Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS")
Section 123-052-1150 - Aggie Bonds Purchased By Participating Lenders

Universal Citation: OR Admin Rules 123-052-1150

Current through Register Vol. 62, No. 12, December 1, 2023

(1) An applicant seeking Aggie Bond financing through a Participating Lender must apply to the Program on a form provided by the Department. That Application must be accompanied by a non-refundable application fee of $250.

(2) Once the Department receives an Application and any other information required by the Department, if the Department determines that the Applicant and the assets the Applicant wishes to finance appear to qualify for Aggie Bond financing, the Department shall prepare and sign a reimbursement declaration for the Application and notify the Applicant and the Participating Lender. After the Department notifies the Applicant and the Participating Lender:

(a) The Department and the Participating Lender shall prepare a schedule for the proposed financing, and shall modify that schedule as circumstances require.

(b) The Department shall schedule the "TEFRA" hearing and provide the Application and any required information to bond counsel as provided in the schedule.

(c) The Participating Lender shall prepare and circulate a draft loan agreement and other documents that the Participating Lender prepares as provided in the schedule. The loan agreement shall be in a form acceptable to the Department.

(d) Bond counsel shall review the application, circulate drafts of documents to be prepared by bond counsel, and conduct tax due diligence. When the tax due diligence is complete and bond counsel is prepared to issue its approving opinion, bond counsel shall notify the Department and the Participating Lender.

(3) After bond counsel notifies the Department and the Participating Lender that bond counsel is prepared to issue its approving opinion, the Department shall request that the State Treasurer approve issuance of the bonds, and shall work with the Applicant, the Participating Lender and bond counsel to close the Aggie Bonds for the Applicant.

(4) The Department may impose additional requirements in connection with Aggie Bonds that are purchased by Participating Lenders.

OBDD 8-2016, f. & cert. ef. 8/3/2016

Stat. Auth.: ORS 285A.420 - 285A.435, ch. 742 OL 2013

Stats. Implemented: ORS 285A.420.420 - 285A.435, ch. 742 OL 2013

Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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