Current through Register Vol. 63, No. 3, March 1, 2024
(1)
Application requirements. All application requirements for a CWSRF loan as
specified in OAR 340-054-0022 apply to a bond purchase under this
rule.
(2) Intended Use Plan and
project priority list. All applications for a bond purchase are subject to IUP
and project priority list development in the same manner as specified in OAR
340-054-0025.
(3) Project ranking
criteria. All applicants for a bond purchase will be ranked based on the point
sum from the criteria specified in OAR 340-054-0026 and 340-054-0027.
(4) Reserves, CWSRF general fund and project
funding. DEQ will allocate reserves and CWSRF general funds for a bond purchase
in the same manner as specified in OAR 340-054-0036.
(5) Requirements for a bond purchase.
(a) Clean Water Act plans. DEQ will only
purchase a bond whose proceeds are used to finance a project that is consistent
with plans developed under sections 303(e), 319 or 320 of the Clean Water
Act.
(b) Refinancing an interim
loan. A public agency may sell a bond to DEQ to refinance an interim loan or
reimburse itself for self-generated funds used to pay DEQ-approved project
costs for treatment works if the public agency meets the conditions in OAR
340-054-0056(3).
(6)
Conditions for bond purchase. The terms, conditions and requirements set out in
OAR 340-054-0060 apply to a bond purchase.
(7) Bond purchase, terms and interest rates.
(a) Bonds. A bond DEQ purchases under this
rule must be a revenue bond for a term not to exceed 30 years and meet the
requirements specified in OAR 340-054-0065(2).
(b) Interest rates. OAR 340-054-0065(4)(b)
specifies the base rate for a bond purchase. DEQ will calculate interest rates
for bond purchase agreements executed on or after February 1, 2016, under OAR
340-054-0065(4)(f)(B).
(c) Interest
accrual and payment. OAR 340-054-0065(5) sets the terms for interest accrual
and payment for bond purchases under this rule.
(d) Annual fee. OAR 340-054-0065(6) specifies
the annual fee for a bond purchase.
(e) Commencement of bond repayment. OAR
340-054-0065(7) prescribes when a public agency must begin principal and
interest repayment for a bond DEQ purchased under this rule.
(f) Term. A public agency must fully repay
bond purchases under this rule under a schedule DEQ prescribes. The term of the
bond DEQ purchases under this rule will not exceed 30 years after project
completion or the useful life of the asset financed by the bond, whichever is
less.
(g) Minor variations in bond
terms. DEQ may, as OAR 340-054-0065(9) specifies, authorize minor variations in
financial terms of a bond purchased under this rule to facilitate
administration and repayment of the bond.
(h) Principal forgiveness. DEQ may provide
additional subsidization to a public agency borrower in the form of principal
forgiveness for a bond purchase in the same manner as for a loan under OAR
340-054-0065(12).
Tables referenced are not included in rule text.
Click here for PDF copy of
table(s).
Statutory/Other Authority: ORS
468.020 &
468.440
Statutes/Other Implemented: ORS
468.423
- 468.440
