(2) Before revenue bonds may be issued for the program, an agricultural project must be determined to be eligible for a loan under ORS 285A.420 to 285A.435 and the beginning farmer must be qualified by the lender to receive the loan.
(3) The Oregon Business Development Department shall adopt rules for the operation of the program, to define terms and to establish an application process and requirements, criteria and eligibility standards for beginning farmers and lenders to participate in the program. The department may approve a loan only if all of the following are satisfied:
(a) The lender is approved to participate in the program.
(b) The beginning farmer is a resident of this state.
(c) The agricultural project that is the subject of the loan is located, or will be used, in this state.
(d) The lender acknowledges that the loan to the beginning farmer is secured only by the eligible revenue of an eligible agricultural project and not by revenue or assets of the State of Oregon.
(e) The beginning farmer will materially and substantially participate in the farming for which the loan is sought.
(f) The eligible agricultural project will be used for farming only by the beginning farmer or by the beginning farmer and the beginning farmer’s family.
(g) The beginning farmer and the lender have complied with any other requirement, criterion or standard prescribed by the department by rule.
(4)(a) The department may charge fees to lenders and beginning farmers as necessary:
(A) To administer the program; and
(B) To cover the cost of procurement of bond counsel, State Treasurer fees, department issuance fees and trustee fees.
(b) Lenders may charge fees and points as agreed to by the beginning farmer and the lender and as approved by the department.
(5) The lender and the beginning farmer shall agree to the terms of the loan, including interest rate and length of loan. The lender is responsible for making an independent credit evaluation of the beginning farmer or the farming enterprise for which the loan is sought.
(6) The Oregon Business Development Department may enter into contracts and agreements as necessary and appropriate to implement and manage the program. [2013 c.742 §3]
Note: See note under 285A.420.
Structure 2021 Oregon Revised Statutes
Volume : 07 - Public Facilities and Finance
Chapter 285A - Economic Development I
Section 285A.010 - Definitions for ORS 284.101 to 284.148 and ORS chapters 285A, 285B and 285C.
Section 285A.045 - Duties and functions of commission; exercise of commission powers; rules.
Section 285A.050 - Biennial report; content.
Section 285A.055 - Prerequisites for certain commission actions.
Section 285A.060 - Advisory and technical committees.
Section 285A.075 - Department duties; rules; contract authority; foreign trade offices.
Section 285A.083 - Authority to require fingerprints for criminal records check.
Section 285A.091 - Oregon Infrastructure Finance Authority Board; members; terms; quorum.
Section 285A.093 - Board duties; rules.
Section 285A.096 - Oregon Infrastructure Finance Authority; duties; staff.
Section 285A.101 - Administrator; powers; rules; staff.
Section 285A.103 - Oregon Infrastructure Finance Fund; sources; uses; rules.
Section 285A.116 - Regions for job development; economic innovation coordination.
Section 285A.143 - Sister State Committee; membership; term.
Section 285A.145 - Sister State Committee authority.
Section 285A.148 - Oregon-China Sister State Committee; membership; term.
Section 285A.152 - Oregon-China Sister State Committee authority.
Section 285A.157 - Oregon Broadband Advisory Council Fund; sources of funds.
Section 285A.160 - Biennial report.
Section 285A.166 - Oregon Broadband Office; duties.
Section 285A.185 - Brownfields redevelopment; department duties; rules.
Section 285A.190 - Oregon Coalition Brownfields Cleanup Program; loans and grants; rules.
Section 285A.192 - Oregon Coalition Brownfields Cleanup Fund; sources; uses.
Section 285A.193 - Definitions.
Section 285A.195 - Application process.
Section 285A.196 - Documentation required for forgiveness; repayment for noncompliance; cure.
Section 285A.197 - Rulemaking for administration of loan program.
Section 285A.198 - Oregon Brownfield Properties Revitalization Fund.
Section 285A.200 - Gifts; federal aid; fees.
Section 285A.206 - Department to prepare financial statements; contents; reporting period.
Section 285A.213 - Safe Drinking Water Revolving Loan Fund; administration; sources; uses.
Section 285A.224 - Business Retention Fund; purpose; administration; uses; rules.
Section 285A.227 - Oregon Business, Innovation and Trade Fund; uses; sources; rules.
Section 285A.230 - University Innovation Research Fund; grants.
Section 285A.240 - Legislative findings.
Section 285A.303 - Findings; purpose.
Section 285A.325 - Foreign trade zones; operators of zones.
Section 285A.328 - Specific corporation authorized to maintain foreign trade zone.
Section 285A.340 - Legislative findings; declaration of policy.
Section 285A.349 - Evaluation of effectiveness of assistance.
Section 285A.420 - Legislative findings.
Section 285A.422 - Definitions for ORS 285A.420 to 285A.435.
Section 285A.430 - Revenue bonds to finance agricultural projects.
Section 285A.435 - Beginning and Expanding Farmer Loan Program Fund.
Section 285A.510 - Definitions for ORS 285A.510 to 285A.522.
Section 285A.522 - Annual report of plant closings and layoffs; contents.
Section 285A.654 - Port Planning and Marketing Fund; uses; sources; investment.
Section 285A.657 - Grants; purposes; application; eligibility; standards; prohibited funding.
Section 285A.660 - Funding priorities; port strategic business plans; rules.
Section 285A.666 - Definitions for ORS 285A.666 to 285A.732.
Section 285A.672 - Review of application; fee.
Section 285A.678 - Qualifications for approval of project funding.
Section 285A.681 - Loan from fund; required contract terms; repayment plan; rules.
Section 285A.687 - Filing of lien against port; notice of satisfaction.
Section 285A.690 - Powers to enforce loan agreement.
Section 285A.702 - Funds for joint projects or match money; form of application.
Section 285A.705 - Loan contract; required provisions.
Section 285A.708 - Oregon Port Revolving Fund; uses; sources; debt limit; prohibited use.
Section 285A.709 - Transfers to Port Planning and Marketing Fund.