(1) There is created within the State Treasury a revolving fund known as the Oregon Business Development Fund, separate and distinct from the General Fund. Interest earned by the Oregon Business Development Fund shall be credited to the fund. Moneys in the fund are continuously appropriated to the Oregon Business Development Commission for the following purposes:

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(a) Administrative expenses of the commission in marketing public business finance, processing applications, investigating proposed business development projects and servicing outstanding loans. In any one year, administrative expenses charged under this paragraph may not be greater than the total revenues received in that year from fees provided for in subsection (2)(a) of this section, plus four percent of the total asset value of the fund.

(b) Payment of loans to applicants under ORS § 285B.050 to 285B.098.

(c) Transfer of moneys to the Small Business Expansion Loan Fund established under ORS § 285B.133 in accordance with ORS § 285B.133 (3).

(d) Actions the commission deems necessary to obtain repayment of outstanding loans.

(e) Purchase or buyout of superior or prior liens or mortgages on or a security interest in any business development project financed in part by a loan from the Oregon Business Development Fund, when the commission determines:

(A) A loan from the fund is in default and is in liquidation or at risk of being forced into liquidation by another creditor to the project; and

(B) The action is necessary to maintain or enhance the value of the commission’s collateral in the project.

(2) The fund created by subsection (1) of this section shall consist of:

(a) Fees as determined by the commission.

(b) Repayment of moneys loaned to counties, municipalities or persons from the fund, including interest on those moneys or including other receipts.

(c) Payment of such moneys as may be appropriated to the fund by the Legislative Assembly.

(d) Moneys obtained from any interest accrued from funds.

(e) Moneys from any grant made to the fund by any federal agency.

(3) All repayments, interest and other receipts from outstanding indebtedness or any other source shall be retained and accumulated in the fund and shall be used for the purposes of the fund.

(4) Notwithstanding any other provision of law, if at any time there are insufficient funds in established business finance programs, the commission may direct the transfer of unobligated funds from the Oregon Business Development Fund. [Formerly 285.443; 1999 c.247 § 3; 1999 c.509 § 28; 2003 c.167 § 5; 2007 c.804 § 47; 2009 c.830 § 60; 2018 c.71 § 4]