Or. Admin. R. 340-054-0056 – Clean Water State Revolving Fund Loans: CWSRF Loan Use Conditions

(1) Clean Water Act plans. DEQ will only provide a loan to a project that is consistent with plans developed under sections 303(e), 319 or 320 of the Clean Water Act.
(2) Refinancing a long-term loan. DEQ will not provide a loan that will be used to refinance another lender’s long-term loan or other debt obligations.
(3) Refinancing an interim loan. DEQ may provide a loan to refinance an interim loan or self-generated funds used to pay DEQ-approved project costs if the public agency borrower:
1. (a) Provides DEQ with a written notice of intent to apply for long-term financing;
2. (b) Wants to proceed with the project using interim financing or self-generated funds; and
3. (c) Agrees to proceed at its own risk whether or not the CWSRF is available to provide long-term financing.
(4) Interim financing. DEQ may provide short-term, construction-period financing for an eligible project if the following conditions are met:
1. (a) The CWSRF’s liquidity is sufficient to provide financing without adversely affecting the amount and timing of disbursements needed for prior obligations;
2. (b) The public agency borrower has a legally enforceable obligation for long-term project financing satisfactory to DEQ; and
3. (c) The loan agreement for interim financing will stipulate DEQ is not obligated to provide long-term financing for the project.

ORS 468.020 & 468.440

ORS 468.423 - 468.440