(a) Shall provide that the city or district obtain a lien on the structure in which a fire safety system is installed. Except for tax liens, the lien acquired by the city or district shall have priority over all other liens on the structure.
(b) Shall provide for such other assurance of, and security for, repayment by the borrower as is considered necessary by the city or district.
(c) Shall set forth the interest rate on the loan as reasonably determined by the city or district.
(d) Shall provide for repayment during a period that shall be the lesser of the useful life of the proposed fire safety system or the term of the bond as determined by the city or district.
(2) A loan contract under subsection (1) of this section may provide that the amount of repayment by a borrower include an amount sufficient to reimburse the city or district for the borrower’s allocable share of the costs of issuing revenue bonds under ORS 478.845 to 478.875 to finance the loan contract, all administrative expenses relating to the loan contract and such amounts as may be established by the city or district to maintain a reserve in the loan fund created under ORS 478.855 to pay or reimburse future losses directly related to the loans financed with moneys from the loan fund. [1995 c.725 §5]
Note: See note under 478.840.
Structure 2021 Oregon Revised Statutes
Volume : 14 - Drugs and Alcohol, Fire Protection, Natural Resources
Chapter 478 - Rural Fire Protection Districts
Section 478.001 - Definitions.
Section 478.002 - Status of districts existing in 1957.
Section 478.004 - New district succeeds to and replaces abolished district.
Section 478.010 - Formation; territories that may not be included in districts.
Section 478.100 - Immaterial defects in organization not to invalidate district organization.
Section 478.210 - Directors; organization; term; oath.
Section 478.215 - Position numbers for director election.
Section 478.221 - Nomination and election of directors.
Section 478.225 - Election subdistricts; petition for formation; election.
Section 478.231 - Election laws applicable.
Section 478.234 - Subdistricts for nomination or election of directors.
Section 478.240 - Special elections; electors.
Section 478.250 - Meetings and officers of board.
Section 478.260 - Fire chief; headquarters; fire evacuation routes; emergency medical services.
Section 478.270 - Reports of directors; State Fire Marshal cooperation; uniform forms.
Section 478.335 - Contracts for medical and hospital services or insurance.
Section 478.355 - Establishment of employee retirement system; provisions of plan.
Section 478.360 - Fund to provide retirement benefits.
Section 478.410 - Power of district to levy taxes, borrow money, sell bonds and create fees.
Section 478.480 - Formation of tax zones; basis for zones; public hearing.
Section 478.485 - Notice of public hearing.
Section 478.495 - Limitation on changes in tax zone boundaries.
Section 478.840 - Definitions for ORS 478.845 to 478.875.
Section 478.845 - Revenue bonds authorized for fire safety systems.
Section 478.850 - Sources of bond payment restricted.
Section 478.855 - Loan fund created from bond proceeds; other sources for fund.
Section 478.860 - Standards for eligibility for loans for fire safety systems.
Section 478.865 - Loan contract; repayment plan; terms and conditions.
Section 478.875 - Remedies for breach of loan contract.
Section 478.880 - Legislative findings.
Section 478.920 - Scope of fire prevention code.
Section 478.940 - Filing and posting of fire prevention code.
Section 478.965 - Recovery by district of costs of suppressing unlawful fire; attorney fees.
Section 478.972 - Application by district to State Fire Marshal for identification name.