Oregon § 285B.068 Payment of moneys for project; applicant to pay percentage of loan principal to Oregon Business Development Fund

Oregon Statutes

§ 285B.068 — Payment of moneys for project; applicant to pay percentage of loan principal to Oregon Business Development Fund

Oregon § 285B.068

Vol.7

Title 26AEconomic Development

Ch. 285BEconomic Development II

This text of Oregon § 285B.068 (Payment of moneys for project; applicant to pay percentage of loan principal to Oregon Business Development Fund) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 285B.068 (2026).

Text

(1)If the Oregon Business Development Commission approves a loan for a business development project and the applicant has received all necessary permits required by federal, state and local agencies, the commission shall pay moneys for the project from the Oregon Business Development Fund, in accordance with the terms of the loan contract as prescribed by the commission.

(2)Immediately upon receiving the loan proceeds, the applicant shall pay to the commission one and one-half percent of the principal amount of the loan, to be paid back to the Oregon Business Development Fund. A maximum of three percent of the principal amount of the loan may be paid from the fund to local development groups for the purposes set forth in ORS 285B.092 (1)(a).

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(1) If the Oregon Business Development Commission approves a loan for a business development project and the applicant has received all necessary permits required by federal, state and local agencies, the commission shall pay moneys for the project from the Oregon Business Development Fund, in accordance with the terms of the loan contract as prescribed by the commission.
(2) Immediately upon receiving the loan proceeds, the applicant shall pay to the commission one and one-half percent of the principal amount of the loan, to be paid back to the Oregon Business Development Fund. A maximum of three percent of the principal amount of the loan may be paid from the fund to local development groups for the purposes set forth in ORS 285B.092 (1)(a).