Or. Admin. Code § 690-090-0018

Current through Register Vol. 63, No. 11, November 1, 2024

Section 690-090-0018 - Authority of Director

(1) The director is authorized by the commission to approve, deny, or amend loans, establish loan interest rates, and to execute bond and loan contracts. The director shall refer decisions on loan requests greater than three million dollars, or such other amount as may be established by order of the commission, to the commission with a written loan recommendation when discretionary authority allowed under OAR 690-090-0025 is exercised. The director may, at the director's discretion, refer any loan decision to the commission along with a written loan recommendation.

(2) The director may:

(a) Contract with regulated lenders, state or federal agencies or others to provide services, subsidies or grants to the program.

(b) Take such steps as are needed to recover loan funds and prevent their misuse, or to prevent project funds from being diverted from the originally approved purpose.

(c) Delegate to staff, in writing, authority to approve, deny, or amend loans and to execute bond and loan contracts consistent with these rules.

(d) Take any action allowed by law to comply with federal codes and rules on bonding or to assure the payment of program bonds.

Or. Admin. Code § 690-090-0018

WRD 3-1997, f. & cert. ef. 4-15-97

Stat. Auth.: ORS 536 & ORS 541

Stats. Implemented: ORS 541.700 - ORS 541.855