Or. Admin. Code § 738-015-0070

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

Section 738-015-0070 - Non-Commercial Aeronautical Lease Applicant's Financial Responsibility

(1) All persons applying for a lease for non-commercial aeronautical activity at a State-owned airport who will be constructing improvements to the lease property shall provide the Department evidence, in a form acceptable to ODA, of the applicant's financial capability and responsibility to complete the project, in one of the following forms:

(a) A performance bond in the amount equal to the cost for constructing the proposed improvements, which may be supplied by a contractor;

(b) An irrevocable letter of credit guaranteeing funds to complete the project;

(c) An escrow agreement administered by a title and escrow company; or

(d) A trust administered by a commercial bank.

(2) At its option, the Department may require the prospective Lessee to obtain one or more of the above documents as proof of financial responsibility to complete the project.

Or. Admin. Code § 738-015-0070

AVIA 1-2002, f. & cert. ef. 9-3-02

Stat. Auth.: ORS 835.035, ORS 835.040, ORS 835.112

Stats. Implemented: ORS 935.035, ORS 935.040, ORS 835.112, ORS 836.055