Section 454.439 - Conditions for program; administrative expenses; priority; report(1) The Department of Environmental Quality shall use the moneys in the Assessment Deferral Loan Program Revolving Fund to provide funds for assessment deferral loan programs administered by public agencies that meet all of the following conditions: (a) The program demonstrates that assessments or charges in lieu of assessments levied against benefited properties for construction of treatment works required by a federal grant agreement or by an order issued by a state commission or agency will subject property owners to extreme financial hardship.(b) The governing body has adopted a program and the department has approved the program.(c) The treatment works meets the requirements of section 2, Article XI-H of the Oregon Constitution concerning eligibility of pollution control bond funds.(2) The department also may use the moneys in the Assessment Deferral Loan Program Revolving Fund to pay the expenses of the department in administering the Assessment Deferral Loan Program Revolving Fund and to repay capitalization loans.(3) In administering the Assessment Deferral Loan Program Revolving Fund, the department shall: (a) Allocate funds to public agencies for assessment deferral loan programs in accordance with a priority list adopted by the Environmental Quality Commission.(b) Use accounting, audit and fiscal procedures that conform to generally accepted government accounting standards.(c) Prepare any reports required by the federal government as a condition to the award of federal capitalization grants.(4) The Department of Environmental Quality shall submit an informational report to the Joint Committee on Ways and Means or, if during the interim between sessions of the Legislative Assembly, to the Emergency Board or to the Joint Interim Committee on Ways and Means before awarding the first loan from the Assessment Deferral Loan Program Revolving Fund. The report shall describe the assessment deferral loan program and set forth in detail the operating procedures of the program. Amended by 2012 Ch. 107,§ 15, eff. 4/11/2012.