(1) The Marine Navigation Improvement Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Marine Navigation Improvement Fund shall be credited to the fund. The moneys in the fund and interest earnings on the moneys in the fund are continuously appropriated to the Oregon Business Development Department for the Oregon Infrastructure Finance Authority for the purposes of:

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(a) Paying a portion of the construction costs of dredging activities that constitute new federally authorized navigation improvement projects and are carried out in the harbors and channels on the Oregon coast and along the Columbia River when federal law or regulation requires a portion of the costs to be paid by nonfederal interests;

(b) Paying the study and construction costs of other new navigation improvement projects that directly support, or provide access to, a federally authorized navigation improvement project;

(c) Paying the study and construction costs of maintenance projects related to existing federally authorized navigation improvement projects; and

(d) Paying for portions of the cost of maintenance dredging projects undertaken with equipment owned by the State of Oregon at publicly owned ports and marinas.

(2) The Marine Navigation Improvement Fund established by this section consists of:

(a) Moneys appropriated or otherwise deposited into the fund by the Legislative Assembly;

(b) Repayment of loans made with moneys in the fund; and

(c) Bond proceeds deposited in the fund.

(3) Moneys in the fund shall be used primarily to make loans to ports for eligible projects. The authority may award a grant or provide other assistance from moneys in the fund to a port for an eligible project only if a loan is not feasible due to the financial hardship of the port or other special circumstances, as set forth in rules adopted by the department.

(4) Eligibility for assistance from the Marine Navigation Improvement Fund shall be limited to and funded, subject to the availability of funds, in the following order of priority:

(a) Maintenance projects related to existing federally authorized navigation improvement projects.

(b) Other new navigation improvement projects that directly support, or provide access to, a federally authorized navigation improvement project or a federally authorized navigation channel.

(c) New federally authorized navigation improvement projects.

(d) Payment of portions of the cost of maintenance dredging projects undertaken with equipment owned by the State of Oregon at publicly owned ports and marinas.

(5) The authority shall limit financial assistance for construction costs under subsection (1)(a) of this section to those projects that have completed all federally required studies.

(6) The authority shall limit financial assistance for construction costs under subsection (1)(b) of this section to projects sponsored by a port, as defined in ORS § 777.005 or 778.005, that meet criteria developed by the authority.

(7) The authority shall limit financial assistance for study costs under subsection (1)(b) of this section to projects that meet criteria developed by the authority.

(8) The authority shall limit financial assistance for study and construction costs under subsection (1)(c) of this section to projects that meet criteria developed by the authority. [1989 c.1020 § 2; 1991 c.461 § 87; subsection (3) enacted as 1991 c.461 § 88; 2001 c.570 § 1; 2003 c.741 § 13; 2009 c.830 § 143; 2013 c.621 § 4; 2017 c.750 § 87]

See note under 777.262.

[Amended by 1959 c.602 § 6; repealed by 1963 c.268 § 21]