entering into an Agreement with the Recipient.(2)
Notwithstanding any provisions of a Staff recommendation under OAR 731-030-0110 (Approval Procedures)(2), the Chief Financial Officer will make the final determination of the amount and type of financing awarded, interest rate (if applicable), value and types of Collateral, and schedule of payments, and may impose such further provisions as are necessary or appropriate to insure expenditure of the funds for the purposes set forth in the approved Application and as needed to protect the Infrastructure Fund. Such determination shall not be contrary to any provisions of an approval under OAR 731-030-0110 (Approval Procedures)(5)(a). In most cases, the interest rate will approximate the rate for similar obligations. In determining the interest rate for an Infrastructure Loan, the Chief Financial Officer may set the rate to reflect the evaluation of the Transportation Project, the effect of the rate upon the Applicant’s ability to finance the Transportation Project, the financial need of the Applicant, and the special circumstances of the Transportation Project.(3)
The Agreement the Department enters into with a Recipient regarding an Infrastructure Loan or Infrastructure Assistance will specify any fees or charges.(4)
The Chief Financial Officer will consider the financial status of the Infrastructure Fund and may delay final award of funds to any Recipient until sufficient funds are available in the Infrastructure Fund. The Department reserves the right to investigate and recommend other sources of funds for all or part of a proposed Transportation Project.(5)
Eligible uses of moneys obtained from or through the assistance of the Infrastructure Fund include, but are not limited to, the cost of acquiring, designing, building and installing any Transportation Project.(6)
A Recipient may request a modification or amendment to an executed Agreement. The request must be made in writing to the Chief Financial Officer for consideration by the Department. The Recipient will be responsible for all costs related to any modification or amendment of the Agreement.
Source:
Rule 731-030-0120 — Project Agreements, Interest Rates and Charges, https://secure.sos.state.or.us/oard/view.action?ruleNumber=731-030-0120.