1. (1) The Authority shall disburse monies on reimbursement or cost incurred basis from the Fund only after entering into a binding contract with the Municipality.

2. (2) The contract will be in form and substance as provided by the Authority, and must include:

   1. (a) A provision requiring continued use and ownership of the for either the life of the loan, or for not less than 10 years following the Project Closeout Deadline, whichever is longer.
   2. (b) If any portion of the assistance is in the form of a loan or the purchase of a bond of a Municipality, a provision granting the Authority a lien on, or a security interest in, the collateral as determined by the Authority to be necessary to secure repayment of the loan or bond;
   3. (c) A provision that for a period of up to six (6) years after Project completion, the Authority may request that the Municipality, at its own expense, submit data on the economic development benefits of the Project, including but not limited to, information on new or retained jobs resulting from the Project, and other information necessary to evaluate the success and economic impact of the Project;
   4. (d) A provision that provides that no Program funds will be disbursed to the Municipality until all other funds necessary to complete the Project are available to the Municipality for completion of the Project;
   5. (e) A requirement that the Municipality must maintain all accounts and records for the Project activities and shall provide the Authority, and its representatives, reasonable access to such records upon request;
   6. (f) A requirement that the Municipality shall submit periodic reports on the Project as requested by the Authority;
   7. (g) A certification that:

   8. (i) any service provider retained for their professional expertise shall be certified, licensed, or registered, as appropriate, in the State of Oregon for their specialty; and

      1. (ii) The Municipality shall follow standard construction practices, such as bonding of engineers and contractors, requiring errors and omissions insurance, performing testing and inspections during construction, and obtaining as-built drawings; and
   9. (h) For a construction Project, a requirement that the Municipality shall have a financing plan for the ongoing operation, maintenance and repairs that will preserve the Project benefits over its useful life.
3. (3) The contract must be authorized by an ordinance, order, or resolution adopted by the governing body of the Municipality in accordance with the Municipality’s requirements for public notice and authorizing debt.

Statutory/Other Authority

ORS 285B.419 & 285A.075

Statutes/Other Implemented

ORS 285B.410 - 285B.482

History

OBDD 11-2026, amend filed 06/18/2026, effective 06/18/2026
OBDD 7-2026, renumbered from 123-042-0155, filed 04/15/2026, effective 04/15/2026
OBDD 4-2016, f. & cert. ef. 2-29-16
OBDD 41-2010, f. 11-30-10, cert. ef. 12-1-10
EDD 10-2006, f. & cert. ef. 11-1-06