reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 285C - Economic Development III › Section 285C.551 - Submission of plans, specifications and contract terms; preliminary certification; suspension or denial.

(1) The Director of the Oregon Business Development Department may require the submission of plans, specifications and contract terms and after examination of the plans, specifications and terms, may request corrections and revisions.
(2) If the director determines that the proposed erection, construction, installation or acquisition is technically feasible and should operate in accordance with the representations made by the applicant, and is in accordance with the provisions of ORS 285C.540 to 285C.559 and any applicable rules or standards adopted by the director, the director shall issue a preliminary certificate approving the erection, construction, installation or acquisition of the facility. The certificate shall indicate the potential amount of tax credit allowable and shall list any conditions for claiming the credit.
(3) The director may issue an order altering, conditioning, suspending or denying preliminary certification if the director determines that:
(a) The erection, construction, installation or acquisition does not comply with the provisions of ORS 285C.540 to 285C.559 and applicable rules and standards;
(b) The applicant has previously received preliminary or final certification for the same costs;
(c) The applicant is unable to demonstrate that the facility would be economically viable without the allowance of additional credits under ORS 315.341;
(d) The applicant was directly involved in an act for which the director has levied civil penalties or revoked, canceled or suspended any certification under ORS 285C.540 to 285C.559; or
(e) The applicant or the principal, director, officer, owner, majority shareholder or member of the applicant, or the manager of the applicant if the applicant is a limited liability company, is in arrears for payments owed to any government agency while in any capacity with direct or indirect control over a business. [2011 c.474 §10]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 285C - Economic Development III › Section 285C.555 - Rules; fees for certification.

By rule and after hearing, the Director of the Oregon Business Development Department may adopt a schedule of reasonable fees that the Oregon Business Development Department may require of applicants for preliminary or final certification under ORS 285C.540 to 285C.559. Before the adoption or revision of the fees, the department shall estimate the total cost of the program to the department. The fees shall be used to recover the anticipated cost of filing, investigating, granting and rejecting applications for certification and shall be designed not to exceed the total cost estimated by the department. Any excess fees shall be held by the department and shall be used by the department to reduce any future fee increases. The fee may vary according to the size and complexity of the facility. The fee is not considered part of the cost of the facility to be certified. [2011 c.474 §12]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 285C - Economic Development III › Section 285C.557 - Certification required for tax credits; certification not to exceed five years; use by transferee.

(1) A certificate issued under ORS 285C.553 or 469B.161 is required for purposes of obtaining tax credits in accordance with ORS 315.341. Such certification shall be granted for a period not to exceed five years. The five-year period shall begin with the tax year of the applicant during which the completed application for final certification of the facility under ORS 285C.553 is received by the Oregon Business Development Department.
(2) If the original owner of the certificate uses any portion of the credit, the certificate becomes nontransferable.
(3) For a transferee holding a credit that has been transferred under ORS 285C.549, the five-year period shall begin with the tax year in which the transferee pays for the credit. [2011 c.474 §13; 2012 c.45 §18]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 285C - Economic Development III › Section 285C.559 - Revocation of certificate; collection.

(1) Under the procedures for a contested case under ORS chapter 183, the Director of the Oregon Business Development Department may order the suspension or revocation of the certificate issued under ORS 285C.553 or 469B.161 if the director finds that:
(a) The certification was obtained by fraud or misrepresentation;
(b) The holder of the certificate or the operator of the facility has failed to construct or operate the facility in compliance with the plans, specifications and procedures in the certificate or the performance agreement; or
(c) The facility is no longer in operation.
(2) As soon as the order of revocation under this section becomes final, the director shall notify the Department of Revenue, the facility owner, contract purchaser or lessee and any transferee under ORS 285C.549 of the order of revocation. Upon notification, the Department of Revenue immediately shall proceed to collect:
(a) In the case in which no portion of a certificate has been transferred under ORS 285C.549, those taxes not paid by the certificate holder as a result of the tax credits provided to the certificate holder under ORS 315.341, from the certificate holder or a successor in interest to the business interests of the certificate holder. All prior tax credits provided to the holder of the certificate by virtue of the certificate shall be forfeited.
(b) In the case in which all or a portion of a certificate has been transferred under ORS 285C.549, the maximum theoretical amount of the tax credits allowable under ORS 315.341, from the transferor.
(3)(a) The Department of Revenue shall have the benefit of all laws of this state pertaining to the collection of income and excise taxes and may proceed to collect the amounts described in subsection (2) of this section from the person that obtained certification from the State Department of Energy or from the Oregon Business Development Department, or any successor in interest to the business interests of that person. No assessment of tax shall be necessary and no statute of limitation shall preclude the collection of taxes described in this subsection.
(b) For purposes of this subsection, a lender, bankruptcy trustee or other person that acquires an interest through bankruptcy or through foreclosure of a security interest is not considered to be a successor in interest to the business interests of the person that obtained certification.
(4) Notwithstanding subsections (1) to (3) of this section, a certificate or portion of a certificate held by a transferee under ORS 285C.549 may not be considered revoked for purposes of the transferee, the tax credit allowable to the transferee under ORS 315.341 may not be reduced and a transferee is not liable under subsections (2) and (3) of this section. [2011 c.474 §14]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 285C - Economic Development III › Section 285C.600 - Definitions for ORS 285C.600 to 285C.635.

As used in ORS 285C.600 to 285C.635:
(1) "Business firm" has the meaning given that term in ORS 285C.050.
(2) "Consumer Price Index for All Urban Consumers, West Region" means the Consumer Price Index for All Urban Consumers, West Region (All Items), as published by the Bureau of Labor Statistics of the United States Department of Labor.
(3) "Eligible project" means a project that meets criteria established by the Oregon Business Development Commission to be exempt from property taxation under ORS 307.123.
(4) "First-source hiring agreement" has the meaning given that term in ORS 285C.050.
(5) "Newly created jobs" means, for an eligible project, total jobs less retained jobs.
(6) "Publicly funded job training provider" has the meaning given that term in ORS 285C.050.
(7) "Rural area" means an area located entirely outside of the urban growth boundary of a city with a population of 40,000 or more, as the urban growth boundary is acknowledged on the date on which an applicant submits an application, pursuant to rules adopted by the Oregon Business Development Department, for property tax exemption under ORS 307.123.
(8) "Strategic investment zone" means a geographic area established under ORS 285C.623, within which the property of eligible projects may be exempt from property taxation under ORS 307.123. [Formerly 285B.380; 2005 c.237 §1; 2015 c.518 §1; 2015 c.757 §1; 2023 c.298 §40]
Note:
Section 2, chapter 518, Oregon Laws 2015, provides:
Sec. 2.
The amendments to ORS 285C.600 by section 1 of this 2015 Act do not apply to:
(1) An eligible project located, or an application for a project to be located, within a strategic investment zone designated before the effective date of this 2015 Act [October 5, 2015].
(2) A parcel of land on which an eligible project is located on the effective date of this 2015 Act. [2015 c.518 §2]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 285C - Economic Development III › Section 285C.603 - Legislative purpose.

The Legislative Assembly declares that a significant purpose of the strategic investment program established in ORS 285C.600 to 285C.635 and 307.123 is to improve employment in areas where eligible projects are to be located and urges business firms that will benefit from an eligible project to hire employees from the region in which the eligible project is to be located whenever practicable. [2003 c.800 §5; 2005 c.237 §2]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 285C - Economic Development III › Section 285C.612 - Eligible project application fees.

(1) The Oregon Business Development Commission shall collect the fees set forth in subsection (2) of this section from an applicant that seeks to have the real and personal property constituting the eligible project declared eligible for the tax exemption provided in ORS 307.123. The fee may be collected even though the project has not been determined to be eligible for the tax exemption.
(2) The fees described in subsection (1) of this section are as follows:
(a) $10,000, or $5,000 if the project is located in a rural area, upon application to the commission; and
(b) $50,000, or $10,000 if the project is located in a rural area, when the eligible project is determined by the commission to be eligible for the tax exemption provided in ORS 307.123. The commission shall pay 50 percent of this fee to the Department of Revenue for the purpose of administration of ORS 307.123.
(3) The fees collected under subsection (2) of this section shall be deposited in the Oregon Business, Innovation and Trade Fund created under ORS 285A.227. [Formerly 285B.389; 2009 c.830 §148]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 285C - Economic Development III › Section 285C.620 - Confidentiality of project information.

Notwithstanding ORS 192.311 to 192.478, the identity of an applicant for an eligible project determination under ORS 285C.606, the application form submitted to the county governing body and the Oregon Business Development Commission and the negotiations conducted between the applicant and the county shall be confidential, until the county governing body gives notice of its intent to take official action on the application. [Formerly 285B.392]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 285C - Economic Development III › Section 285C.626 - Business firm application for project within strategic investment zone.

(1) A business firm seeking the exemption under ORS 307.123 for a project the firm intends to install or construct within a strategic investment zone shall apply to the Oregon Business Development Department. The application shall be in the form and shall contain the information required by the department.
(2) A completed application containing all of the required information shall be considered by the Oregon Business Development Commission for the purposes of determining whether the project constitutes an eligible project under ORS 285C.606. [2005 c.237 §3]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 285C - Economic Development III › Section 285C.653 - Tax credit utilization limit per tax year; rules.

(1) Once the Oregon Business Development Department has certified a cumulative amount of qualified equity investments that can result in the utilization of $16 million of tax credits in any tax year, the department may not certify any more qualified equity investments under ORS 285C.650. This limitation shall be based on the scheduled utilization of tax credits without regard to the potential for taxpayers to carry forward tax credits to later tax years.
(2) The department shall reserve 15 percent of the total amount of qualified equity investments that receive certification under ORS 285C.650 for investments in qualified active low-income community businesses that:
(a) Have a primary purpose of improving the environment or reducing emissions of greenhouse gases; or
(b) Produce goods that directly reduce emissions of greenhouse gases or are designed as environmentally sensitive replacements for products in current use.
(3) The department shall establish by rule procedures and criteria for implementing the provisions of this section. [2011 c.732 §7]
Note:
See notes under 285C.650.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 285C - Economic Development III › Section 285C.659 - Report; posting on Oregon transparency website required.

(1) The Oregon Business Development Department shall annually prepare a report that discloses all costs and fees incurred by the department, or by any other state agency, in administering, during the agency fiscal year ending during the current calendar year, the tax credit allowed under ORS 315.533.
(2) The report required under this section shall also provide information about qualified equity investments issued on or after July 1, 2013, including, for the previous calendar year and for tax years ending during the previous calendar year:
(a) The amount of tax credit allowed for the qualified equity investments under ORS 315.533;
(b) The amount of tax credit claimed for the qualified equity investments under ORS 315.533;
(c) The costs and expenses of forming the qualified community development entities that issued the qualified equity investments, including but not limited to fees paid for professional services, including legal and accounting services, related to the formation and operation of the entities; and
(d) Information with respect to qualified equity investments and qualified low-income community investments that would be reported as part of the institution level report and transaction level reports submitted by qualified community development entities pursuant to section 45D of the Internal Revenue Code.
(3) The Oregon Business Development Department shall submit the report required under this section to the Oregon Department of Administrative Services no later than September 30 of each year. The information shall then be posted on the Oregon transparency website required under ORS 276A.253 no later than December 31 of the same year.
(4) The information described in this section that is available on the Oregon transparency website must be accessible in the format and manner required by the Oregon Department of Administrative Services.
(5) The Oregon Business Development Department shall collect data sufficient for the purpose of preparing the report required under this section.
(6) For purposes of this section, the Oregon Business Development Department may not collect or report proprietary information related to a taxpayer, taxpayers holding qualified equity investments, qualified community development entities or qualified active low-income community businesses, or information about the specific terms of financial agreements pertaining to any project. [2013 c.744 §6; 2015 c.27 §25]
Note:
See second note under 285C.650.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286 - (Former Provisions) › Section 286.605

[1985 c.806 §19; 1987 c.754 §1; 1995 c.79 §100; 2005 c.113 §1; 2007 c.783 §28; renumbered 286A.605 in 2007]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286 - (Former Provisions) › Section 286.615

[1985 c.806 §21; 1987 c.754 §2; 1991 c.142 §1; 2001 c.680 §1; 2007 c.783 §29; renumbered 286A.615 in 2007]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.003 - State policy on debt management.

(1) The State of Oregon recognizes that adherence to a debt management policy that provides guidelines for debt issuance is necessary to limit the long-term impact of debt on the budget of the state, to preserve the credit rating of the state and to maintain available debt capacity to meet the continuing capital investment needs of this state. Accordingly, it is the policy of the State of Oregon that, in determining the total amount of bonds to be authorized each biennium, the Legislative Assembly shall:
(a) Limit the issuance of bonds to projects or programs that require a minimum amount of state funding, as determined by the Legislative Assembly each biennium, and direct that projects or programs with funding needs that are under the minimum amount be funded with current resources; and
(b) Prohibit the issuance of bonds for ongoing operating expenditures of the state.
(2) This section does not require the Legislative Assembly to prohibit:
(a) Borrowing for ongoing operating expenditures of the state as authorized under ORS 286A.045;
(b) Borrowing to finance pension obligations under ORS 238.692 to 238.698;
(c) Borrowing to finance activities related to environmental remediation;
(d) The use of bond proceeds to pay for administration or management of projects or programs funded by the bond proceeds; or
(e) The use of interest or investment earnings on bond proceeds for ongoing operating expenditures. [2017 c.746 §14]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.005 - Authority of State Treasurer to issue bonds.

(1) The State Treasurer shall issue and sign bonds of the State of Oregon. The State Treasurer may sign a bond by manual or facsimile signature.
(2) Unless otherwise authorized by law other than this section, the State Treasurer may issue bonds only if a related agency has requested that the bonds be issued.
(3) In determining whether to issue bonds, the State Treasurer shall consider:
(a) The bond market for the type of bonds proposed for issuance;
(b) The terms and conditions of the proposed issue; and
(c) Other relevant factors that the State Treasurer considers necessary to protect the financial integrity of the State of Oregon.
(4) The State Treasurer may sell bonds for more than one related agency or for more than one purpose in a single sale or in combination with the sale of other bonds.
(5) The State Treasurer is an applicable elected representative for the purpose of approving the issuance of bonds when approval is required under section 147(f) of the Internal Revenue Code.
(6) The State Treasurer may adopt rules providing for the procedural or administrative requirements for the issuance of obligations, as defined in ORS 286A.100. [2007 c.783 §3]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.010 - Information required by State Treasurer.

A related agency shall, at the direction of the State Treasurer, provide the State Treasurer with:
(1) The information that the State Treasurer considers necessary to determine whether to issue the requested bonds, including assumptions underlying cash flow projections associated with the repayment of the bonds; and
(2) After the requested bonds are issued, the information that the State Treasurer considers necessary to:
(a) Administer the bonds; and
(b) Comply with federal and state securities law and bond covenants. [2007 c.783 §4]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.014 - Fees and expenses of State Treasurer; rules.

(1) The State Treasurer may charge a related agency for reasonable fees and expenses in connection with the services, duties and activities of the State Treasurer related to the borrowing activities of the State of Oregon, including but not limited to the issuance and administration of obligations, as defined in ORS 286A.100.
(2) The State Treasurer may charge a public body, as defined in ORS 287A.001, reasonable fees and expenses in connection with:
(a) The services, duties and activities of the State Treasurer related to obligations, as defined in ORS 287A.310, of the public body; or
(b) Providing assistance to the Oregon Municipal Debt Advisory Commission or to the public body.
(3) The State Treasurer shall deposit all moneys received under this section in the Miscellaneous Receipts Account established under ORS 286A.016.
(4) The State Treasurer shall adopt rules to implement the provisions of this section including, but not limited to, rules identifying the services, duties and activities for which charges are to apply.
(5) A related agency or public body shall pay to the State Treasurer reasonable fees and expenses charged under this section or under rules adopted pursuant to this section. [2007 c.783 §5]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.015 - Payment of expenses of State Treasurer.

Moneys received under ORS 286A.014 are continuously appropriated to the State Treasurer for the payment of expenses of the State Treasurer in connection with bonds of the State of Oregon or a public body as defined in ORS 287A.001. [2007 c.783 §6]
Note:
286A.015 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 286A or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.016 - Disposition of charges.

All moneys received under ORS 286A.014 and 287A.634 shall be deposited in the Miscellaneous Receipts Account established in the General Fund for the State Treasurer. The State Treasurer may use moneys in the account for payment of expenses of the State Treasurer in connection with bonds of the State of Oregon or a public body as defined in ORS 287A.001. [Formerly 286.025]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.035 - Bond budget authorization.

(1) Each related agency shall report the plans of the related agency for the issuance of bonds during the next biennium. The related agency shall submit the related agency’s report to the Governor by a date determined by the Governor and shall include in the report a description of bonds that the related agency intends to retire or defease during the next biennium.
(2) On or before a date determined by the Governor, the State Treasurer shall advise the Governor on the prudent maximum amount of bonds to be issued for each bond program. The State Treasurer shall consider available economic and financial data in preparing advice to be given to the Governor.
(3) As part of the Governor’s budget described in ORS 291.216, the Governor shall:
(a) Consider the prudent maximum amounts advised by the State Treasurer pursuant to subsection (2) of this section to determine the Governor’s total recommended amount; and
(b) Recommend to the Legislative Assembly the total amount of bonds the State Treasurer may issue for each bond program for a biennium.
(4) The Legislative Assembly shall determine the amount of bonds the State Treasurer may issue for each state agency for a biennium. Except as provided in subsection (5) of this section, if the Legislative Assembly fails to make the determination described in this subsection by the first day of the biennium, the unused portion of the authorization the Legislative Assembly made for the preceding biennium is deemed to carry forward for the current biennium at the amount authorized for the preceding biennium until the earlier of:
(a) The date on which legislation authorizing the amount of bonds for the current biennium is enacted; or
(b) The date on which the Legislative Assembly adjourns sine die.
(5) The unused portion of the amount of pass-through revenue bonds authorized for issuance in the preceding biennium is deemed to carry forward for the current biennium until the date on which legislation authorizing the amount of pass-through revenue bonds for the current biennium is enacted.
(6) The amount of bonds that may be issued under bond programs may be modified by the Governor. However, the Governor may not modify the amount of bonds that may be issued under bond programs in a way that would cause the maximum amount established by the Legislative Assembly for a category of bond programs to be exceeded if the Legislative Assembly:
(a) Has categorized the bonds that may be issued under bond programs as general obligation, direct revenue and pass-through revenue bonds; and
(b) Assigned a maximum amount to each category.
(7) This section applies to bonds:
(a) Unless the bonds are expressly exempted from the requirements of this section.
(b) Except refunding bonds. [2007 c.783 §9; 2013 c.766 §1; 2015 c.767 §8; 2015 c.828 §28; 2016 c.117 §47; 2023 c.174 §1; 2023 c.237 §1]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.050 - Short Term Borrowing Account; sources; uses.

(1) The Short Term Borrowing Account is created in the General Fund.
(2) The State Treasurer shall credit the proceeds of bonds issued by the State Treasurer under ORS 286A.045 to the Short Term Borrowing Account. The State Treasurer shall, in addition, transfer to the Short Term Borrowing Account any amounts that are pledged to pay bonds issued by the State Treasurer under ORS 286A.045 and that are required to pay those bonds.
(3) Amounts in the Short Term Borrowing Account are continuously appropriated to the respective state agencies for which the revenues that are pledged to pay the bonds were appropriated, for the purposes described in ORS 286A.045 (3)(c). Amounts appropriated under this subsection may not be taken into account in preparing budget estimates, plans or reports required to be prepared under ORS 291.201 to 291.222. [Formerly 293.175]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.055 - Report by State Treasurer on amount of bonds issued, amounts repaid, costs and interest earned.

Within 90 days following the end of a biennium, the State Treasurer shall report in writing to the Legislative Fiscal Officer and the Legislative Revenue Officer on the amount of bonds issued by the State Treasurer under ORS 286A.045, the amount spent in repayment of those bonds, the issuance costs and interest costs of those bonds and the interest revenues earned by the proceeds of those bonds. [Formerly 293.177]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.056 - Cancellation or postponement of scheduled issuance of bonds.

(1) If the State Treasurer or Director of the Oregon Department of Administrative Services determines that the treasurer or director will cancel or postpone an issuance of general obligation bonds or lottery bonds that was authorized by law and previously scheduled, the treasurer or director shall provide written notice to the President of the Senate, the Speaker of the House of Representatives and the Legislative Fiscal Officer.
(2) The treasurer or director shall provide the notice not later than 30 days after the date the issuance of the bonds was scheduled. [2012 c.107 §3]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.095 - Compliance with constitutional or statutory debt limit.

(1) When calculating compliance with a constitutional or statutory debt limit:
(a) If a bond is issued to a provider of a credit enhancement device for a bond that is subject to a debt limit, the bond issued to the provider must be taken into account only to the extent that the amount of the bond issued to the provider exceeds the amount of the bond that is secured by the credit enhancement device.
(b) The amount of interest to be paid on bonds, whether paid currently or deferred, is not taken into account.
(c) For a zero coupon bond or other original issue discount bond on which periodic interest payments are not made, only the accreted value of the bond on the date the bond is issued is taken into account.
(d) The state may deduct from the amount of outstanding bonds:
(A) The amount of moneys and investments held by the state or a trustee of the state to pay bonds that have not been defeased; and
(B) The principal amount of bonds that have been defeased.
(2) For purposes of this section, a bond is defeased if:
(a) The state has set aside in an irrevocable escrow government obligations, as defined in ORS 287A.375, the receipts from which have been calculated by a certified public accountant or other experienced professional to be sufficient, without reinvestment, to pay the principal, interest and premium, if any, due on the bond at maturity or on prior redemption; or
(b) The state has complied with the provisions in the documents authorizing the bond that provide for the payment or defeasance of the bond. [2007 c.783 §15]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.100 - Definitions for ORS 286A.100 and 286A.102.

As used in this section and ORS 286A.102:
(1) "Obligation" means:
(a) A bond;
(b) An agreement for exchange of interest rates with the State of Oregon; or
(c) A credit enhancement device given as additional security for a bond.
(2) "Pledge" means:
(a) To create a security interest in or a lien on property to secure payment or performance of an obligation, by mortgaging, assigning or encumbering property or by creating a security interest in property by any other manner.
(b) A security interest in or lien on property created under paragraph (a) of this subsection.
(3) "Pledgee" means:
(a) A trustee for the holder of an obligation; or
(b) The holder of an obligation if a trustee was not appointed in the operative document or if the operative document authorizes the holder of an obligation to foreclose the lien of a pledge and enforce the remedies consequent to the pledge in lieu of the trustee.
(4) "Property" means:
(a) Real or personal property, tangible or intangible, whether owned when the pledge is made or acquired subsequently to the time the pledge is made; and
(b) Revenues, contract rights, receivables or securities. [2007 c.783 §17; 2009 c.537 §8]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.110 - Agreements for exchange of interest rates.

(1) A related agency with the approval of the State Treasurer, or the State Treasurer on behalf of a related agency, may enter into agreements for exchange of interest rates with counterparties. Agreements for exchange of interest rates may be made to manage payment, interest rate, spread or similar exposure undertaken in connection with a related bond upon a determination by the related agency, or by the State Treasurer on behalf of the related agency, that the agreement benefits the State of Oregon.
(2) Subject to covenants applicable to a related bond and the limitations of this section, payments required under an agreement for the exchange of interest rates by the related agency, or the State Treasurer on behalf of the related agency, may:
(a) Be treated as interest payments on the related bond;
(b) Be made from revenues or other moneys that are pledged or otherwise committed to pay the related bond; and
(c) Rank in an order of priority of payment relative to the payment of the related bond as the related agency, or the State Treasurer on behalf of the related agency, determines.
(3) In connection with entering into an agreement under this section, a related agency, or the State Treasurer on behalf of the related agency, may enter into a credit enhancement device for an agreement for exchange of interest rates.
(4) An agreement for exchange of interest rates is subject only to the limitations of this section and is not subject to a limitation applicable to the related bond.
(5) With the approval of the State Treasurer, a related agency may use moneys derived from the issuance and sale of bonds to pay termination payments due under an agreement entered into under this section.
(6) A related agency, with the approval of the State Treasurer, may:
(a) Create reserves to pay amounts due under an agreement for exchange of interest rates; and
(b) Fund the reserves with moneys derived from the issuance and sale of bonds or from revenues or other moneys described in subsection (2)(b) of this section. [2007 c.783 §10]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.118 - Termination payment of pass-through revenue bond borrower.

With the approval of the State Treasurer, a related agency may lend moneys derived from an issuance and sale of bonds to a pass-through revenue bond borrower of proceeds from outstanding, previously issued pass-through revenue bonds for the purpose of paying a termination payment due under an agreement for exchange of interest rates entered into by the pass-through revenue bond borrower in relation to the outstanding, previously issued pass-through revenue bonds. [2009 c.538 §4; 2023 c.174 §3]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.120 - Credit enhancement devices.

(1) In addition to authority conferred by law other than this section, a related agency, with the approval of the State Treasurer, or the State Treasurer may:
(a) Enter into a credit enhancement device agreement in order to provide liquidity or security for bonds or for an agreement for exchange of interest rates. The credit enhancement device may be secured only by moneys that the State of Oregon may legally commit to secure payment of the bonds that are secured by the credit enhancement device or related to the agreement for exchange of interest rates.
(b) Obtain a credit enhancement device providing additional security for:
(A) The payment of all or a portion of amounts owing under bonds;
(B) The purpose of funding, in lieu of cash, all or a portion of a debt service reserve established with respect to bonds; or
(C) The payment of amounts owing under an agreement for exchange of interest rates.
(2) The related agency, with the approval of the State Treasurer, or the State Treasurer may pledge as security for the obligations of the State of Oregon arising under or with respect to a credit enhancement device all or a portion of revenues pledged to the payment of the bonds related to the credit enhancement device.
(3) The State Treasurer may issue a bond to the provider of a credit enhancement device to secure the obligations of the State of Oregon to pay amounts due to the provider. [2007 c.783 §8]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.123 - Agency purchase of own bonds.

(1) A related agency, with the approval of the State Treasurer, or the State Treasurer, on behalf of a related agency:
(a) May bid for, purchase, hold, cause to be held in trust and remarket bonds issued by the State Treasurer on behalf of the related agency.
(b) May not, except as provided in ORS 293.793 (2), bid for, purchase, hold, cause to be held in trust and remarket bonds issued by the State Treasurer on behalf of another state agency.
(2) Except as otherwise provided in the operative documents, the purchase or acquisition of bonds under subsection (1) of this section does not cancel or extinguish the bonds unless the related agency elects in writing to cancel or extinguish the bonds.
(3) In addition to other uses authorized by law, a related agency, or the State Treasurer on behalf of a related agency, may purchase bonds under subsection (1) of this section using moneys that are:
(a) Deposited in a fund or account in the State Treasury for the use of the related agency or held by a trustee of the related agency; and
(b) Appropriated or otherwise legally available to the related agency for repayment of the bonds or for payment of the costs of the related agency to administer the program under which the bonds were sold, including bond proceeds and reserves established for the bonds.
(4) Within two business days after using the authority to purchase bonds under this section, the State Treasurer shall notify the legislative revenue committees, when the Legislative Assembly is in regular or special session, or the Legislative Revenue Officer and the Legislative Fiscal Officer, during the interim, of:
(a) The amount and status of the bonds purchased by or on behalf of a related agency under this section; and
(b) The current or anticipated interest rates applicable to the bonds.
(5) Not later than February 1 of each year, the State Treasurer shall submit a report to the legislative revenue committees, when the Legislative Assembly is in regular or special session, or to the Legislative Revenue Officer and the Legislative Fiscal Officer, during the interim, describing:
(a) The amount and status of bonds purchased during the previous year by or on behalf of related agencies under this section; and
(b) The savings realized or costs incurred by related agencies from the purchase of bonds under this section. [2009 c.537 §2]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.132 - Debt-related advisory services.

(1) In addition to authority conferred by law other than this section, the State Treasurer or, with the approval of the State Treasurer, a related agency may enter into an agreement with and retain the services of one or more:
(a) Providers of investment advisory services or advisory services related to agreements for exchange of interest rates;
(b) Providers of banking services;
(c) Escrow agents;
(d) Providers of fiscal or paying agent services;
(e) Collateral custodians;
(f) Providers of investment contracts;
(g) Remarketing agents; or
(h) Other bond-related or credit enhancement device-related agents or service professionals, or other persons with relevant expertise, to assist the State Treasurer or the related agency in the performance of the duties of the State Treasurer or the related agency under this chapter.
(2) The related agency shall pay the expenses incurred in providing the services described in this section unless the related agency requires a recipient of bond sale proceeds to pay the expenses.
(3) The Public Contracting Code does not apply to an agreement entered into under this section.
(4) When the Oregon Constitution or a law of this state authorizes bond proceeds to be spent for a particular purpose, the authorization also includes authorization to spend bond proceeds for bond counsel, attorney, consultant, fiscal or paying agent, trustee or other professional fees and other expenses incurred by the related agency or the State Treasurer to authorize, issue, administer and repay the bonds, including fees payable to the State Treasurer. [2007 c.783 §21]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.140 - State taxation of bond interest.

Except as provided in ORS 289.250, interest on all bonds of the State of Oregon is exempt from personal income tax under ORS chapter 316. [2007 c.783 §22; 2015 c.548 §4]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.145 - Federal taxation of bond interest; interest rate subsidies; rules.

(1) The State Treasurer or a related agency may enter into covenants for the benefit of owners of bonds that are intended to allow the bonds to bear interest that is excluded from gross income under the federal Internal Revenue Code or that is otherwise exempt from taxation by the United States. The State Treasurer or a related agency may adopt rules or procedures that are intended to facilitate compliance with those covenants, and may take any action that is required to comply with those covenants. Covenants authorized by this subsection include, but are not limited to, covenants to:
(a) Pay any rebates of earnings or penalties to the United States;
(b) Invest proceeds alone or in combination with other moneys in investments that have different maturities, yields or credit qualities than the state would acquire under the investment standards specified in ORS 293.721 and 293.726 and other similar laws, but only if those investments facilitate compliance with covenants described in this subsection; or
(c) Restrict the expenditure of bond proceeds or restrict the operation of, or otherwise limit the use of, facilities that are financed with bonds.
(2) When the State of Oregon receives interest rate subsidies from the United States in connection with bonds, the State Treasurer or the related agency, to the extent permitted by federal law, may:
(a) Apply the subsidies to pay bonds of the related agency and credit the subsidies to an account that is used to pay bonds of the related agency;
(b) Pledge the subsidies to secure bonds of the related agency; or
(c) Use the subsidies to pay costs that would otherwise be paid with proceeds of bonds of the related agency and credit the subsidies to accounts that are used to pay the costs. [2007 c.783 §23; 2010 c.3 §6]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.160 - Exception to expenditure limits for repaying obligations; administrative limits; reports.

(1) Notwithstanding any law limiting expenditures of a state agency, for the purpose of repaying obligations of the state to obtain savings in total or periodic debt service payments, a law limiting expenditures does not apply to payments approved by the State Treasurer for administrative expenses, debt service or financing costs that are necessary or appropriate for the retirement or refunding of bonds unless the law limiting expenditures creates a specific exception to this section.
(2) The Oregon Department of Administrative Services may establish administrative limitations on the payment and recording of expenditures made pursuant to subsection (1) of this section.
(3) The Oregon Department of Administrative Services shall report incurred expenses and debt service savings resulting from actions taken under subsection (1) of this section that affect administrative expenses, debt service or financing costs paid with moneys out of the General Fund or lottery funds, within 90 days of taking action, to the Joint Committee on Ways and Means if the Legislative Assembly is in session or to the Emergency Board or to the Joint Interim Committee on Ways and Means during the interim between legislative sessions. [Formerly 286.063; 2012 c.107 §20]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.185 - Cancellation, purchase or redemption of bonds; lost or destroyed evidence of bonds; rules.

(1) The State Treasurer may adopt rules, or establish by contract or policy, procedures and requirements for the cancellation, purchase or redemption of bonds, the remittance of funds to pay bonds, or the replacement of lost or destroyed evidence of bonds or interest coupons.
(2) If the State Treasurer decides:
(a) To replace lost or destroyed evidence of bonds or coupons, or to make payment in lieu of replacement, the State Treasurer may require indemnity, deposit or other form of assurance or proof of ownership to ensure against conflicting, duplicative or fraudulent claims. The State Treasurer may charge a fee to the person seeking replacement or payment in lieu of replacement under this section, in an amount sufficient to reimburse the State Treasurer for costs incurred in providing replacement or payment under this subsection.
(b) Not to replace or make payment with respect to a lost or destroyed bond or coupon, the person seeking replacement or payment under this section may appeal the determination as a review of an order other than a contested case under ORS 183.484. [2007 c.783 §24]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.195 - Financial audit of bond programs.

(1) The Secretary of State shall conduct a financial audit of the bond programs of each state agency at least annually. The Secretary of State shall publish the audit as soon as possible following the end of the audit period.
(2) The Oregon Department of Administrative Services may, on an annual basis, exempt a bond program from the requirements of subsection (1) of this section. [2007 c.783 §26]
2023 Oregon Revised Statutes › Volume : 07 - Public Facilities and Finance › Chapter 286A - State Borrowing › Section 286A.200 - Administration of certain bond programs by Oregon Department of Administrative Services.

(1) The Oregon Department of Administrative Services may, with respect to bonds described in subsection (2) of this section, administer bond programs and the transfer or disbursement of bond proceeds through intergovernmental agreements or grant or loan agreements containing terms and conditions the department determines are necessary or advisable to:
(a) Protect any tax benefit related to the bonds;
(b) Protect the State of Oregon from liability due to the failure of grantees or borrowers to comply with legal requirements related to the bonds, including requirements under the Internal Revenue Code;
(c) Ensure that bond proceeds are used for authorized or intended purposes;
(d) Ensure that adequate funds will be available for repayment of the bonds; or
(e) Ensure compliance with state and federal law.
(2) The department may exercise powers authorized under subsection (1) of this section with respect to:
(a) Bonds issued under ORS 286A.560 to 286A.585 (lottery bonds);
(b) Bonds issued under ORS 286A.710 to 286A.720 and Article XI-D of the Oregon Constitution (state power development);
(c) Bonds issued under ORS 286A.760 to 286A.772 and Article XI-M of the Oregon Constitution (seismic rehabilitation of public education buildings);
(d) Bonds issued under ORS 286A.780 to 286A.792 and Article XI-N of the Oregon Constitution (seismic rehabilitation of emergency services buildings);
(e) Bonds issued under ORS 286A.796 to 286A.806 and Article XI-P of the Oregon Constitution (school district capital costs);
(f) Bonds issued under ORS 286A.816 to 286A.826 and Article XI-Q of the Oregon Constitution (property owned or operated by state); and
(g) Bonds issued under ORS 286A.830 to 286A.863 and Article XI-F(1) or Article XI-G of the Oregon Constitution (higher education). [2017 c.9 §5]