Oregon Business Development Department
Chapter 123
Division 27
MARINE NAVIGATION IMPROVEMENT FUND
123-027-0161
Non-Federal Project Application Review and Approval
To approve an application for assistance from the fund, the Authority must make the determinations as follows:
(1) The project is an eligible project. If the Authority determines that the project is not eligible, it may reject an application or require further documentation from the Port;
(2) The requisite need for the project has been demonstrated to the Authority in the application or the local planning process;
(3) If application is for a loan, the loan security includes the pledge of revenues and/or other funds, and is sufficient, when considered with other security, to assure repayment;
(4) The Port is willing and able to enter into a contract with the Authority; and
(5) Moneys in the fund are or will be available for the project.
Statutory/Other Authority: ORS 285A.075
Statutes/Other Implemented: ORS 777.262 - 777.267
History:
EDD 19-2009, f. 10-30-09, cert. ef. 11-1-09
EDD 2-2006, f. & cert. ef. 2-10-06
EDD 22-2004, f. & cert. ef. 8-19-04