Section 541.770 - Federal project loan contract terms; foreclosureIf the Water Resources Commission approves an application for the loan of moneys authorized by ORS 541.765, the commission shall enter into a loan contract with the borrower that provides, among other matters:
(1) That the loan be secured by a first lien or by other good and sufficient collateral in the same manner as provided in ORS 541.740.(2) That the loan bear interest at the same rate of interest as provided in ORS 541.730.(3) That the loan becomes due and payable to the Water Development Administration and Bond Sinking Fund not later than 60 days after the date that federal funds for the acquisition of easements and rights of way for the project are paid to the borrower or 30 years from the date of the loan, whichever is earlier.(4) Such provisions as the commission considers necessary to ensure expenditure of the moneys loaned for the purposes provided in ORS 541.765.(5) That the commission may cause to be instituted appropriate proceedings to foreclose liens for delinquent loan payments, and shall pay the proceeds of any such foreclosure, less expenses in foreclosing, into the Water Development Administration and Bond Sinking Fund.1977 c.246 §17; 1981 c.166 §5; 1985 c.673 §122; 1999 c.212 §6; 2009 c. 907, § 10