OAR 738-015-0070
Non-Commercial Aeronautical Lease Applicant’s Financial Responsibility

(1)

All persons applying for a lease for non-commercial aeronautical activity at a State-owned airport who will be constructing improvements to the lease property shall provide the Department evidence, in a form acceptable to ODA, of the applicant’s financial capability and responsibility to complete the project, in one of the following forms:

(a)

A performance bond in the amount equal to the cost for constructing the proposed improvements, which may be supplied by a contractor;

(b)

An irrevocable letter of credit guaranteeing funds to complete the project;

(c)

An escrow agreement administered by a title and escrow company; or

(d)

A trust administered by a commercial bank.

(2)

At its option, the Department may require the prospective Lessee to obtain one or more of the above documents as proof of financial responsibility to complete the project.

Source: Rule 738-015-0070 — Non-Commercial Aeronautical Lease Applicant's Financial Responsibility, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=738-015-0070.

Last Updated

Jun. 8, 2021

Rule 738-015-0070’s source at or​.us