Oregon Statutes 285A.196 – Documentation required for forgiveness; repayment for noncompliance; cure
(1) A forgivable loan made under ORS § 285A.195 shall be forgiven upon submission by the owner or operator of all documentation required by the Oregon Business Development Department, including, but not limited to, an affidavit signed under penalty for false swearing:
Terms Used In Oregon Statutes 285A.196
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(a) Stating that the owner or operator has completed performance under the voluntary agreement, cost recovery agreement, consent judgment or consent order described in ORS § 285A.195 (1)(b), other than the performance of long term water monitoring or compliance with institutional or engineering controls;
(b) Documenting the eligible costs incurred and attesting that the costs have not been reimbursed; and
(c) Stating how the applicant has complied with any conditions required for any enhancement listed in ORS § 285A.194 (3), including recording a deed restriction, for which the applicant received an additional forgivable loan.
(2) A forgivable loan may not be forgiven under subsection (1) of this section and shall be repaid over a term of five years, with interest at the current primary credit rate of the discount window program of the United States Federal Reserve System plus three percent per annum, if:
(a) The removal or remedial action at the brownfield for which the forgivable loan was made is not completed on a schedule set forth in the loan agreement between the department and the owner or operator entered into under ORS § 285A.195; or
(b) The owner or operator fails to comply with any condition set forth in the loan agreement.
(3) The department may in its discretion allow owners or operators to cure noncompliance with performance or other conditions set forth in loan agreements.
(4) The department may seek appropriate legal remedies to secure repayment of forgivable loans due the Oregon Brownfield Properties Revitalization Fund established under ORS § 285A.198.
(5) Moneys repaid to the department under this section shall be deposited in the Oregon Brownfield Properties Revitalization Fund. [2021 c.529 § 5]