OAR 731-030-0120: Project Agreements, Interest Rates and Charges

(1) For an Application approved under OAR 731-030-0110, and for which a commitment letter has been accepted under OAR 731-030-0110(6)(a), the Department will make an Infrastructure Loan or provide Infrastructure Assistance from the Infrastructure Fund by entering into an Agreement with the Recipient. (2) An agreement for an Infrastructure Loan or Infrastructure Assistance will include the final determination of the amount and type of financing awarded, interest rate (if applicable), value and types of Collateral (if required), and schedule of payments. All Agreements must include the financed amount, any fees or charges, and any other provisions that the Department requires in its sole discretion. (3) The Department will consider the financial status of the Infrastructure Fund and may delay final award of funds to any Recipient until sufficient funds are available in the Infrastructure Fund. The Department may recommend other sources of funds for all or part of a proposed Transportation Project. (4) Eligible uses of moneys obtained from or through the assistance of the Infrastructure Fund include, but are not limited to, the cost of acquiring, designing, building and installing any Transportation Project. (5) A Recipient may request a modification or amendment to an executed Agreement. The request must be made in writing to the Department. The Recipient will be responsible for all costs related to any modification or amendment of the Agreement.