Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 165 - RECOVERY ZONE BONDS › Section 123-165-0030 - Use of Original Allocation and Reallocation

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For the purposes of recovery zone
			 economic development bond and recovery zone facility bond allocations, a
			 recipient of an original allocation may use its allocation or designate other
			 issuing localities within the jurisdiction of the originally awarded locality
			 to use all or a portion of its original allocation by any procedure mutually
			 acceptable to both parties subject to federal requirements.
(2) An originally awarded locality that
			 intends to use its original allocation or intends to designate another issuer
			 within the jurisdiction of the originally awarded locality to use the original
			 allocation must file a
Notice of Intent
form by March 1, 2010
			 with supporting documentation.
(3)
			 An originally awarded locality that has used the
Notice of
			 Intent
form to express its intent to use or designate another issuer
			 within the jurisdiction to use its original allocation may amend the
Notice of Intent
at a later time if it is determined that the
			 locality is unable to use its original allocation in the manner previously
			 stated or has decided to waive all or part of the original allocation for
			 reallocation by the state pursuant to subsection (6) below.
(4) An originally awarded locality intending
			 to use its original allocation and has filed a Notice of Intent pursuant to
			 subsection (2) above must provide the department with project information and
			 supporting documents by April 16, 2010 that shows substantial progress.
			 Supporting documents include bond counsel and underwriter statement of intent
			 documents and a certified copy of a resolution of the governing body of the
			 recipient designating a recovery zone and stating its intent to use its
			 original allocation. A recipient may request a time extension if filed by April
			 16, 2010.
(5) If an originally
			 awarded locality is not able to or chooses not to use all or a portion of its
			 original allocation or does not offer all or a portion of the original
			 allocation to another issuer within the jurisdiction of the originally awarded
			 locality, the original allocation may be waived. In cases where original
			 allocation is not used, federal code provisions and U.S. Department of Treasury
			 guidance in IRS Notice 2009-50 allow original allocations to be waived by the
			 recipient and then used by the state or reallocated by the state to other
			 issuing localities. The department, as authorized in statute, has accepted the
			 reallocation role on behalf of the state. Waived recovery zone economic
			 development bond or recovery zone facility bond authority may be used by the
			 state or reallocated by the department to other issuing localities.
(6) Any recipient of original allocation or
			 reallocation may affirmatively waive all or a portion of its allocation to the
			 state pursuant to the following procedure:
(a) Submitting an appropriately completed
Notice of Intent
form; and
(b) The form must be signed by the
			 official(s) of the recipient authorized to execute the form pursuant to a
			 resolution waiving the allocation adopted by the recipient's governing
			 body.