Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 46 - TIDE GATE GRANT AND LOAN PROGRAM
Section 123-046-0130 - Contract Requirements and Disbursement of Funds

(1) The Department's obligation to fund tide gate projects occurs only after entering into a binding contract with the recipient.

(2) The contract shall be in a form provided by the Department.

(3) If any portion of the assistance is in the form of a loan, a provision granting the Department a lien on or a security interest in the collateral as determined by the Department to be necessary to secure repayment of the loan or bond shall be included in the contract.

(4) Other funds that may be needed to complete the project must be available or the funding recipient must have a binding commitment for such funds at the time the contract is executed. If a portion of the other funds needed to complete the project is committed but not available at the time an award is made or the contract executed, the contract shall require that the project be fully funded prior to any disbursement from the fund.

(5) By contract, recipient will be required to follow state procurement laws in ORS 279 A, ORS 279 B and ORS 279 C.

(6) If the borrower is an entity, rather than an individual, the contract for a loan shall be authorized by an ordinance, order or resolution adopted by the governing body or partners of the entity, and in accordance with any applicable requirements for notice and authorizing debt.