Or. Admin. Code § 123-039-0060

Current through Register Vol. 63, No. 12, December 1, 2024

Section 123-039-0060 - Application Review and Approval

(1) The Department will review all submitted applications to determine if they are complete and are accompanied by all necessary supporting documentation.

(2) Once the Department has determined that an application is complete, the Department shall review the applications for the following:

(a) Project feasibility;

(b) Whether the applicant has any active Program projects. The Department may limit the number of open projects an applicant may have at any one time;

(c) The financial need of the applicant;

(d) Whether the applicant's financial resources and borrowing capacity, are sufficient to finance the project; and

(e) Any other criteria set forth in the request for applications or other notices of funding availability issued by the Department.

(3) Once the review is complete, the Department shall approve or reject the application. The Department may make forgivable loan decisions in a manner that maximizes the use of available resources applying prudent fiscal management of the Fund in order to manage limited funding resources and considers geographic diversity in award recipients.

(a) If an application is approved the Department shall issue the applicant a notice of intent to award which will detail the amount of the award, the interest rate, and any other information the Department considers necessary.

(A) The principal amount of a forgivable loan award will not exceed the total cost of the project.

(B) Forgivable loan awards will not exceed five years.

(C) After issuing a notice of intent to award, the Authority will begin negotiating the forgivable loan agreement with the selected applicants.

(D) If the parties have not executed a forgivable loan agreement within 90 days after negotiations begin, the Authority may rescind its notice of intent to award and reallocate Program funds.

(b) If the Department rejects an application, it will issue the applicant a letter of explanation. Rejection of an application does not preclude the applicant from reapplying at any time with respect to the same or another basin or aquifer.

Or. Admin. Code § 123-039-0060

OBDD 22-2024, adopt filed 10/08/2024, effective 10/8/2024

Statutory/Other Authority: ORS 285A.075

Statutes/Other Implemented: OR Laws 2023, Chapter 606