Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 46 - TIDE GATE GRANT AND LOAN PROGRAM
Section 123-046-0120 - Application Review and Approval
Universal Citation: OR Admin Rules 123-046-0120
Current through Register Vol. 63, No. 12, December 1, 2024
(1) For a tide gate project, the Department must make the following determinations:
(a)
That a tide gate construction project is feasible as demonstrated by
certification from a professional engineer registered in the State of Oregon in
a feasibility study, such as a feasibility study consistent with
123-046-0060(2), or other feasibility documentation approved by the
Department.
(b) Any loan is secured
by the pledge of utility revenues or other revenues or payments from owners of
specially benefited properties, and these revenues or payments are sufficient,
when considered with other security, to assure repayment of the loan and the
borrower has certified to the Department that there will be adequate funds
available to repay the loans made to the municipality from the fund.
(c) Moneys in the appropriate accounts of the
fund are or will be available for the project.
(d) The applicant is willing and able to
enter into a contract with the Department.
(e) The project is consistent with the
requirements governing assistance from the fund. If the Department determines
that the applicant or the proposed project does not meet the requirements of
this OAR 123-046-0120, the Department may reject an application or require
further documentation from the applicant.
(2) To award assistance from the fund for a tide gate project, the Department must determine that the applicant has, or has demonstrated the ability to secure, the administrative capacity to undertake and complete the project.
Statutory/Other Authority: ORS 285A.075 & Ch 10, OL 2020
Statutes/Other Implemented: Ch 10, OL 2020
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