(a) A plan for repayment by the applicant to the Oregon Port Revolving Fund of moneys borrowed from the fund for the project and interest on the moneys at a rate of interest of not less than one percent less than the prevailing interest rate on United States Treasury bills of comparable term, as determined by the authority. The repayment plan, among other matters:

(A) Shall provide for commencement of repayment by the port district of moneys used for the project and interest thereon no later than one year after the date of the loan contract or at any other time as the authority may provide. However, upon approval by the authority, a repayment plan for a flexible manufacturing space project may provide that no interest shall accrue until the building is at least 25 percent occupied or until three years after the date of the loan contract, whichever is earlier.

(B) May provide for reasonable extension of the time for making any repayment in emergency or hardship circumstances if approved by the authority.

(C) Shall provide for evidence of debt assurance of, and security for, repayment by the applicant as are considered necessary by the authority.

(D) Shall specify a loan term that may not exceed the usable life of the contracted project or 25 years from the year of project completion, whichever is less. The payment schedule shall include repayment of interest that accrues during any period of delay in repayment authorized by subparagraph (A) of this paragraph, and the payment schedule may require payments of varying amounts for collection of the accrued interest.

(E) Shall provide for partial or complete repayment, in excess of scheduled payments, of any outstanding principal loan amount without penalty. If any prepayment is made, that amount may not be included in any computation for the purposes of ORS 285A.678 (5).

(b) Provisions satisfactory to the authority for field engineering and inspection, the authority to be the final judge of completion of the contract.

(c) That the liability of the state under the contract is contingent upon the availability of moneys in the Oregon Port Revolving Fund for use in the project.

(d) Any other provision the authority considers necessary to ensure expenditure of the funds for the purposes set forth in the approved application.

(2) The Oregon Infrastructure Finance Authority may make limited moneys available from the Oregon Port Revolving Fund to eligible ports for grants to assist with capital improvement projects.

(3) The Oregon Business Development Department shall adopt by rule eligibility criteria and award limits for grants from the fund. [Formerly 285.885; 2001 c.883 §13; 2003 c.773 §13; 2005 c.835 §20; 2009 c.830 §41]