2015 Oregon Revised Statutes
Volume : 11 - Public Health, Housing, Environment
Chapter 470 - Small Scale Local Energy Projects
Section 470.680 - State Department of Energy to identify forms of acceptable security.

(1) Subject to ORS 470.170, the State Department of Energy may identify forms of acceptable security for energy efficiency and sustainable technology loans that the department determines will achieve the goals and requirements of the energy efficiency and sustainable technology loan program and that provide adequate security for repayment of the loans.

(2) For loans from the Small Scale Local Energy Project Loan Fund, the department may record a fixture filing as defined in ORS 79.0102 covering those building materials to be attached to the real property pursuant to an energy efficiency and sustainable technology loan that remain easily detachable from the property and are not essential to a structure or the use of a structure. The department shall record a lien on the real property benefited by the loan for those indebtedness amounts that are not secured by a fixture filing. The department may record a filing or lien under this section only on a property for which the property owner has agreed to the installation of a base efficiency package or optional package benefiting the property.

(3) An energy efficiency and sustainable technology loan must provide for repayment through an on-bill financing system unless the department finds that an alternative method for repaying the loan would provide suitable security for the loan and the department and the borrower specify the alternative repayment method in the loan agreement.

[2009 c.753 §36]