(1) The Levee Project Grant Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Levee Project Grant Fund must be credited to the fund. The Levee Project Grant Fund consists of moneys deposited in the fund under section 33, chapter 671, Oregon Laws 2019, and may include moneys appropriated, allocated, deposited or transferred to the fund by the Legislative Assembly or otherwise and interest earned on moneys in the fund.

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(2) Moneys in the fund are continuously appropriated to the Oregon Business Development Department for the Oregon Infrastructure Finance Authority to provide grants under ORS § 285B.420 for levee projects as defined in ORS § 285B.410.

(3) Grants from the fund for planning projects are limited to a maximum of $2 million per applicant per biennium.

(4) Grants from the fund for construction or capital improvement projects may not exceed an amount equal to 80 percent of the total cost of the project.

(5) A grant may not be awarded from the fund unless the applicant pledges matching funds to the project of at least 20 percent of the amount of the grant.

(6) At least 60 percent of the dollar value of grants awarded from the fund in any biennium shall be used to provide assistance with levee projects to rural or distressed areas as those terms are defined in ORS § 285A.010. [2019 c.671 § 34; 2021 c.654 § 1]

285B.421 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS Chapter 285B or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

(Municipal Development Projects)