Oregon Administrative Rules
Chapter 690 - WATER RESOURCES DEPARTMENT
Division 93 - WATER SUPPLY DEVELOPMENT GRANT AND LOAN PROGRAM
Section 690-093-0190 - Standards for Security of Loans
Universal Citation: OR Admin Rules 690-093-0190
Current through Register Vol. 63, No. 9, September 1, 2024
Loans shall not be approved unless:
(1) The applicant demonstrates and the Department finds that the loan will comply with all requirements of the Department and any applicable federal and state requirements.
(2) The Director determines that the applicant meets the following standards:
(a)
Demonstrated revenues or other resources available to:
(A) Repay the loan in accordance with its
terms; and
(B) Provide for the
continued operation and maintenance of the project.
(b) The applicant is qualified, credit-worthy
and responsible as demonstrated by a satisfactory credit history or rating from
a rating agency; or
(c) A first
lien or other good and sufficient collateral is available to secure and provide
repayment of the loan; and
(d) The
project plan assures timely completion and includes schedules with measurable
performance benchmarks.
(3) The application requirements and qualifications are met.
(4) The proposed water development project is feasible and a reasonable risk from practical and economic standpoints.
Stat. Auth.: ORS 541.651 - 541.696
Stats. Implemented: ORS 541.651 - 541.696
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