Notwithstanding any other representation or provision contained in the Program rules or otherwise, financing funds shall not be disbursed for the Project loan until:

1. (1) Fully executed Bond Documents, or other adequate instrument as required by the Department fully secures the Project.
2. (2) The Borrower and other necessary parties have executed all Project documents required by the Department at its sole discretion.
3. (3) The Borrower and other necessary parties have satisfied all program financing conditions contained , as well as the requirement for assuring investment grade credit quality bond-financing for the Project as determined by the Department at its sole discretion.

Statutory/Other Authority

ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650

Statutes/Other Implemented

ORS 456.555 & 456.625

History

OHCS 1-2007, f. & cert. ef. 1-11-07
OHCS 3-2000, f. & cert. ef. 9-15-00
OHCS 1-2000(Temp), f. 6-8-00, cert. ef. 6-8-00 thru 12-4-00