Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS")
Section 123-052-1700 - Procedure after Preliminary Eligibility Determination for Aggie Bonds to be Purchased by Standard Lenders
Universal Citation: OR Admin Rules 123-052-1700
Current through Register Vol. 63, No. 9, September 1, 2024
(1) If the Department notifies the Applicant that the Applicant, the proposed project and the proposed lender appear eligible for the Program, the Borrower may file a request for a final eligibility determination with the Department. The request for final eligibility determination shall be filed on a form provided by the Department, and shall contain:
(a) A
detailed description of the costs to be financed;
(b) A statement, signed by the Borrower and
in substantially the form provided by the Department that the Borrower is a
Beginning Farmer who meets the requirements of OAR
123-052-1300, and that the Aggie
Bond proceeds will be spent in compliance with these administrative
rules.
(c) A statement, signed by
the lender and in substantially the form provided by the Department:
(A) Attaching drafts of the Financing
Agreement and other Lender Documents, in substantially final form;
(B) Describing the principal amount of the
requested Aggie Bonds, whether lender's loan is a line of credit, and the
interest rate and other material loan terms, including but not limited to all
fees and points being charged by the lender (if not stated in the Lender
Documents).
(C) That the lender is
eligible to purchase Aggie Bonds under OAR
123-052-1500, and providing
facts supporting this statement.
(D) That the lender has completed its credit
review and is prepared to make the loan under the Lenders Documents provided to
the Department, and that no significant contingencies
remain.
(d) A signed,
completed final tax questionnaire on a form provided by the
Department.
(e) Any other
information specified in the form of request for final eligibility
determination provided by the Department.
(2) The Department shall review the request for final eligibility determination when the completed request has been filed with the Department and make a final eligibility determination. The final eligibility determination may be favorable or unfavorable.
(a) The Department shall notify the Applicant
of a favorable final eligibility determination no later than five business days
after Program Bond Counsel notifies the Department that it expects to be able
to issue an approving opinion. The notice of a favorable final eligibility
determination shall state that that financing described in the Application and
request for final eligibility determination is eligible for Aggie Bond
financing, and that the Applicant is authorized to proceed to closing, subject
to any conditions imposed by the Department in the final eligibility
determination.
(b) The Department
shall notify the Applicant of an unfavorable final eligibility determination no
later than five business days after either one of the following occurs first:
(A) The Department determines that the
financing does not qualify under Oregon law or these rules for Aggie Bond
financing; or
(B) Program Bond
Counsel notifies the Department that it does not expect to be able to issue an
approving opinion.
(c)
The notice of an unfavorable final eligibility determination shall state that
that financing described in the Application and request for final eligibility
determination is not eligible for Aggie Bond financing. Unless appealed, an
unfavorable final eligibility determination shall become final on the eleventh
day after the Department notifies the Applicant of that
determination.
(d) The Applicant is
entitled to appeal the unfavorable final eligibility determination to the
Finance Committee of the Oregon Business Development Commission by filing a
notice of appeal with the Department no later than ten business days after the
Department notifies the Applicant of the unfavorable final eligibility
determination. Any decision by the Finance Committee of the Oregon Business
Development Commission on an appeal is final when it is
made.
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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