Oregon Statutes 285B.093 – Oregon Targeted Development Account; purpose; exemption from minimum interest rate
(1) The Oregon Business Development Commission may establish the Oregon Targeted Development Account as an account within the Oregon Business Development Fund.
Terms Used In Oregon Statutes 285B.093
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(2) The purpose of the Oregon Targeted Development Account is to promote cooperation and foster partnership among the commission, the Oregon Business Development Department and financial institutions in Oregon to encourage investment in distressed areas, as defined by the department.
(3) The department may make loans from the Oregon Targeted Development Account in distressed areas without regard to the minimum rate of interest that is otherwise applicable under ORS § 285B.062. The department may make loans in distressed areas at an interest rate that is determined by the commission. [1999 c.247 § 1; 2003 c.167 § 6; 2007 c.804 § 48; 2009 c.830 § 61]
[Formerly 285.445; repealed by 2007 c.804 § 86]