1. (1) A project sponsor may repay financial assistance provided for an eligible project under ORS 285B.003 to 285B.030 from any source, including, but not limited to:

   1. (a) Revenues generated by the eligible project, including special assessment revenues.
   2. (b) Amounts withheld under ORS 285B.027.
   3. (c) The general fund of the project sponsor.

2. (2) A plan for repayment to the Industrial Lands Loan Fund of financial assistance provided for an industrial land development project:

   1. (a) Shall provide for repayment by the project sponsor of the financial assistance with interest to begin no later than seven years after the date of project completion or at such other time as the Oregon Business Development Department may provide.
   2. (b) Shall provide for such evidence of debt assurance of, and security for, repayment by the project sponsor as is considered necessary by the department.
   3. (c) Shall set forth a schedule of payments and the period of the loan, not to exceed the useful life of the contracted project or 30 years from the date of the project completion, whichever is less, and the manner of determining when loan payments are delinquent.
   4. (d) May provide for a reasonable extension of the time for making any repayment as set forth under paragraph (c) of this subsection in emergency or hardship circumstances, if approved by the department.
   5. (e) Shall include repayment of interest that accrues during any period of delay in repayment authorized under paragraph (a) of this subsection. The repayment of accrued interest may be in varying amounts.
   6. (f) Shall allow for other forms of payment than principal and interest payments on loans, in accordance with rules adopted by the department.

[2023 c.25 §21]