1. (1) Evaluation of an Application will include an examination to determine the extent to which an Applicant and the proposed Transportation Project meet the following criteria:

   1. (a) The Transportation Project complies with the local transportation plan and with state land use laws and satisfies all appropriate federal, state and local planning and programming requirements.
   2. (b) The Transportation Project meets all applicable design standards.
   3. (c) The requested Infrastructure Loan or Infrastructure Assistance will result in the Transportation Project being constructed on a shorter schedule than conventional funding would allow, or the Infrastructure Loan or Infrastructure Assistance will complete the required project financing and allow the Transportation Project to proceed to construction.
   4. (d) The Transportation Project will further the goal of safety in transportation.
   5. (e) The Transportation Project will help manage traffic growth and improve livability.
   6. (f) The Application identifies a revenue stream adequate to repay an Infrastructure Loan or meets the terms of any Infrastructure Assistance that is provided.
   7. (g) The Application identifies Collateral adequate to secure repayment of the Infrastructure Loan.
   8. (h) The Transportation Project will attract new or less conventional capital to Infrastructure funding.
   9. (i) The Infrastructure Loan, if any, has a term acceptable to the Department.
   10. (j) The Transportation Project will support the community’s economic development.
   11. (k) The Transportation Project will enhance the quality of life in the community.

2. (2) Unless the Department finds that financial factors warrant otherwise, if the Applicant is a Private Entity:

   1. (a) The Applicant must provide adequate security;
   2. (b) An Infrastructure Loan or Infrastructure Assistance will be limited to fifty percent (50%) of the fair market value of the real property Collateral on which the Department has a first lien or twenty-five percent (25%) of the fair market value of the real property Collateral if the Department has a junior lien;
   3. (c) The Applicant must have made a profit after taxes for a minimum of two consecutive fiscal years immediately preceding the Application;
   4. (d) The Applicant must have had a positive cash flow from operating activities (earnings before interest and taxes plus depreciation less taxes) for a minimum of two of the last three fiscal years immediately preceding the Application; and
   5. (e) The Applicant must have a ratio of current assets to current liabilities of at least 1.75 to 1, a ratio of current assets less inventories to current liabilities of at least 1 to 1, and a ratio of total debt to owner’s equity of no more than 2 to 1 for a minimum of two of the last three fiscal years immediately preceding the Application.

Statutory/Other Authority

ORS 184.619, 367.015 & 367.020

Statutes/Other Implemented

ORS 367.010 - 367.060 & US Code, PL 104-59 & Sect. 350

History

DOT 9-2022, amend filed 09/22/2022, effective 09/22/2022
DOT 3-2012, f. & cert. ef. 6-27-12
DOT 7-2004, f. & cert. ef. 11-17-04
DOT 1-1997, f. & cert. ef. 1-17-97