ORS 468.440
Loan terms and interest rates
- considerations
- rules
(1)
The Environmental Quality Commission shall establish by rule policies for establishing loan terms and interest rates for loans made from the Water Pollution Control Revolving Fund that ensure that the objectives of ORS 468.423 (Definitions for ORS 468.423 to 468.440) to 468.440 (Loan terms and interest rates) are met and that adequate funds are maintained in the Water Pollution Control Revolving Fund to meet future needs. In establishing the policy, the commission shall take into consideration at least the following factors:(a)
The capability of the project to enhance or protect water quality.(b)
The ability of a public agency or qualified institution to repay a loan.(c)
Current market rates of interest.(d)
The size of the community or district to be served by the treatment works.(e)
The type of project financed.(f)
The ability of the applicant to borrow elsewhere.(g)
Whether advances have been made to the Water Pollution Control Revolving Fund from the Pollution Control Fund that must be repaid to the Pollution Control Sinking Fund.(2)
The commission may establish an interest rate ranging from zero to the market rate. The commission may establish the loan term, provided that the loans must be fully amortized not later than 30 years after project completion.(3)
The commission shall adopt by rule any procedures or standards necessary to carry out the provisions of ORS 468.423 (Definitions for ORS 468.423 to 468.440) to 468.440 (Loan terms and interest rates). [1987 c.648 §7; 1993 c.411 §10; 1995 c.79 §282; 2005 c.137 §1; 2015 c.626 §2; 2019 c.558 §6]
Source:
Section 468.440 — Loan terms and interest rates; considerations; rules, https://www.oregonlegislature.gov/bills_laws/ors/ors468.html.
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