justicedao/ipfs_state_laws huggingface dataset:
123-051-1000 Grant Awards and Match (1) Grants will be awarded only when there are sufficient funds available in the Seismic Rehabilitation Grants program. (2) Grant funds shall be distributed to public education facilities and emergency services facilities as allocated by the Legislative Assembly. (3) The maximum grant award is $2.5 million. (4) There is no required match for this program. Statutory/Other Authority: ORS 285A.093, 285A.098, 401.910 & 2013 OL Ch. 782 Statutes/Other Implemented: ORS 285A.093, 285A.098 & 401.910 History: OBDD 2-2017, f. & cert. ef. 8-8-17 OBDD 13-2013, f. 12-30-13, cert. ef. 1-1-14
123-051-1100 Grant Agreement Conditions (1) The Authority will only enter into new agreements or amendments to existing agreements, with prior Grantees, if all reporting obligations under earlier agreements have been met. (2) If the grant agreement has not been fully executed by all the parties within 60 days of grantee receiving contract document, funding shall be terminated. The money allocated to the grant shall be available for reallocation by the grant committee. (3) The Authority or designee shall establish grant agreement conditions. Grantees shall comply with all grant agreement conditions. (4) The Grantee shall comply with all federal, state and local laws and ordinances applicable to the work to be done under the agreement. (5) Upon notice to the Grantee in writing, the Authority may terminate funding for projects not completed in the prescribed time and manner. The money allocated to the project but not used will be available for reallocation by the grant committee. (6) The Grantee will account for funds distributed by the grant committee, using project expense forms provided by the Authority. (7) The Grantee will obtain the necessary permits and licenses from local, state or federal agencies or governing bodies. Statutory/Other Authority: ORS 285A.093, 285A.098, 401.910 & 2013 OL Ch. 782 Statutes/Other Implemented: ORS 285A.093, 285A.098 & 401.910 History: OBDD 13-2013, f. 12-30-13, cert. ef. 1-1-14
123-051-1200 Waivers, Exceptions and Appeals (1) The Authority may waive non-statutory requirements of the grant program if it is demonstrated such a waiver would serve to further the goals or objectives of the program. (2) The Authority may consider appeals of the grant committee’s funding decisions. Only the applicant may appeal. Appeals must be submitted in writing to the Authority within 30 days of the event or action that is being appealed. The Authority’s decision is final. Statutory/Other Authority: ORS 285A.093, 285A.098, 401.910 & 2013 OL Ch. 782 Statutes/Other Implemented: ORS 285A.093, 285A.098 & 401.910 History: OBDD 13-2013, f. 12-30-13, cert. ef. 1-1-14
123-052-1000 Purpose (1) The purpose of these rules is to assist Applicants in applying for the benefits available under the Beginning and Expanding Farmer Loan Program (aka “Aggie Bonds Program”) authorized by ORS 285A.420 to 285A.435 and to describe the procedures to be used by the Oregon Business Development Department in administering that Program. (2) The Program lowers the interest cost on loans made by private parties to Beginning Farmers for the acquisition of Agricultural Land and Agricultural Improvements and Depreciable Agricultural Property. This is accomplished by Beginning Farmers arranging loans through Eligible Lenders in compliance with the rules in this Division, so that the Eligible Lender may exclude interest from gross income under Section 147(c)(2) of the United States Internal Revenue Code and may exempt interest from Oregon personal income taxes. (3) Section 147(c)(2) of the United States Internal Revenue Code, its regulations and ORS 285A.420 to 285A.435 impose very substantial restrictions on the Program; the administrative rules in this Division outline those restrictions to assist Applicants in determining whether they may qualify for the Program. (4) The Program does not provide any state or federal money to repay Beginning and Expanding Farmer loans, to guarantee these loans, or to repay any Aggie Bonds that are issued under the Program. Those loans and the related Aggie Bonds are secured only by the resources that eligible Beginning Farmers provide to lenders. (5) A lender under the Aggie Bonds Program may become a “Participating Lender.” A Participating Lender will be familiar with the Aggie Bonds Program and will have executed a master financing agreement for Aggie Bonds with the Department. The Department will maintain a list of Participating Lenders and make that list available to people considering Aggie Bond financing. Statutory/Other Authority: ORS 285A.420 - 285A.435 & ch. 742 OL 2013 Statutes/Other Implemented: ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013 History: OBDD 8-2016, f. & cert. ef. 8-3-16 OBDD 3-2015, f. & cert. ef. 2-24-15
123-052-1150 Aggie Bonds Purchased By Participating Lenders (1) An applicant seeking Aggie Bond financing through a Participating Lender must apply to the Program on a form provided by the Department. That Application must be accompanied by a non-refundable application fee of $250. (2) Once the Department receives an Application and any other information required by the Department, if the Department determines that the Applicant and the assets the Applicant wishes to finance appear to qualify for Aggie Bond financing, the Department shall prepare and sign a reimbursement declaration for the Application and notify the Applicant and the Participating Lender. After the Department notifies the Applicant and the Participating Lender: (a) The Department and the Participating Lender shall prepare a schedule for the proposed financing, and shall modify that schedule as circumstances require. (b) The Department shall schedule the “TEFRA” hearing and provide the Application and any required information to bond counsel as provided in the schedule. (c) The Participating Lender shall prepare and circulate a draft loan agreement and other documents that the Participating Lender prepares as provided in the schedule. The loan agreement shall be in a form acceptable to the Department. (d) Bond counsel shall review the application, circulate drafts of documents to be prepared by bond counsel, and conduct tax due diligence. When the tax due diligence is complete and bond counsel is prepared to issue its approving opinion, bond counsel shall notify the Department and the Participating Lender. (3) After bond counsel notifies the Department and the Participating Lender that bond counsel is prepared to issue its approving opinion, the Department shall request that the State Treasurer approve issuance of the bonds, and shall work with the Applicant, the Participating Lender and bond counsel to close the Aggie Bonds for the Applicant. (4) The Department may impose additional requirements in connection with Aggie Bonds that are purchased by Participating Lenders. Statutory/Other Authority: ORS 285A.420 - 285A.435 & ch. 742 OL 2013 Statutes/Other Implemented: ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013 History: OBDD 8-2016, f. & cert. ef. 8-3-16
123-052-1300 Requirements for Beginning Farmers (1) As required by federal law, a Beginning Farmer must: (a) Be a “first-time farmer” within the meaning of Section 147(c)(2) of the Code. That section of the Code generally provides that a first-time farmer is an individual who has not at any time had any direct or indirect ownership interest in Substantial Farmland in the operation of which the individual has materially participated. However, in certain cases land that was disposed of while the individual was insolvent may be disregarded for this purpose. Dispositions of land while the individual was insolvent should be listed in the Application for Program financing. (b) Be a principal user of the Financed Property. (c) Materially and substantially participate in the operation of the farm of which the Financed Property is a part. (d) Not have received tax-exempt financing under Section 147(c)(2) of the Code in an aggregate amount that, when added to the amount financed through the Program, exceeds the Federal Maximum. (2) A Beginning Farmer must be a resident of the State of Oregon. (3) Any property owned by an individual’s spouse or minor children will be treated as owned by the individual. Any material participation in the operation of a farm by an individual’s spouse or minor children will be treated as operation of that farm by the individual. Any receipt of Tax-exempt financing by an individual’s spouse or minor children will be treated as receipt by the individual. (4) A Beginning Farmer and Applicant’s spouse must have total combined personal net worth of no more than $750,000, as evidenced by a signed, dated personal financial statement on a form satisfactory to the Department. Statutory/Other Authority: ORS 285A.420 - 285A.435 & ch. 742 OL 2013 Statutes/Other Implemented: ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013 History: OBDD 8-2016, f. & cert. ef. 8-3-16 OBDD 3-2015, f. & cert. ef. 2-24-15
123-052-1400 Requirements for Property Financed through the Program (1) Federal law requires that: (a) Property financed through the Program consist only of: (A) Agricultural Land as defined in OAR 123-052-1100(3). (B) Agricultural Improvements as defined in OAR 123-052-1100(2). (C) Depreciable Agricultural Property, as defined in OAR 123-052-1100(11), that is used for farming on Agricultural Land. (i) The total amount of used Depreciable Agricultural Property that is financed through the Program may not exceed the maximum amount permitted by federal law. The Applicant must provide the Department with an appraisal or other method of determining the value of any used Depreciable Agricultural Property that will be financed through the Program. The appraisal or other method of determining the value of any used Depreciable Agricultural Property must be satisfactory to the Department. On the date these rules are adopted, the maximum amount permitted by federal law for this purpose is $62,500; this amount may change periodically. (ii) The total amount of new and used Depreciable Agricultural Property that is financed through the Program may not exceed the maximum amount permitted by federal law. On the date these rules are adopted, the maximum amount permitted by federal law for this purpose is $250,000; this amount may change periodically (iii) The limits of subsections (i) and (ii) of this subsection (C) apply to all Depreciable Agricultural Property with respect to which the principal user is or will be the same person or 2 or more Related Persons. (b) No more than two percent of the borrowed funds are used to pay costs related to obtaining the loan or participating in the Program. (c) The Code limits the use of Aggie Bond proceeds to acquire property from a Related Person (as defined in OAR 123-052-1100(21)). Property may be acquired from a Related Person only if: (A) The acquisition price is the fair market value of the property, as shown in an independent, professional appraisal that is performed to qualify the property for financing with the Program and is acceptable to the Department; and (B) The Related Person will not have a financial interest in the farming operation in which the Financed Property is used. (2) The Financed Property is located, or will be used, in the State of Oregon. (3) The Financed Property will only be used for farming by the Beginning Farmer or by the Beginning Farmer and the Beginning Farmer’s family. Statutory/Other Authority: ORS 285A.420 - 285A.435 & ch. 742 OL 2013 Statutes/Other Implemented: ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013 History: OBDD 8-2016, f. & cert. ef. 8-3-16 OBDD 3-2015, f. & cert. ef. 2-24-15
123-052-1500 Requirements for Standard Lenders (1) A Standard Lender must either be: (a) An insured institution, as defined by ORS 706.008, that is authorized to do business in Oregon and that makes loans to persons engaging in farming or similar operations; (b) An "Accredited Investor" (AI) as defined under Section 3(a)(2) of the Securities Act of 1933; (c) A "Qualified Institutional Buyer" (QIB) as defined under Rule 144A of the Securities Act of 1933; (d) A "Sophisticated Investor" (SI) as defined in Rule 501 of Regulation D under the Securities Act of 1933 and as further described in 17 CFR 230.506(b)(2)(ii) as one who has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment.; or (e) An institution organized and existing under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) (2) The Standard Lender must represent in writing that it is an insured institution, AI, QIB, SI, or an institution organized and existing under the Farm Credit Act of 1971, pursuant to 123-052-1500(1), that the aggie bonds are being acquired for investment, and that the lender intends to hold the aggie bonds for the lender’s own account and not with a view to, or for resale. (3) Under no circumstances can a Standard Lender be a substantial user of the Financed Property or related to a substantial user of that property. For this purpose “related” means a Related Person within the meaning of OAR 123-052-1100(21) but shall also include a partnership and any of its partners (and their spouses and minor children), and an S corporation and each of its shareholders (and their spouses and minor children). (4) The Standard Lender must execute a Financing Agreement in substantially the form and with the substance of the form of Financing Agreement provided by the Department, or must use a form that is specifically approved in advance and in writing by the Department. The Standard Lender must make loans under Loan Agreements that are substantially in the form and with the substance of the form of Loan Agreement provided by the Department, or must use a form that is specifically approved in advance and in writing by the Department. (5) Seller financing is allowed, subject to the provisions of the Code, State Treasurer, OAR 123-052, including the Securities Act of 1933. Statutory/Other Authority: ORS 285A.420 - 285A.435 & ch. 742 OL 2013 Statutes/Other Implemented: ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013 History: OBDD 8-2016, f. & cert. ef. 8-3-16 OBDD 7-2015, f. & cert. ef. 9-1-15 OBDD 4-2015(Temp), f. & cert. ef. 7-13-15 thru 1-8-16 OBDD 3-2015, f. & cert. ef. 2-24-15
123-052-1600 Additional Requirements for Aggie Bonds (1) The expenditures financed under the Program cannot exceed the Federal Maximum, reduced by the total amount of Tax-exempt financing under Section 147(c)(2) of the Code that the Borrower, the Borrower’s spouse or minor children have received. (2) The Department must obtain an allocation of private activity bond volume cap for each Aggie Bond from the Department’s legislative allocation or the private activity bond committee. If an adequate allocation is not available for any reason, the Aggie Bond will not be issued until such allocation is made to the Program. (3) The Department must hold a “TEFRA hearing” and the State Treasurer must approve the issuance of each Aggie Bond. (4) The Lender Documents must not secure the loan with any stock, other equity securities, any debt securities or any other “investment property” (within the meaning of Treasury Regulation section 1.148 1(b), or require that the Borrower maintain continuing balances of specified amounts in accounts in financial institutions. (5) To obtain the approving opinion of the Program’s Bond Counsel for a bond purchased by a Standard Lender: (a) The Borrower must complete a tax and arbitrage certificate, in form and substance satisfactory to the Department and the Program’s bond counsel, certifying the accuracy of facts that are necessary for Program Bond Counsel to issue its approving opinion and stating that the Borrower shall be solely responsible for compliance with Federal arbitrage restrictions. (b) The lender must represent that it complies with sections (2) and (3) of OAR 123-052-1500. (c) The State, the Borrower and the lender must execute any other documents required by the Program’s Bond Counsel in order to deliver its approving tax and legal opinions. (6) At closing, the Borrower shall execute a post-issuance tax compliance agreement satisfactory to the Program’s Bond Counsel. (7) The Borrower and lender shall be responsible for reviewing disbursement requests to confirm eligible uses of bond proceeds. Statutory/Other Authority: ORS 285A.420 - 285A.435 & ch. 742 OL 2013 Statutes/Other Implemented: ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013 History: OBDD 8-2016, f. & cert. ef. 8-3-16 OBDD 3-2015, f. & cert. ef. 2-24-15
123-052-1900 Bond Counsel Opinion for Aggie Bonds Purchased by Standard Lenders (1) The state requires the Applicant and the Standard Lender obtain a traditional approving opinion from the Program’s Bond Counsel concluding that the Aggie Bond issued for the Applicant is a valid and binding obligation of the State, and that interest on the Aggie Bond is Tax-exempt. (2) If the Department determines that the financing described in the Application and request for final eligibility determination, filed by the Applicant pursuant to OAR 123-052-1700, is eligible for participation in the Program, the Department shall forward the request for final eligibility determination to the Program’s Bond Counsel. Program Bond Counsel shall: (a) Conduct tax due diligence, determine whether it will be able to issue approving opinions on the proposed Aggie Bonds, and notify the Department of that determination. (b) Assuming Bond Counsel determines it will be able to issue approving opinions on the proposed Aggie Bonds: (A) Review the draft Financing Agreement and Loan Agreement provided by the lender and send required changes to the Borrower and lender for review; (B) Provide forms of tax and arbitrage certificates, and other necessary documents, for the Borrower and lender to execute (3) If Bond Counsel determines it will be able to issue an approving opinion on a proposed Aggie Bond, the Department will forward the Aggie Bond documents to the Treasurer with a request that the Treasurer approve the issuance of the Aggie Bond. The Treasurer, an independent, elected official of the State of Oregon, has no legal obligation to approve any Aggie Bond issue. If the Treasurer approves issuance of an Aggie Bond, the Department will coordinate the closing with the Borrower, the lender, the State Treasurer, and Bond Counsel. Statutory/Other Authority: ORS 285A.420 - 285A.435 & ch. 742 OL 2013 Statutes/Other Implemented: ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013 History: OBDD 8-2016, f. & cert. ef. 8-3-16 OBDD 3-2015, f. & cert. ef. 2-24-15
123-052-2000 Fees and Costs (1) The Applicant shall pay the Department the nonrefundable $250 application fee. (2) At closing, the Department may require the Borrower to pay the following costs or fees: (a) A bond closing fee of 1.5% of the total Aggie bonds issued for the project, with a minimum of $1,500, payable to the Department. (b) Out of pocket costs or fees of the State, including but not limited to any indirect costs charged to the Department or Treasurer by Oregon Department of Justice for complex transactions. (c) State Treasurer’s costs or fees related to the review, approval and processing of each Aggie Bond issuance request and issuance. Statutory/Other Authority: ORS 285A.420 - 285A.435 & ch. 742 OL 2013 Statutes/Other Implemented: ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013 History: OBDD 8-2016, f. & cert. ef. 8-3-16 OBDD 3-2015, f. & cert. ef. 2-24-15
123-052-2100 Security for Aggie Bonds (1) Each Aggie Bond will be a special, limited obligation of the State of Oregon that is payable solely from the Eligible Revenue paid to the lender as provided in the Lender Documents (2) As required by ORS 285A.420 to 285A.435, the Aggie Bonds are not: (a) Secured by, payable from or chargeable to moneys other than the Eligible Revenue that is committed to pay the Aggie Bonds; (b) A liability of the State of Oregon. No lender or other owner of an Aggie Bond may: compel an exercise of the taxing power of the State of Oregon to pay any Aggie Bonds or the interest on any Aggie Bonds or enforce payment of any Aggie Bonds against any property of the State of Oregon except the Eligible Revenue that is committed to pay the Aggie Bond. (c) A charge lien or encumbrance, legal or equitable, upon any property of the State of Oregon, except the Eligible Revenue that is committed to pay an Aggie Bond. (3) No Aggie Bond shall be a general obligation of the Department, the State of Oregon, or any department, agency, or political subdivision of the State of Oregon. (4) The full faith and credit of the Department or the State of Oregon or any department, agency, or political subdivision of the State of Oregon shall not be pledged for the payment of any Aggie Bond. Statutory/Other Authority: ORS 285A.420 - 285A.435 & ch. 742 OL 2013 Statutes/Other Implemented: ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013 History: OBDD 3-2015, f. & cert. ef. 2-24-15
123-052-2200 Waiver The Department may, in its discretion, waive any of the requirements of these administrative rules to the extent such requirements are not otherwise imposed by law. Statutory/Other Authority: ORS 285A.420 - 285A.435 & ch. 742 OL 2013 Statutes/Other Implemented: ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013 History: OBDD 3-2015, f. & cert. ef. 2-24-15
123-052-2300 Authority to Manage the Program The Program shall be managed by the Department or its designee, and is not a Program of the Business Development Commission. Statutory/Other Authority: ORS 285A.420 - 285A.435 & ch. 742 OL 2013 Statutes/Other Implemented: ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013 History: OBDD 3-2015, f. & cert. ef. 2-24-15
123-052-2400 Confidential Records (1) Upon written request and within a reasonable time, the Department shall provide program records for inspection in accordance with ORS Chapter 192. (2) The person requesting records will be charged for preparing and mailing such records. Costs may include but not be limited to costs incurred in locating records, separating exempt and nonexempt records, having a custodian present during the inspection, preparing lists of data, making photocopies and telefaxing materials. Fees to be collected shall be set forth in the Department's schedule of fees and may be amended from time to time as the Department may determine. (3) Except as otherwise provided in ORS 192.410-192.595, records exempt from disclosure include but are not limited to: (a) Reports and analyses of reports which bear on the Applicant's character, finances, management ability and reliability, and which were obtained in confidence from persons or firms not required by law to submit them and the Department has obliged itself in good faith not to disclose the information; (b) Financial statements, tax returns, business records, employment history and other personal data submitted by or for Applicants, or analysis of such data; (c) Intra-departmental advisory memoranda preliminary to a decision; (d) Formulas, plans, designs and related information that constitute trade secrets under ORS 192; (e) Personal financial statement; (f) Financial statements of Applicants; (g) Customer lists; (h) Information of an Applicant pertaining to litigation to which the Applicant is a party if the complaint has been filed, or if the complaint has not been filed, if the Applicant shows that such litigation is reasonably likely to occur. This exemption does not apply to conclude litigation and nothing in this section shall limit any right or opportunity granted by law to a party involved in litigation; (i) Production, sales or cost data; and (j) Marketing strategy information that relates to an Applicant's plan to address specific markets and Applicant's strategy regarding specific competitors. Statutory/Other Authority: ORS 192.410 – 192.595, ORS 285A.420 - 285A.435 & ch. 742 OL 2013 Statutes/Other Implemented: ORS 192.410 -192.595, ORS 285A.420.420 - 285A.435 & ch. 742 OL 2013 History: OBDD 3-2015, f. & cert. ef. 2-24-15