reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 49 - SAFE DRINKING WATER REVOLVING LOAN FUND PROGRAM › Section 123-049-0026 - Application Review and Approval

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 After Oregon Health Authority eligibility determination and rating and ranking
			 of a preliminary letter of interest form, an eligible water system may submit a
			 funding application upon invitation from the Authority. The water system shall
			 comply with the Authority's procedures for submitting applications.
(2) The application shall be in the form
			 provided by the Authority and shall contain or be accompanied by such
			 information and documentation as the Authority may require. The Authority will
			 process only completed applications.
(3) For a project that is part of a water
			 system that is, or will be, functionally connected to another water system, a
			 cooperation agreement that describes the duties and obligation of each entity
			 is required. The fully executed agreement must be provided before funds for
			 construction activities may be disbursed.
(4) In order to approve a funding
			 application, the Authority must make the following determinations:
(a) Project feasibility as demonstrated by
			 certification from a professional engineer registered in the State of Oregon in
			 an engineering report, such as a Master Plan, that the proposed project is
			 feasible or other feasibility documentation approved by the
			 Authority.
(b) The loan is secured
			 by the pledge of utility revenues or other revenues or payments from owners of
			 specially benefitted properties, and these revenues or payments are sufficient,
			 when considered with other security, to assure repayment of the loan and the
			 Applicant has certified to the Authority that there will be adequate funds
			 available to repay the loans made to the Applicant from the Fund.
(c) Moneys in the appropriate accounts of the
			 Fund are or will be available for the project.
(d) The Applicant is willing and able to
			 enter into a contract with the Authority.
(e) The project is consistent with the
			 requirements governing assistance from the Fund. If the Authority determines
			 that the water system or the proposed project does not meet the requirements of
			 OAR 123-049-0026, the Authority may
			 reject an application or require further documentation from the
			 Applicant.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 49 - SAFE DRINKING WATER REVOLVING LOAN FUND PROGRAM › Section 123-049-0027 - Contract Requirements and Disbursement of Funds

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Authority shall disburse monies from
			 the Fund only after entering into a binding contract with the
			 Recipient.
(2) The contract shall
			 be in a form provided by the Authority.
(3) Other funds that may be needed to
			 complete the project must be available or the Recipient must have a binding
			 commitment for such funds at the time the contract is executed. If a portion of
			 the other funds needed to complete the project is committed but not yet
			 available at the time an award is made or the contract executed, the contract
			 shall require that no disbursement of funds for construction activities may
			 occur until the project is fully funded.
(4) Contracts for privately owned water
			 systems receiving subsidy award shall be conditioned to adhere to OAR
			 123-049-0050.
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285.213(4)
Statutes/Other Implemented: ORS285A.213
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 49 - SAFE DRINKING WATER REVOLVING LOAN FUND PROGRAM › Section 123-049-0030 - Program Information

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 Authority shall prepare program guidelines, application forms and other
			 supplementary program information to help Applicants seek financing and prepare
			 financing applications for the Fund.
(2) Program guidelines as prepared under
			 section (1) of this rule shall include an explanation of project eligibility,
			 the project priority list, the Intended Use Plan, disadvantaged communities,
			 types of financial assistance, loan rates and terms, borrowing limits, public
			 notification process, contract administration, federal crosscutting
			 requirements and environmental review process.
(3) In addition to this division of
			 administrative rules, the Authority shall administer the Fund in compliance
			 with the requirements of the Act, as amended, and the Act's applicable rules,
			 guidelines and requirements from USEPA.
(4) For purposes of land use coordination,
			 any project activity paid for with financing from the Fund shall comply with
			 the applicable requirements of division 8 of this chapter of administrative
			 rules and OAR chapter 660.
Statutory/Other Authority: ORS
				  285A.075 &
				  285A.213(4)
Statutes/Other Implemented: ORS
				  285A.213
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 49 - SAFE DRINKING WATER REVOLVING LOAN FUND PROGRAM › Section 123-049-0035 - Loan Fee

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Authority
			 may charge a loan fee on all funding awards, unless eligible for any exceptions
			 established in this rule. The loan fee amount will be set by the IFA Board and
			 may be periodically revised by that Board.
(2) The fee may be included as part of the
			 loan principal. A funding recipient shall pay the loan fee as part of the first
			 disbursement of project funds.
(3)
			 Fee revenue shall be used for eligible Fund administrative costs incurred by
			 the Authority.
(4) A fee may only
			 be charged to awards for public water systems determined to be
			 non-disadvantaged as a part of Oregon Health Authority rating and ranking of
			 preliminary letter of interest.
(5)
			 The loan interest rate plus assessed borrowing fees shall not exceed current
			 market rate as determined by the Authority.
Statutory/Other Authority: ORS
				  285A.075, ORS
				  285A.200 &
				  ORS.285A.213
Statutes/Other Implemented: ORS
				  285A.200 &
				  ORS.285A.213
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 49 - SAFE DRINKING WATER REVOLVING LOAN FUND PROGRAM › Section 123-049-0040 - Program Rights and Remedies

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 The Department may exercise certain rights and remedies in the event the
			 recipient fails to comply with contract provisions and the recipient fails to
			 correct the deficiencies within a reasonable time after the recipient is
			 notified of the deficiencies. The circumstances that may warrant the department
			 exercise of rights or remedies include, but are not limited to one or more of
			 the following:
(a) None of the project
			 activities have begun within six months after award;
(b) Any third party agreement relating to the
			 project is not legally binding within six months of the award;
(c) Federal or state statutory or regulatory
			 requirements have not been met;
(d)
			 There is a significant deviation from the contract;
(e) The department finds that significant
			 corrective actions are necessary to protect the integrity of the project funds,
			 and those corrective actions are not, or will not, be made within a reasonable
			 time; or
(f) A recipient defaults
			 on loan payments, which may otherwise be made from any source of revenue at the
			 recipient's disposal, including but not limited to General Fund
			 revenue.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 49 - SAFE DRINKING WATER REVOLVING LOAN FUND PROGRAM › Section 123-049-0050 - Private Ownership and Regulation of Subsidies for Public Benefit

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For a privately
			 owned water system awarded subsidy by the Fund, the amount of subsidy shall not
			 be treated as equity, but rather in all cases as a contingent liability on the
			 balance sheet of the public water system receiving the financing and on the
			 balance sheet of any entity that acquires that system or the assets financed by
			 the Fund.
(2) If a privately owned
			 water system is sold that was awarded subsidy by the Fund, the value of the
			 subsidy shall be effectively excluded from the purchase price, consistent with
			 section (1) of this rule, such that the benefit of the principal forgiveness
			 continues to accrue to the ratepayers or users of the system rather than to the
			 seller. (This section also applies to the sale or lease of system assets
			 financed by the loan, and it pertains but is not limited to the privatization
			 of a publicly owned system)
(3) If
			 section (1) or (2) of this rule is violated, then the water system shall repay
			 the full amount of the subsidy into the Fund. The Authority shall determine the
			 schedule of such repayment, as it deems appropriate under the
			 circumstances.
Statutory/Other Authority: ORS
				  285A.075 &
				  285A.213(4)
Statutes/Other Implemented: ORS
				  285A.213
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 49 - SAFE DRINKING WATER REVOLVING LOAN FUND PROGRAM › Section 123-049-0060 - Drinking Water Protection Fund

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For purposes of implementing section
			 1452(k)(1) of the Act, the Authority shall administer loans and grants to
			 public water systems for protecting surface and underground sources of drinking
			 water, in order to solve or prevent health problems before the water is
			 collected or treated by the system.
(2) The moneys for these loans and grants are
			 derived from the "local assistance" set-aside of the federal capitalization
			 grant, such that unused amounts will be transferred to the Fund, and repayments
			 shall be either added to the Fund or placed in a dedicated account for further
			 lending under this rule.
(3) The
			 loans under this rule are distinct from the Fund. Relevant provisions of this
			 division of administrative rules, however, shall apply to the administration of
			 such loans and grants.
(4) For
			 purposes of this rule, administration includes underwriting assessments, loan
			 awards, grant awards contract execution, disbursements, loan repayments and so
			 forth.
(5) Oregon Health Authority
			 through its Drinking Water Services and the Oregon Department of Environmental
			 Quality shall handle determinations of eligibility, prioritization of loan
			 grant recipients and related duties.
(6) More specific guidelines for the loans
			 grant under this rule are available and included in the document incorporated
			 by reference in OAR 123-049-0005(3).
Statutory/Other Authority: ORS
				  285A.075 &
				  285A.213(4)
Statutes/Other Implemented: ORS
				  285A.213
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 51 - OREGON SEISMIC REHABILITATION GRANTS PROGRAM › Section 123-051-0100 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 Infrastructure Finance Authority, pursuant to Oregon Revised Statutes ORS
			 401.910, shall develop and
			 administer grant programs for the seismic rehabilitation of critical public
			 buildings.
(2) The funds for the
			 seismic rehabilitation of critical public buildings under the grant program are
			 provided from the issuance of bonds pursuant to the authority provided in
			 Articles XI-M and XI-N of the Oregon Constitution.
Stat. Auth.: ORS
				  285A.093,
				  285A.098,
				  286A.760 -
				  286A.772,
				  401.910 & 2013 OL Ch.
				  782
Stats. Implemented: ORS
				  285A.098,
				  286A.760 -
				  286A.772,
				  401.910 & 2013 OL Ch.
				  782
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 51 - OREGON SEISMIC REHABILITATION GRANTS PROGRAM › Section 123-051-0300 - Eligible Applicants

Current through Register Vol. 63, No. 7, July 1, 2024
The following are eligible to apply for a Seismic
				Rehabilitation Grant, except those determined to be ineligible by the Authority
				because of nonperformance under a prior Seismic Rehabilitation Grant
				contract:
(1) All hospital buildings
			 with acute inpatient care facilities, fire stations, police stations, sheriffs'
			 offices, other facilities used by state, county, district or municipal law
			 enforcement agencies.
(2)
			 Kindergarten through grade 12 public schools, community colleges and education
			 service district buildings with a capacity of 250 or more persons that are
			 routinely used for student activities and are owned by a school district, an
			 education service district, a community college district or a community college
			 service district.
Stat. Auth.: ORS
				  285A.093,
				  285A.098,
				  401.910 & 2013 OL Ch.
				  782
Stats. Implemented: ORS
				  285A.093,
				  285A.098 &
				  401.910
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 51 - OREGON SEISMIC REHABILITATION GRANTS PROGRAM › Section 123-051-0400 - Program Information

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 Authority shall prepare a Grant Application Package. The application package
			 may contain a guidance document, application forms, and other supplementary
			 information that may help eligible applicants prepare grant applications.
(2) The guidance document will
			 include a description of eligibility criteria, and ranking factors used to
			 evaluate and select applications for funding.
(3) The Grant Application Package on file
			 with the Authority is incorporated as part of these rules by reference.
(4) The Authority will provide to
			 Seismic Rehabilitation grantee a Grant Contract which specifies legal
			 requirements for grant management, reporting, and record keeping, and the
			 Authority's monitoring and grant closeout procedures.
(5) The Authority shall administer Seismic
			 Rehabilitation Grants in compliance with the requirements of applicable
			 statutes, rules, and the Grant Guidance Document.
Stat. Auth.: ORS
				  285A.093,
				  285A.098,
				  401.910 & 2013 OL Ch.
				  782
Stats. Implemented: ORS
				  285A.093,
				  285A.098 &
				  401.910
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 51 - OREGON SEISMIC REHABILITATION GRANTS PROGRAM › Section 123-051-0500 - Program Sanctions

Current through Register Vol. 63, No. 7, July 1, 2024
The grantee shall be responsible for taking all actions
				necessary to enforce the terms of the grant contract against any private or
				public participant who fails to comply with applicable provisions of the grant
				contract, and to recover on behalf of the state any liabilities that may arise
				as the result of the breach of the grant contract by any participant. Nothing
				in this paragraph shall restrict the state's rights to enforce independently
				the terms of any grant contract or to recover any sums that may become due as
				the result of a breach of such a contract.
Stat. Auth.: ORS
				  285A.093,
				  285A.098,
				  401.910 & 2013 OL Ch.
				  782
Stats. Implemented: ORS
				  285A.093,
				  285A.098 &
				  401.910
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 51 - OREGON SEISMIC REHABILITATION GRANTS PROGRAM › Section 123-051-0600 - Project Eligible Activities

Current through Register Vol. 63, No. 7, July 1, 2024
Projects must meet the following criteria to be eligible for
				this program:
(1) Education building
			 gymnasiums, cafeterias and multipurpose rooms that are feasible to be used as
			 emergency shelters in disasters must be rehabilitated to meet the Immediate
			 Occupancy seismic safety performance level as defined in OAR
			 123-051-0200(12)
(a) Applicants may request a waiver for
			 education building gymnasiums, cafeterias and multipurpose rooms that will not
			 be used as emergency shelters in disasters, upon showing that there are other
			 buildings in the community that may be used as emergency shelters in disasters
			 instead of the education building. Any projects approved under this subsection
			 must be rehabilitated to meet the life safety seismic performance level as
			 defined in OAR 123-051-0200(13).
(b) Applicants may request approval for other
			 types of education building rooms that are feasible to be used as emergency
			 shelters upon showing that there are no gymnasiums, cafeterias and multipurpose
			 rooms that are feasible to be used as emergency shelters. Any approved projects
			 under this subsection must be rehabilitated to meet the immediate occupancy
			 seismic safety performance level defined in OAR
			 123-051-0200(12).
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 51 - OREGON SEISMIC REHABILITATION GRANTS PROGRAM › Section 123-051-0700 - Project Ineligible Activities

Current through Register Vol. 63, No. 7, July 1, 2024
Project ineligible activities include, but are not limited
				to:
(1) The demolition and rebuild of
			 an existing critical public building.
(2) Partial rehabilitation of a building that
			 does not holistically address all known seismic deficiencies, as defined in OAR
			 123-051-0200(11).
(3) Reimbursement for already budgeted staff
			 and routine or ongoing expenses of the recipient.
Statutory/Other Authority: ORS
				  285A.093,
				  285A.098,
				  401.910 & 2013 OL Ch.
				  782
Statutes/Other Implemented: ORS
				  285A.093,
				  285A.098 &
				  401.910
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 51 - OREGON SEISMIC REHABILITATION GRANTS PROGRAM › Section 123-051-0750 - Special Conditions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If the
			 building is located in an identified tsunami inundation zone the applicant
			 shall consult with the State Department of Geology and Mineral Industries for
			 assistance in determining the impact of possible tsunamis on the proposed
			 project and for assistance in preparing methods to mitigate risk at the site of
			 a potential tsunami. Consultation shall take place prior to submittal of the
			 grant application. Proof of the consultation must be included with the
			 application packet submitted for the project.
(2) If the building is located in the 100
			 year flood zone, additional engineering review may be required.
Statutory/Other Authority: ORS
				  285A.093,
				  285A.098,
				  401.910 & OL Ch. 782
				  2013
Statutes/Other Implemented: ORS
				  285A.093,
				  285A.098 &
				  401.910
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 51 - OREGON SEISMIC REHABILITATION GRANTS PROGRAM › Section 123-051-0800 - Application Submittal, Review and Approval

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Authority shall announce deadlines
			 for submitting applications, how to obtain an application form, and required
			 supplemental documents.
(2) An
			 eligible critical public building may submit an application after consulting
			 with the Authority on a preliminary determination of eligibility and otherwise
			 follow the Authority's procedures for submitting applications. The application
			 must be in the form provided by the Authority and must contain or be
			 accompanied by such information as the Authority may require. The Authority
			 will process only completed applications.
(3) Upon receipt of a completed application,
			 the Authority will evaluate the application using ranking factors and point
			 values and will provide recommendations to the Grant Selection Committee to
			 determine the project's prioritization ranking during a public
			 meeting.
Statutory/Other Authority: ORS
				  285A.093,
				  285A.098,
				  401.910 & 2013 OL Ch.
				  782
Statutes/Other Implemented: ORS
				  285A.093,
				  285A.098 &
				  401.910
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 51 - OREGON SEISMIC REHABILITATION GRANTS PROGRAM › Section 123-051-0900 - Project Administration

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 Authority and the Applicant must execute a grant contract prior to disbursal of
			 grant funds.
(2) Documentation of
			 project costs incurred by entity must be submitted to the Authority prior to
			 disbursal of funds.
(3) Disbursal
			 of grant funds to entity will be made on the schedule determined by the
			 Authority.
(4) Prior to final
			 disbursement, the Authority will review and evaluate all documents produced as
			 a result of the project, and determine how closely the project delivered the
			 outcome anticipated in the application.
Stat. Auth.: ORS
				  285A.093,
				  285A.098,
				  401.910 & 2013 OL Ch.
				  782
Stats. Implemented: ORS
				  285A.093,
				  285A.098 &
				  401.910
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 51 - OREGON SEISMIC REHABILITATION GRANTS PROGRAM › Section 123-051-1000 - Grant Awards and Match

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Grants will be awarded only when there are sufficient funds available in the
			 Seismic Rehabilitation Grants program.
(2) Grant funds shall be distributed to
			 public education facilities and emergency services facilities as allocated by
			 the Legislative Assembly.
(3) The
			 maximum grant award is $2.5 million.
(4) There is no required match for this
			 program.
Stat. Auth.: ORS
				  285A.093,
				  285A.098,
				  401.910 & 2013 OL Ch.
				  782
Stats. Implemented: ORS
				  285A.093,
				  285A.098 &
				  401.910
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 51 - OREGON SEISMIC REHABILITATION GRANTS PROGRAM › Section 123-051-1100 - Grant Agreement Conditions

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 The Authority will only enter into new agreements or amendments to existing
			 agreements, with prior Grantees, if all reporting obligations under earlier
			 agreements have been met.
(2) If
			 the grant agreement has not been fully executed by all the parties within 60
			 days of grantee receiving contract document, funding shall be terminated. The
			 money allocated to the grant shall be available for reallocation by the grant
			 committee.
(3) The Authority or
			 designee shall establish grant agreement conditions. Grantees shall comply with
			 all grant agreement conditions.
(4) The Grantee shall comply with all
			 federal, state and local laws and ordinances applicable to the work to be done
			 under the agreement.
(5) Upon
			 notice to the Grantee in writing, the Authority may terminate funding for
			 projects not completed in the prescribed time and manner. The money allocated
			 to the project but not used will be available for reallocation by the grant
			 committee.
(6) The Grantee will
			 account for funds distributed by the grant committee, using project expense
			 forms provided by the Authority.
(7) The Grantee will obtain the necessary
			 permits and licenses from local, state or federal agencies or governing bodies.
Stat. Auth.: ORS
				  285A.093,
				  285A.098,
				  401.910 & 2013 OL Ch.
				  782
Stats. Implemented: ORS
				  285A.093,
				  285A.098 &
				  401.910
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 51 - OREGON SEISMIC REHABILITATION GRANTS PROGRAM › Section 123-051-1200 - Waivers, Exceptions and Appeals

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Authority may waive non-statutory
			 requirements of the grant program if it is demonstrated such a waiver would
			 serve to further the goals or objectives of the program.
(2) The Authority may consider appeals of the
			 grant committee's funding decisions. Only the applicant may appeal. Appeals
			 must be submitted in writing to the Authority within 30 days of the event or
			 action that is being appealed. The Authority's decision is final.
Stat. Auth.: ORS
				  285A.093,
				  285A.098,
				  401.910 & 2013 OL Ch.
				  782
Stats. Implemented: ORS
				  285A.093,
				  285A.098 &
				  401.910
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-1000 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The purpose of
			 these rules is to assist Applicants in applying for the benefits available
			 under the Beginning and Expanding Farmer Loan Program (aka "Aggie Bonds
			 Program") authorized by ORS
			 285A.420 to
			 285A.435 and to describe the
			 procedures to be used by the Oregon Business Development Department in
			 administering that Program.
(2) The
			 Program lowers the interest cost on loans made by private parties to Beginning
			 Farmers for the acquisition of Agricultural Land and Agricultural Improvements
			 and Depreciable Agricultural Property. This is accomplished by Beginning
			 Farmers arranging loans through Eligible Lenders in compliance with the rules
			 in this Division, so that the Eligible Lender may exclude interest from gross
			 income under Section 147(c)(2) of the United States Internal Revenue Code and
			 may exempt interest from Oregon personal income taxes.
(3) Section 147(c)(2) of the United States
			 Internal Revenue Code, its regulations and ORS
			 285A.420 to
			 285A.435 impose very substantial
			 restrictions on the Program; the administrative rules in this Division outline
			 those restrictions to assist Applicants in determining whether they may qualify
			 for the Program.
(4) The Program
			 does not provide any state or federal money to repay Beginning and Expanding
			 Farmer loans, to guarantee these loans, or to repay any Aggie Bonds that are
			 issued under the Program. Those loans and the related Aggie Bonds are secured
			 only by the resources that eligible Beginning Farmers provide to
			 lenders.
(5) A lender under the
			 Aggie Bonds Program may become a "Participating Lender." A Participating Lender
			 will be familiar with the Aggie Bonds Program and will have executed a master
			 financing agreement for Aggie Bonds with the Department. The Department will
			 maintain a list of Participating Lenders and make that list available to people
			 considering Aggie Bond financing.
Stat. Auth.: ORS
				  285A.420 -
				  285A.435, ch. 742 OL 2013
Stats. Implemented: ORS 285A.420.420 -
				  285A.435, ch. 742 OL
				  2013
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-1100 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
For the purposes of these rules, the following terms shall have
				the following meanings, unless the context clearly indicates otherwise:
(1) "Aggie Bonds" means conduit revenue bonds
			 issued by the State of Oregon pursuant to ORS
			 285A.420 to
			 285A.435 and these
			 rules.
(2) "Agricultural
			 Improvements" means any improvements, buildings, structures or fixtures
			 suitable for use in farming that are located on Agricultural Land.
			 "Agricultural Improvements" do not include personal residences.
(3) "Agricultural Land" means land located in
			 the State of Oregon that is:
(a) Suitable for
			 use in farming and that is or will be operated as a farm; and
(b) That will be acquired by a Beginning
			 Farmer.
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

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-1200 - Repealed

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.420 -
				  285A.435, ch. 742 OL 2013
Stats. Implemented: ORS 285A.420.420 -
				  285A.435, ch. 742 OL
				  2013
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-1300 - Requirements for Beginning Farmers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As required by federal law, a Beginning
			 Farmer must:
(a) Be a "first-time farmer"
			 within the meaning of Section 147(c)(2) of the Code. That section of the Code
			 generally provides that a first-time farmer is an individual who has not at any
			 time had any direct or indirect ownership interest in Substantial Farmland in
			 the operation of which the individual has materially participated. However, in
			 certain cases land that was disposed of while the individual was insolvent may
			 be disregarded for this purpose. Dispositions of land while the individual was
			 insolvent should be listed in the Application for Program financing.
(b) Be a principal user of the Financed
			 Property.
(c) Materially and
			 substantially participate in the operation of the farm of which the Financed
			 Property is a part.
(d) Not have
			 received tax-exempt financing under Section 147(c)(2) of the Code in an
			 aggregate amount that, when added to the amount financed through the Program,
			 exceeds the Federal Maximum.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-1400 - Requirements for Property Financed through the Program

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Federal law requires that:
(a) Property financed through the Program
			 consist only of:
(A) Agricultural Land as
			 defined in OAR 123-052-1100(3).
(B) Agricultural Improvements as defined in
			 OAR 123-052-1100(2).
(C) Depreciable Agricultural Property, as
			 defined in OAR 123-052-1100(11),
			 that is used for farming on Agricultural Land.
(i) The total amount of used Depreciable
			 Agricultural Property that is financed through the Program may not exceed the
			 maximum amount permitted by federal law. The Applicant must provide the
			 Department with an appraisal or other method of determining the value of any
			 used Depreciable Agricultural Property that will be financed through the
			 Program. The appraisal or other method of determining the value of any used
			 Depreciable Agricultural Property must be satisfactory to the Department. On
			 the date these rules are adopted, the maximum amount permitted by federal law
			 for this purpose is $62,500; this amount may change periodically.
(ii) The total amount of new and used
			 Depreciable Agricultural Property that is financed through the Program may not
			 exceed the maximum amount permitted by federal law. On the date these rules are
			 adopted, the maximum amount permitted by federal law for this purpose is
			 $250,000; this amount may change periodically
(iii) The limits of subsections (i) and (ii)
			 of this subsection (C) apply to all Depreciable Agricultural Property with
			 respect to which the principal user is or will be the same person or 2 or more
			 Related Persons.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-1500 - Requirements for Standard Lenders

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 A Standard Lender must either be:
(a) An
			 insured institution, as defined by ORS
			 706.008, that is authorized to
			 do business in Oregon and that makes loans to persons engaging in farming or
			 similar operations;
(b) An
			 "Accredited Investor" (AI) as defined under Section 3(a)(2) of the Securities
			 Act of 1933;
(c) A "Qualified
			 Institutional Buyer" (QIB) as defined under Rule 144A of the Securities Act of
			 1933;
(d) A "Sophisticated
			 Investor" (SI) as defined in Rule 501 of Regulation D under the Securities Act
			 of 1933 and as further described in
			 17
			 CFR 230.506(b)(2)(ii) as one
			 who has such knowledge and experience in financial and business matters that he
			 is capable of evaluating the merits and risks of the prospective investment.;
			 or
(e) An institution organized and
			 existing under the Farm Credit Act of 1971 (12 U.S.C.
			 2001 et seq.)
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-1600 - Additional Requirements for Aggie Bonds

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The expenditures financed under the
			 Program cannot exceed the Federal Maximum, reduced by the total amount of
			 Tax-exempt financing under Section 147(c)(2) of the Code that the Borrower, the
			 Borrower's spouse or minor children have received.
(2) The Department must obtain an allocation
			 of private activity bond volume cap for each Aggie Bond from the Department's
			 legislative allocation or the private activity bond committee. If an adequate
			 allocation is not available for any reason, the Aggie Bond will not be issued
			 until such allocation is made to the Program.
(3) The Department must hold a "TEFRA
			 hearing" and the State Treasurer must approve the issuance of each Aggie
			 Bond.
(4) The Lender Documents must
			 not secure the loan with any stock, other equity securities, any debt
			 securities or any other "investment property" (within the meaning of Treasury
			 Regulation section 1.148 1(b), or require that the Borrower maintain continuing
			 balances of specified amounts in accounts in financial institutions.
(5) To obtain the approving opinion of the
			 Program's Bond Counsel for a bond purchased by a Standard Lender:
(a) The Borrower must complete a tax and
			 arbitrage certificate, in form and substance satisfactory to the Department and
			 the Program's bond counsel, certifying the accuracy of facts that are necessary
			 for Program Bond Counsel to issue its approving opinion and stating that the
			 Borrower shall be solely responsible for compliance with Federal arbitrage
			 restrictions.
(b) The lender must
			 represent that it complies with sections (2) and (3) of OAR
			 123-052-1500.
(c) The State, the Borrower and the lender
			 must execute any other documents required by the Program's Bond Counsel in
			 order to deliver its approving tax and legal opinions.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-1610 - Application When Aggie Bonds are Purchased by a Standard Lender

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An Applicant
			 must apply for qualification to the Program on a form provided by the
			 Department.
(2) Each Application
			 shall:
(a) Contain a representation that the
			 Application is an individual who has reviewed the Program rules and determined
			 that the Applicant qualifies as a Beginning Farmer as described in OAR
			 123-052-1300.
(b) Contain a description of the costs to be
			 financed through the Program, together with a representation that those costs
			 are Permitted Costs that comply with the requirements of these administrative
			 rules.
(c) Be accompanied by a
			 commitment, letter of interest or similar document satisfactory to the
			 Department, from the proposed Standard Lender that:
(A) Outlines the terms of the proposed
			 loan;
(B) Expresses the lender's
			 interest in making the loan through the Program;
(C) States that the lender is qualified to
			 make an Aggie Bond loan under OAR
			 123-052-1500, and provides facts
			 supporting this statement.
(D)
			 States whether the Lender will require that the Applicant receive training in
			 farm management.
(E) States that
			 the Lender has reviewed, and is willing to execute, a Financing Agreement in
			 substantially the form provided by the Department, and is willing to make the
			 proposed loan under a Loan Agreement substantially in the form and with the
			 substance of the form of Loan Agreement provided by the
			 Department.
(d) States
			 that the Applicant has reviewed the form of Loan Agreement provided by the
			 Department and is willing and able to make the certifications and promises,
			 including the federal tax certifications, provided in that form.
(e) Be accompanied by an application fee of
			 $250. This fee is not refundable.
(f) Unless the Financed Property will consist
			 exclusively of new Depreciable Agricultural Property, be accompanied by an
			 appraisal that is satisfactory to the Department. The Lender should contact the
			 Department to determine the Department's requirements for appraisals before the
			 Lender orders an appraisal.
(g)
			 Contain any other information or documents specified in the Application form
			 provided by the Department.
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

Current through Register Vol. 63, No. 7, July 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.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-1800 - Repealed

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.420 -
				  285A.435, ch. 742 OL 2013
Stats. Implemented: ORS 285A.420.420 -
				  285A.435, ch. 742 OL
				  2013
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-1900 - Bond Counsel Opinion for Aggie Bonds Purchased by Standard Lenders

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The state
			 requires the Applicant and the Standard Lender obtain a traditional approving
			 opinion from the Program's Bond Counsel concluding that the Aggie Bond issued
			 for the Applicant is a valid and binding obligation of the State, and that
			 interest on the Aggie Bond is Tax-exempt.
(2) If the Department determines that the
			 financing described in the Application and request for final eligibility
			 determination, filed by the Applicant pursuant to OAR
			 123-052-1700, is eligible for
			 participation in the Program, the Department shall forward the request for
			 final eligibility determination to the Program's Bond Counsel. Program Bond
			 Counsel shall:
(a) Conduct tax due diligence,
			 determine whether it will be able to issue approving opinions on the proposed
			 Aggie Bonds, and notify the Department of that determination.
(b) Assuming Bond Counsel determines it will
			 be able to issue approving opinions on the proposed Aggie Bonds:
(A) Review the draft Financing Agreement and
			 Loan Agreement provided by the lender and send required changes to the Borrower
			 and lender for review;
(B) Provide
			 forms of tax and arbitrage certificates, and other necessary documents, for the
			 Borrower and lender to execute
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-2000 - Fees and Costs

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Applicant
			 shall pay the Department the nonrefundable $250 application fee.
(2) At closing, the Department may require
			 the Borrower to pay the following costs or fees:
(a) A bond closing fee of 1.5% of the total
			 Aggie bonds issued for the project, with a minimum of $1,500, payable to the
			 Department.
(b) Out of pocket costs
			 or fees of the State, including but not limited to any indirect costs charged
			 to the Department or Treasurer by Oregon Department of Justice for complex
			 transactions.
(c) State Treasurer's
			 costs or fees related to the review, approval and processing of each Aggie Bond
			 issuance request and issuance.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-2100 - Security for Aggie Bonds

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each
			 Aggie Bond will be a special, limited obligation of the State of Oregon that is
			 payable solely from the Eligible Revenue paid to the lender as provided in the
			 Lender Documents
(2) As required
			 by ORS 285A.420 to
			 285A.435, the Aggie Bonds are
			 not:
(a) Secured by, payable from or
			 chargeable to moneys other than the Eligible Revenue that is committed to pay
			 the Aggie Bonds;
(b) A liability
			 of the State of Oregon. No lender or other owner of an Aggie Bond may: compel
			 an exercise of the taxing power of the State of Oregon to pay any Aggie Bonds
			 or the interest on any Aggie Bonds or enforce payment of any Aggie Bonds
			 against any property of the State of Oregon except the Eligible Revenue that is
			 committed to pay the Aggie Bond.
(c) A charge lien or encumbrance, legal or
			 equitable, upon any property of the State of Oregon, except the Eligible
			 Revenue that is committed to pay an Aggie Bond.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-2200 - Waiver

Current through Register Vol. 63, No. 7, July 1, 2024
The Department may, in its discretion, waive any of the
				requirements of these administrative rules to the extent such requirements are
				not otherwise imposed by law.
Stat. Auth.: ORS
				  285A.420 -
				  285A.435, ch. 742 OL 2013
Stats. Implemented: ORS 285A.420.420 -
				  285A.435, ch. 742 OL
				  2013
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 52 - BEGINNING AND EXPANDING FARMER LOAN PROGRAM ("AGGIE BONDS") › Section 123-052-2300 - Authority to Manage the Program

Current through Register Vol. 63, No. 7, July 1, 2024
The Program shall be managed by the Department or its designee,
				and is not a Program of the Business Development Commission.
Stat. Auth.: ORS
				  285A.420 -
				  285A.435, ch. 742 OL 2013
Stats. Implemented: ORS 285A.420.420 -
				  285A.435, ch. 742 OL
				  2013