If the Oregon Business Development Commission approves an application for the loan of moneys authorized by ORS § 285B.086, the commission shall enter into a loan contract, secured by good and sufficient collateral as determined by the commission, with the applicant that provides, among other matters:

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(1) That the loan bear interest at the same rate of interest as provided in ORS § 285B.062 (1).

(2) That the contract shall set forth a schedule of payments including interest and principal for the period of the loan, which shall not exceed the usable life of the contracted project or 25 years from the date of the contract, whichever is less, and shall set forth the manner of determining when loan payments are delinquent. The same schedule shall include repayment of interest which accrues during any period of delay in repayment authorized by ORS § 285B.050 to 285B.098, and the repayment schedule may require payments of varying amounts for collection of that accrued interest. However, the commission may make provisions for extensions of time in making repayment if the delinquencies are caused by acts of God or other conditions beyond the control of the applicant and the security will not be impaired thereby.

(3) Such provisions as the commission considers necessary to insure expenditure of the moneys loaned for the purposes provided in ORS § 285B.086, including all provisions of ORS § 285B.059. [Formerly 285.440; 2007 c.804 § 46; 2009 c.830 § 59]