OAR 123-043-0102: Eligibility Criteria for State Revenue Bond Loans

The Authority shall apply the following standards for determining the eligibility of projects for state revenue bond financing: (1) Loan repayment must be secured by a full faith and credit pledge of the municipality; (2) The loan must be of sufficient size as determined by the Authority; (3) The loan must be fully amortized over its term with fixed annual principal and interest payments, and the term of the loan must not exceed the usable life of the contracted project or 30 years from the year of project completion, whichever is less; (4) The loan must conform to the requirements of the bond indenture for the state revenue bonds; and (5) The loan and the municipality must meet the minimum underwriting criteria for state revenue bond financing as established by Department policies.