§ 285B.215 — Credit Enhancement Fund; uses; sources

Oregon § 285B.215

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

Text

(1) There is established in the State Treasury, separate and distinct from the General Fund, the Credit Enhancement Fund. All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the following purposes:
(a) Payment of claims pursuant to contracts for loan or credit guarantees under ORS 285B.200 to 285B.218.
(b) Payment of administrative costs of the department for actual and necessary administrative expenses incurred by the department in administering the fund and establishing and maintaining the program established under ORS 285B.200 to 285B.218.
(c) Repayment of transfers of funds required or authorized by law.
(d) Purchase or buyout of superior or prior liens, mortgages or security interests.
(2) Moneys in the Credit Enhancement Fund shall consist of:
(a) Moneys appropriated to the fund by the Legislative Assembly, including moneys derived from the Administrative Services Economic Development Fund.
(b) Proceeds from collateral assigned to the department.
(c) Interest earned on moneys in the fund.
(d) Transfers of moneys to the fund.
(e) Fees assessed for guarantees, as determined by the department.
(f) Moneys from gifts.
(g) Moneys from any grant made to the fund by any federal agency.
(h) Proceeds of insurance provided by the Export-Import Bank of the United States or by any other provider of insurance for export transactions.

Legislative History

Formerly 285.471; 2007 c.804 §60; 2009 c.830 §74