Loan Contract Terms and Conditions

(1) The interest rate on a loan will be based on market conditions for similar debt, and will be set at the time of the award. (2) The term of the loan will not exceed the useful life of the contracted project or 30 years from the year of project completion, whichever is less. (3) For a flexible manufacturing space project, the loan contract may provide that no interest accrue until the building is 25 percent occupied, or until three years after the date of the loan contract, whichever is earlier. (4) The loan contract will: (a) Be in a form as provided by the Authority, and (b) Provide that the Authority may institute appropriate action to prevent use of project facilities financed by the fund if the port is delinquent in its repayments. Statutory/Other Authority: ORS 285A.075 Statutes/Other Implemented: ORS 285A.669 - 285A.732 History: OBDD 12-2024, amend filed 05/31/2024, effective 05/31/2024 EDD 20-2009, f. 10-30-09, cert. ef. 11-1-09 EDD 6-2006, f. 10-30-06, cert. ef. 10-31-06 EDD 16-2004, f. & cert. ef. 8-2-04 EDD 1-2004(Temp), f. & cert. ef. 2-3-04 thru 8-1-04 EDD 8-2002, f. & cert. ef. 5-1-02