§ 285A.306 — Title I Bank Fund; investment; sources; administration; rules and policies; costs

Oregon § 285A.306

• Jurisdiction: Oregon
• Vol.: 7
• Title 26A: Economic Development
• Ch. 285A: Economic Development I

Text

(1) There is established in the State Treasury, separate and distinct from the General Fund, the Title I Bank Fund. All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the Oregon Infrastructure Finance Authority to provide financing for community development projects. Interest earned by the Title I Bank Fund shall be credited to the fund.
(2) Moneys in the Title I Bank Fund, with the approval of the State Treasurer, may be invested as provided by ORS 293.701 to 293.857, and the earnings from such investments and other program income shall be credited to the Title I Bank Fund.
(3) The Title I Bank Fund shall consist of:
(a) Moneys appropriated to the fund by the Legislative Assembly.
(b) Repayment of loans made by cities and counties with grants from the Oregon Community Development Block Grant Program, including interest earnings.
(4) The Oregon Infrastructure Finance Authority shall administer the fund.
(5) The department shall adopt rules and policies for the administration of the fund.
(6) The authority may charge program administrative costs to the fund to pay for administrative expenses incurred to the authority for processing applications and investigating community development projects.

Legislative History

Formerly 285.685; 1999 c.509 §13; 2009 c.830 §29