(1) Require the public agency to repay the loan with interest according to a repayment schedule corresponding to provisions governing repayment of deferred assessments by property owners as defined in the public agency’s adopted assessment deferral loan program;
(2) Require the public agency to secure the loan with an assessment deferral loan program financing lien as described in ORS 454.445; and
(3) Limit the funds of the public agency that are obligated to repay the loan to proceeds from repayment of deferred assessments by property owners participating in the assessment deferral loan program adopted by the public agency. [Formerly 468.980]
Note: See note under 454.430.
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