Documentation required for forgiveness; repayment for noncompliance; cure

(1) A forgivable loan made under ORS 285A.195 shall be forgiven upon submission by the owner or operator of all documentation required by the Oregon Business Development Department, including, but not limited to, an affidavit signed under penalty for false swearing: (a) Stating that the owner or operator has completed performance under the voluntary agreement, cost recovery agreement, consent judgment or consent order described in ORS 285A.195 (1)(b), other than the performance of long term water monitoring or compliance with institutional or engineering controls; (b) Documenting the eligible costs incurred and attesting that the costs have not been reimbursed; and (c) Stating how the applicant has complied with any conditions required for any enhancement listed in ORS 285A.194. (2)(a) A forgivable loan may not be forgiven under subsection (1) of this section and shall be repaid over a term of five years, with interest at the prevailing bank prime loan rate as set forth in the most recent H.15 (519), if: (A) The removal or remedial action at the brownfield for which the forgivable loan was made is not completed on a schedule set forth in the loan agreement between the department and the owner or operator entered into under ORS 285A.195; or (B) The owner or operator fails to comply with any condition set forth in the loan agreement. (b) As used in this subsection, “most recent H.15 (519)” means the latest weekly statistical release report designated as H.15 (519), or any successor or replacement publication, published by the Board of Governors of the Federal Reserve System prior to the date on which the applicable interest rate is determined. (3) The department may in its discretion allow owners or operators to cure noncompliance with performance or other conditions set forth in loan agreements. (4) The department may seek appropriate legal remedies to secure repayment of forgivable loans due the Oregon Brownfield Properties Revitalization Fund established under ORS 285A.198. (5) Moneys repaid to the department under this section shall be deposited in the Oregon Brownfield Properties Revitalization Fund.