A loan contract with an eligible state agency for a small scale local energy project may be made in the form of an intergovernmental agreement under ORS Chapter 190. The agreement shall set forth, among other matters, that:

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Terms Used In Oregon Statutes 470.155

  • Applicant: means an applicant for a loan to construct a small scale local energy project. See Oregon Statutes 470.050
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Contract: A legal written agreement that becomes binding when signed.
  • Eligible state agency: means a state officer, board, commission, department, institution, branch or agency of the state whose costs are paid wholly or in part from funds held in the State Treasury. See Oregon Statutes 470.050
  • Loan: includes the purchase or other acquisition of evidence of indebtedness and money used for the purchase or other acquisition of evidence of indebtedness. See Oregon Statutes 470.050
  • Small scale local energy project: means any of the following:

    (a) A system, mechanism or series of mechanisms located primarily in Oregon that directly or indirectly uses or enables the use of, by the applicant or another person, renewable resources including, but not limited to, solar, wind, geothermal, biomass, waste heat or water resources to produce energy, including heat, electricity and substitute fuels, to meet a local community or regional energy need in this state. See Oregon Statutes 470.050

(1) The small scale local energy project shall be security for the loan.

(2) The applicant pledges to request each biennium during the term of the loan, spending authorization or appropriation of funds from the Legislative Assembly or pledges to otherwise provide funds sufficient to pay the loan payments due that biennium.

(3) If applicable, the pledge of the applicant to repay the loan shall be contingent upon the continued spending authorization or appropriation by the Legislative Assembly of funds sufficient to pay the loan. [1985 c.593 § 6; 1991 c.118 § 3; 1997 c.29 § 5]