OAR 813-009-0020
Type of Loan Assistance
(1)
The Department will confirm in writing to an applicant the amount of assistance, if any, to be provided from the Park Purchase Account. Any assistance will be in the form of a loan made pursuant to a controlling written instrument.(2)
The Department will establish the terms of the loan, including (without limitation) its duration, interest rate and repayment schedule at or prior to its issuance. Without the written approval of the Director, the following loan limitations will apply:(a)
The initial duration of the loan shall not exceed three years;(b)
The initial interest rate on the loan shall not exceed the short-term money-market rate at the time of loan funding; and(c)
The loan installment payment due dates shall not be less than every three months.(3)
Successful applicants will submit vouchers, billings or paid receipts for Initial Costs to the Department, in form and content satisfactory to the Department, for the Department’s approval, prior to loan funds disbursement. Approval will be at the sole discretion of the Department. Upon approval by the Department, proceeds of the loan will be disbursed to vendors and/or to the successful applicant as determined by the Department.(4)
In addition to any other rights or remedies available under law, the Department may revoke any approval of the use of Park Purchase Account Funds, terminate all or part of any loan, accelerate all or part of the balance due on any loan and require immediate repayment of any or all of the funds advanced pursuant to a loan if any of the terms or conditions of the loan are not timely and completely satisfied.
Source:
Rule 813-009-0020 — Type of Loan Assistance, https://secure.sos.state.or.us/oard/view.action?ruleNumber=813-009-0020.