Oregon Revised Statutes
As used in ORS 285B.003 to 285B.030: “Administrative costs” includes, but is not limited to, the direct and indirect costs incurred by the Oregon Business Development Department for: Investigating and processing applications submitted under ORS 285B.018; Negotiating agreements for the purposes of ORS 285B.003 to 285B.030; Monitoring the use of moneys pro…
The Oregon Business Development Department may provide financial assistance to a project sponsor, for allowable costs expended for an industrial land development project, from moneys in the Industrial Lands Loan Fund established under ORS 285B.030, in accordance with this section. The financial assistance to a project sponsor may be in the form of a repayab…
The Oregon Business Development Department may make a forgivable loan to a project sponsor, for allowable costs related to a planning project, from moneys in the Industrial Lands Loan Fund established under ORS 285B.030, in accordance with this section. The department shall determine the amount of a forgivable loan on a case-by-case basis. A planning proje…
The Oregon Business Development Department may directly or indirectly expend or loan moneys in the Industrial Lands Loan Fund established under ORS 285B.030 or extend credit to: Provide to project sponsors of an eligible project related to industrial land any allowable form of financial assistance that the department considers appropriate, including the ref…
For purposes of ORS 285B.003 to 285B.030: The allowable costs of a development project include: Property acquisition and assembly costs associated with creating large development parcels, including any easement or right of way directly related to and necessary for a development project. Transportation improvements such as access roads, rail spurs and sidi…
A project sponsor seeking financial assistance from the Industrial Lands Loan Fund must submit an application in the manner and form required by the Oregon Business Development Department. At a minimum, each application must include: The name and nature of the project sponsor; A description of the nature of the project; The provisions of ORS 285B.003 to …
Upon approval of an application submitted under ORS 285B.018, the Oregon Business Development Department, notwithstanding any other provision of law or any restriction on indebtedness contained in a charter, and the project sponsor of the eligible project to which the application relates may enter into an agreement for financial assistance based on the appli…
A project sponsor may repay financial assistance provided for an eligible project under ORS 285B.003 to 285B.030 from any source, including, but not limited to: Revenues generated by the eligible project, including special assessment revenues. Amounts withheld under ORS 285B.027. The general fund of the project sponsor. A plan for repayment to the Indust…
If a project sponsor fails to comply with ORS 285B.003 to 285B.030 or an agreement entered into under ORS 285B.021, the Oregon Business Development Department may seek appropriate legal remedies to secure any repayment of obligations due from the project sponsor to the Industrial Lands Loan Fund. If a project sponsor defaults on payments of obligations to t…
The Industrial Lands Loan Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Industrial Lands Loan Fund shall be credited to the fund. Moneys in the fund are continuously appropriated to the Oregon Business Development Department for the purposes set forth in ORS 285B.003 to 285B.030. In addition, …
The Legislative Assembly finds that: Traded sector industries are the foundation of state and regional economic development strategies for long-term job creation and prosperity. Because traded sector jobs typically pay higher than average wages and generate higher than average income tax revenues, such jobs play an important role in supporting critical stat…
As used in ORS 285B.032 to 285B.046: “Administrative costs” includes, but is not limited to, the direct and indirect costs incurred by the Oregon Business Development Department for: Investigating and processing applications submitted under ORS 285B.040; Negotiating agreements for the purposes of ORS 285B.032 to 285B.046; Monitoring the use of moneys pro…
The Oregon Business Development Department may provide financial assistance to a project sponsor, for allowable costs expended for an industrial land development project, from moneys in the Industrial Site Loan Fund established under ORS 285B.046, in accordance with this section. The financial assistance may be in the form of a loan to the project sponsor o…
The Oregon Business Development Department may make a forgivable loan to a project sponsor, for allowable costs related to a planning project, from moneys in the Industrial Site Loan Fund established under ORS 285B.046, in accordance with this section. The department shall determine the amount of a forgivable loan on a case-by-case basis. The department ma…
The Oregon Business Development Department may directly or indirectly expend or loan moneys in the Industrial Site Loan Fund established under ORS 285B.046 or extend credit to: Provide to project sponsors of an eligible project related to industrial land any form of financial assistance that the department considers appropriate, including the refinancing of…
For purposes of ORS 285B.032 to 285B.046: The allowable costs of a development project include: Property acquisition and assembly costs associated with creating large development parcels, including any easement or right of way directly related to and necessary for a development project. Transportation improvements such as access roads, rail spurs and sidi…
A project sponsor seeking financial assistance from the Industrial Site Loan Fund must submit an application in the manner and form required by the Oregon Business Development Department. At a minimum, each application must include: The name and nature of the project sponsor; A description of the nature of the project; The provisions of ORS 285B.032 to 2…
Upon approval of an application submitted under ORS 285B.040, the Oregon Business Development Department, notwithstanding any other provision of law or any restriction on indebtedness contained in a charter, and the project sponsor of the eligible project to which the application relates may enter into an agreement for financial assistance based on the appli…
A project sponsor may repay financial assistance provided for an eligible project under ORS 285B.032 to 285B.046 from any source, including, but not limited to: Revenues generated by the eligible project, including special assessment revenues. Amounts withheld under ORS 285B.044. The general fund of the project sponsor. A plan for repayment to the Indust…
If a project sponsor fails to comply with an agreement entered into under ORS 285B.041, the Oregon Business Development Department may seek appropriate legal remedies to secure any repayment of obligations due from the project sponsor to the Industrial Site Loan Fund. If a project sponsor defaults on payments of obligations to the fund under ORS 285B.032 to…
The Industrial Site Loan Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Industrial Site Loan Fund shall be credited to the fund. Moneys in the fund are continuously appropriated to the Oregon Business Development Department for the purposes set forth in ORS 285B.032 to 285B.046. In addition, th…
As used in ORS 285B.050 to 285B.098, unless the context requires otherwise: “Applicant” means any county, municipality, person or any combination of counties, municipalities or persons applying for a loan from the Oregon Business Development Fund under ORS 285B.050 to 285B.098. “Business development project” means the acquisition, engineering, improvement,…
Any county, municipality, person or any combination of counties, municipalities and persons may file with the Oregon Business Development Department an application to borrow money from the Oregon Business Development Fund for a business development project as provided in ORS 285B.050 to 285B.098. The application shall be filed in such a manner and contain or…
The Oregon Business Development Department shall charge fees and establish rules to underwrite loans from the Oregon Business Development Fund.
The Oregon Business Development Commission may approve a business development project proposed in an application filed under ORS 285B.050 to 285B.098 if, after investigation, the commission finds that: The proposed business development project is feasible and a reasonable risk from practical and economic standpoints, and that the loan has reasonable prospec…
If the Oregon Business Development Commission approves a business development project, the commission, on behalf of the state, and the applicant may enter into a loan contract of not more than $2 million, secured by good and sufficient collateral, which shall set forth, among other matters: A plan for repayment by the applicant to the Oregon Business Develo…
Beginning with the 2023 calendar year, the Oregon Business Development Department shall annually adjust the maximum contract amounts specified in ORS 285B.059 (1)(e) and 285B.062 by multiplying each amount by the percentage change in the monthly averaged Consumer Price Index for All Urban Consumers, West Region (All Items), as published by the Bureau of Labo…
The Oregon Business Development Department may make loans in distressed areas, as defined by the department, without regard to the requirements for security and collateral under ORS 285B.059 and 285B.062 that are otherwise applicable.
If the Oregon Business Development Commission approves a loan for a business development project and the applicant has received all necessary permits required by federal, state and local agencies, the commission shall pay moneys for the project from the Oregon Business Development Fund, in accordance with the terms of the loan contract as prescribed by the c…
The Oregon Business Development Commission may appoint the Director of the Oregon Business Development Department as the commission’s representative and agent in all matters pertaining to ORS 285B.050 to 285B.098. The director shall ensure that all provisions of ORS 285B.050 to 285B.098 are complied with and that appropriately trained personnel are employed…
The Oregon Business Development Department shall develop rules governing repayment of loans to the Oregon Business Development Fund and collection of moneys owed the fund. The department may take any action permitted by statute or rule that the department deems necessary for repayment of the loan. Note: 285B.081 was enacted into law by the Legislative Assem…
Except as provided in ORS 285B.086, if any business development project is refinanced or financial assistance is obtained from other sources after the execution of the loan from the state, those may first be used to repay the state, unless provided otherwise by the committee, if the refinancing or financial assistance applies only to the business development…
The Oregon Business Development Commission may authorize funds from the Oregon Business Development Fund to be used in appropriate joint governmental participation projects or as match money with any municipally, county, state or federally funded business development project authorized within a county or city, subject to the stipulations of ORS 285B.050 to 2…
If the Oregon Business Development Commission approves an application for the loan of moneys authorized by ORS 285B.086, the commission shall enter into a loan contract, secured by good and sufficient collateral as determined by the commission, with the applicant that provides, among other matters: That the loan bear interest at the same rate of interest as…
There is created within the State Treasury a revolving fund known as the Oregon Business Development Fund, separate and distinct from the General Fund. Interest earned by the Oregon Business Development Fund shall be credited to the fund. Moneys in the fund are continuously appropriated to the Oregon Business Development Commission for the following purposes…
The Oregon Business Development Commission may establish the Oregon Targeted Development Account as an account within the Oregon Business Development Fund. The purpose of the Oregon Targeted Development Account is to promote cooperation and foster partnership among the commission, the Oregon Business Development Department and financial institutions in Oreg…
A loan made to a county or municipality under ORS 285B.050 to 285B.098 shall not be a general obligation of that county or municipality, nor a charge upon the tax revenues of that county or municipality, nor a charge upon any other revenues or property of that county or municipality not specifically pledged thereto. A loan made to a county or municipality un…
CAPITAL ACCESS PROGRAM
As used in ORS 285B.109 to 285B.119, unless the context requires otherwise: “Brownfield” or “brownfields” has the meaning given that term in ORS 285A.185. “Capital access program” means the program established by ORS 285B.109 to 285B.119. “Environmental action” has the meaning given that term in ORS 285A.188. “Financial institution” means a financial ins…
It is the purpose of ORS 285B.109 to 285B.119 to establish a capital access program under which the State of Oregon will provide public fiscal resources to assist Oregon financial institutions to overcome obstacles and constraints in meeting the full range of economically sound financing needs of Oregon businesses.
The Oregon Business Development Department may contract with any financial institution for the purpose of allowing the financial institution to participate in the capital access program established by ORS 285B.109 to 285B.119. A contract between the department and a financial institution under this section shall provide: For the creation of a loss reserve …
The Oregon Business Development Department shall establish a loss reserve account for each financial institution with which the department makes a contract under ORS 285B.113. The loss reserve account for a financial institution shall consist of moneys paid as fees by borrowers and the financial institution under ORS 285B.117 and moneys transferred to the a…
When a financial institution participates in the capital access program, if the financial institution decides to enroll a qualified loan under the capital access program in order to obtain the protection against loss provided by its loss reserve account, the financial institution shall notify the Oregon Business Development Department of the loan within 30 d…
The Oregon Business Development Department shall establish procedures under which financial institutions participating in the capital access program established by ORS 285B.109 to 285B.119 may submit claims for reimbursement for losses incurred as a result of qualified loan defaults. Costs for which a financial institution may be reimbursed from its loss re…
There is established in the State Treasury, separate and distinct from the General Fund, the Capital Access Fund. All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the purpose of making payments to loss reserve accounts established under ORS 285B.109 to 285B.119. Moneys in the Capital Access Fund, with th…
ORS 271.510, 271.520, 285B.092, 285B.123, 285B.165 to 285B.171, 285B.320 to 285B.326, 285B.335, 285B.341, 285B.344, 285B.350, 285B.365, 285B.371, 657.471, 659A.015 and 777.250 shall be known as the Oregon Small Business Development Act of 1983.
The purpose of the Oregon Small Business Development Act of 1983 is to encourage and assist the development and continued growth of small business in this state. As used in the Oregon Small Business Development Act of 1983, “small business” means a business having 100 or fewer employees.
(Small Business Expansion Loan Fund)
Subject to the requirements and conditions set forth in subsection (3) of this section, any person with 50 or fewer employees may submit to the Oregon Business Development Department an application to borrow moneys from the Small Business Expansion Loan Fund established under ORS 285B.133 for the purpose of obtaining early stage growth capital when adequate …
The Small Business Expansion Loan Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Small Business Expansion Loan Fund shall be credited to the fund. All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the following purposes: Payment of loans to a…
(Small Business Development Centers)
The purpose of ORS 285B.165 to 285B.171 is to establish and sustain a statewide network of small business development centers.
The Oregon Business Development Department may make grants available to a community college district, a community college service district or, with the concurrence of the executive director of the Higher Education Coordinating Commission, a public university listed in ORS 352.002 to assist in the formation, improvement and operation of small business develop…
The statewide network of small business development centers established under ORS 285B.165 to 285B.171 shall, whenever practicable, collaborate with state agencies, state-supported organizations and private sector entities that provide services to small businesses to: Refer small businesses that could benefit from the services offered by the small business …
ORS 285B.165 to 285B.171 shall be known and may be cited as the “Small Business Training Assistance Act.” (Miscellaneous)
In cooperation with other state agencies and private organizations, public universities listed in ORS 352.002 and community colleges may develop programs to assist Oregon businesses with the procurement of government contracts and grants. Small business development centers established under ORS 285B.165 to 285B.171 may assist with these programs.
MICROENTERPRISE DEVELOPMENT
As used in this section and ORS 285B.179: “Local microenterprise support organization” means a community development corporation, a nonprofit development organization, a nonprofit social services organization or another locally operated nonprofit entity that provides services to disadvantaged entrepreneurs. “Low income” means income adjusted for family siz…
The purposes of ORS 285B.178 and this section are to: Ensure that microenterprises in Oregon are able to realize their full potential to create jobs, enhance entrepreneurial skills, expand entrepreneurial activity and increase the capacity of low income and very low income households to become self-sufficient; Enhance the development of a statewide infrast…
ORS 285B.178 and 285B.179 shall be known and may be cited as the Microenterprise Development Act. Note: See note under 285B.178. CREDIT ENHANCEMENT FUND
As used in ORS 285B.200 to 285B.218: “Brownfield” or “brownfields” has the meaning given that term in ORS 285A.185. “Eligible project costs” includes productive equipment and machinery, working capital for operations and export transactions and such other costs as the Oregon Business Development Department by rule may provide. “Environmental action” has t…
The Legislative Assembly declares that it is the purpose of the Credit Enhancement Fund to: Create incentives and assistance to increase the flow of private capital to the value-added agriculture industries. Promote industrial modernization and technology adoption. Encourage the retention and creation of family wage jobs. Encourage the export of goods an…
The Oregon Business Development Department shall develop a program under which the department, under contracts with financial institutions, shall provide loan guarantees, insurance, coinsurance in conjunction with other providers of loan guarantee programs or other forms of credit guarantees for qualified businesses for eligible project costs. In administer…
When making loan or credit guarantees under the program established under ORS 285B.200 to 285B.218, the Oregon Business Development Department shall establish fees and other terms for loan or credit guarantees that are calculated to reasonably assure that businesses with access to other forms of private capital will find it economical not to participate in t…
There is established in the State Treasury, separate and distinct from the General Fund, the Credit Enhancement Fund. All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the following purposes: Payment of claims pursuant to contracts for loan or credit guarantees under ORS 285B.200 to 285B.218. Payment of …
The Oregon Business Development Department is authorized to pledge up to $75 million to assure the repayment of loan guarantees or other extensions of credit made to or on behalf of qualified businesses for eligible projects costs. If the balances in the Credit Enhancement Fund are insufficient to cover any claims by financial institutions that arise from l…
As used in ORS 285B.230 to 285B.266, unless the context requires otherwise, “local economic development strategy” is a long-term economic development strategy, updated as required by the Oregon Business Development Department, that focuses on the economic development priorities of each community or geographic region in the state.
The Legislative Assembly finds that local economic development activities and initiatives are essential to the state’s long-term prosperity and that to be effective, local economic development strategies must have the coordinated support of available resources. The Legislative Assembly declares that the purpose of ORS 285B.230 to 285B.266 is: To encourage …
The Oregon Business Development Department by rule shall adopt guidelines for submission of local economic development strategies and distribution of funds. The guidelines shall provide that the local economic development strategies are approved in accordance with criteria reflecting the economic benefits to the state. Each local economic development strate…
There is created a Local Economic Opportunity Fund, separate and distinct from the General Fund, to consist of all moneys credited thereto, including moneys from the Administrative Services Economic Development Fund, and all interest earned on the Local Economic Opportunity Fund. The fund is continuously appropriated to the Oregon Business Development Depart…
There is created a Strategic Reserve Fund, separate and distinct from the General Fund, to consist of all moneys credited thereto, including moneys from the Administrative Services Economic Development Fund, and all interest earned on the Strategic Reserve Fund. The fund is continuously appropriated to the Oregon Business Development Department to be used to…
INDUSTRY DEVELOPMENT PROJECTS
As used in ORS 285B.280 to 285B.286, unless the context requires otherwise, “traded sector” means industries in which member firms sell their goods or services into markets for which national or international competition exists.
The Legislative Assembly declares that it is the policy of the State of Oregon: Working with private firms, industry associations and others, to encourage cooperative sector-based strategies to promote industrial competitiveness. That programs to develop particular industry sectors of this state’s economy, to the maximum extent feasible, include firms of a…
For traded sector industries, the Oregon Business Development Department shall undertake entrepreneurial and industry development activities that may include, but are not limited to, all of the following: Focus groups and other meetings and related studies to identify traded sector industry members and issues of common concern within an industry. State tec…
The Industry Competitiveness Fund is established in the State Treasury, separate and distinct from the General Fund. The Industry Competitiveness Fund shall consist of all moneys credited to the fund, including moneys from the Administrative Services Economic Development Fund. Interest earned by the Industry Competitiveness Fund shall be credited to the fund…
STATE REVENUE BONDS FOR INDUSTRIAL, COMMERCIAL, SOLID WASTE DISPOSAL, RESEARCH AND DEVELOPMENT USES
It is the purpose of ORS 285B.320 to 285B.371 to authorize the exercise of powers granted by ORS 285B.320 to 285B.371 by this state in addition to and not in lieu of any other powers it may possess.
As used in ORS 285B.320 to 285B.371, unless the context requires otherwise: “Bond” or “revenue bond” means a revenue bond, as defined in ORS 286A.001. “Capital asset” means real or personal property that the Oregon Business Development Commission expects to be: Used in connection with a revenue-producing enterprise, an exempt facility or a nonprofit entit…
Upon determining that an economic development project is an eligible project, the Oregon Business Development Commission shall request that the State Treasurer issue the bonds. For bonding purposes, the commission may treat any number of economic development projects determined to be eligible projects as a single eligible project. The commission shall coll…
The state, acting through the State Treasurer, shall not undertake to finance any economic development project pursuant to ORS 285B.320 to 285B.371 before the Oregon Business Development Commission has reviewed the project. The commission is not required to make the determination and findings described in ORS 285A.055 (1) and (2) if the economic development…
In addition to any other powers granted by law or by charter, the Oregon Business Development Department may: Enter into agreements to finance the costs of an eligible project by loaning or otherwise making available the proceeds of bonds authorized by ORS 285B.344 to a person, an agency of the federal government or state government, as defined in ORS 174.1…
In carrying out its duties under ORS 285B.320 to 285B.371, the Oregon Business Development Commission acting for and in behalf of the state as its duly authorized agency, may: Acquire, construct and hold in whole or in part any lands, buildings, easements, water and air rights, improvements to lands and buildings and capital equipment to be located permanen…
Except as provided in ORS 285B.335 and 285B.338, the state does not have the power to operate any eligible project as a business or in any manner whatsoever, and except as provided in ORS 285B.335 and 285B.338, nothing in ORS 285B.320 to 285B.371 authorizes the state to expend any funds on any eligible project, other than the revenues of such projects, or th…
At the request of the Oregon Business Development Department, the State Treasurer may issue under ORS 285B.320 to 285B.371 and ORS chapter 286A bonds secured by revenues from an eligible project or from other financing sources to finance or refinance in whole or part an eligible project and bond-related costs, including capitalized interest. The bonds must b…
Bonds authorized under ORS 285B.320 to 285B.371 shall be issued in accordance with the provisions of ORS chapter 286A.
The administrative expenses of the State Treasurer shall be charged against bond proceeds or project revenues.
The State Treasurer shall have the power, whenever the treasurer deems refunding expedient, to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured. The refunding bonds may be exchanged for bonds to be refunded and the proceeds applied to the purchase, redemption or payment of such bonds.
The validity of bonds issued under ORS 285B.320 to 285B.371 shall not be dependent on nor be affected by the validity or regularity of any proceeding relating to the acquisition, purchase, construction, installation, reconstruction, improvement, betterment or extension of the eligible project for which the bonds are issued. The official action authorizing su…
The official action authorizing the issuance of bonds under ORS 285B.320 to 285B.371 to finance or refinance in whole or in part, the acquisition, construction, installation, reconstruction, improvement, betterment or extension of any eligible project may contain covenants, notwithstanding that such covenants may limit the exercises of powers conferred by OR…
Revenue bonds issued under ORS 285B.320 to 285B.371: Shall not be payable from nor charged upon any funds other than the revenue pledged to the payment thereof, nor shall the state be subject to any liability thereon. No holder or holders of such bonds shall ever have the right to compel any exercise of the taxing power of the state to pay any such bonds or…
Subject to any contractual limitation binding upon the holders of any issue of bonds, or any escrow agent, vendor, lender, other financing party or trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds, or any trustee therefor, for the equal be…
The state, acting through the Oregon Business Development Commission, may loan the proceeds of the bonds authorized by ORS 285B.320 to 285B.371 for eligible projects without the necessity of the state having any ownership or leasehold interest in the eligible projects. Loans made pursuant to this section shall be secured, if at all, to the extent deemed nece…
INFRASTRUCTURE PROJECTS (Generally)
As used in ORS 285B.410 to 285B.482, unless the context requires otherwise: “Airport” means: A runway, taxiway, aircraft parking apron, ramp, auto parking area, access road, safety area or runway protection zone; An airport-related facility, including a hangar, terminal, air traffic control tower or other building; A signal, navigational aid or traffic c…
The Legislative Assembly finds that: The improvement, expansion and new construction of the state’s infrastructure systems provide the basic framework for continuing and expanding economic activity in this state, thereby improving the quality of life and economic opportunity for the people of Oregon. It is essential to maintain usable and developable indus…
The Oregon Business Development Department shall adopt rules and policies for the administration of the Special Public Works Fund. All forms of assistance are subject to the rules and policies of the department. The Oregon Infrastructure Finance Authority shall manage the Special Public Works Fund and any expenditures from its accounts and transfers between…
The Oregon Infrastructure Finance Authority may provide financial assistance in the form of loans or grants for a levee project to: Municipalities; Corporations or companies for drainage or flood control organized under ORS chapter 554; and For-profit or nonprofit entities and individuals engaged in the ownership, construction, inspection, accreditation, …
The Levee Project Grant Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Levee Project Grant Fund must be credited to the fund. The Levee Project Grant Fund consists of moneys deposited in the fund under section 33, chapter 671, Oregon Laws 2019, and may include moneys appropriated, allocated, dep…
The Oregon Infrastructure Finance Authority may provide financial or other assistance to a municipality for a development project. The project must be municipally owned and operated either by the municipality or under a management contract or an operating agreement with the municipality. If the project consists: Solely of the purchase or acquisition of lan…
The Oregon Infrastructure Finance Authority shall create a housing infrastructure financing program through which the authority may provide financial assistance, in the form of grants, loans or forgivable loans to a city, a county, a county service district organized under ORS chapter 451, a district as defined in ORS 198.010, an intergovernmental entity for…
The Housing Infrastructure Project Fund is established in the State Treasury, separate and distinct from the General Fund. The Oregon Business Development Department may accept grants, donations, contributions or gifts from any source for deposit in the Housing Infrastructure Project Fund. Interest earned by the fund shall be credited to the fund. Moneys …
Any municipality may apply for financial or other assistance from the Special Public Works Fund by submitting a completed application and related information as required by the Oregon Business Development Department by rule. The application shall be filed, reviewed and approved or rejected in accordance with rules adopted by the department.
If the Oregon Infrastructure Finance Authority approves assistance from the Special Public Works Fund for a project, the authority, on behalf of the state, and the municipality may enter into a contract to implement the assistance. The contract shall include: A provision that the liability of the state under the contract is contingent upon the availability …
The moneys in the Special Public Works Fund shall be used primarily to provide loans to municipalities for projects as defined in ORS 285B.410 to 285B.482. The Oregon Infrastructure Finance Authority may determine the level of grant or loan funding, if any, on a case-by-case basis. If the authority approves funding, the authority shall determine a maximum a…
If a municipality fails to comply with a contract entered into under ORS 285B.410 to 285B.482, the Oregon Business Development Department may seek appropriate legal remedies to secure any repayment due the Special Public Works Fund. If any municipality defaults on payments due to the Special Public Works Fund under ORS 285B.410 to 285B.482, the State of Oreg…
There is created the Special Public Works Fund, separate and distinct from the General Fund. Interest earned by the Special Public Works Fund shall be credited to the fund. All moneys credited to the Special Public Works Fund are appropriated continuously to the Oregon Business Development Department for the Oregon Infrastructure Finance Authority for the pu…
The Levee Project Subaccount is established in the Special Public Works Fund established under ORS 285B.455. Interest earned by the Levee Project Subaccount shall be credited to the subaccount. Moneys in the subaccount are continuously appropriated to the Oregon Business Development Department for the purpose of providing financial assistance under ORS 285B.…
Not less than 60 percent of the grants awarded from the Special Public Works Fund in any biennium shall be used to provide assistance to distressed or rural areas.
The Oregon Infrastructure Finance Authority may provide financial or other assistance to a municipality for a planning project. The planning project may be a stand-alone project. The planning project may include an environmental action on a brownfield. For purposes of this subsection: “Brownfield” has the meaning given that term in ORS 285A.185. “Environ…
The Oregon Infrastructure Finance Authority may provide financial or other assistance to a municipality for an emergency project. Emergency project grants include grants for essential community facilities, as defined by the Oregon Business Development Department by rule after consultation with the League of Oregon Cities, the Association of Oregon Counties, …
For purposes of ORS 285B.410 to 285B.482, the allowable costs of a project include: Financing costs, including capitalized interest; Direct project management costs; Costs of consultant services and expenses; Construction costs and expenses; Costs of property acquisition, including any easement or right of way directly related to and necessary for the p…
The Oregon Infrastructure Finance Authority shall determine eligibility for revenue bond financing under ORS 285B.467 to 285B.479 of development projects that have qualified under ORS 285B.419 to 285B.437 and 285B.449 pursuant to rules adopted by the Oregon Business Development Department. After a determination is made that a development project is eligible…
The Oregon Infrastructure Finance Authority may: Make all contracts, execute all instruments and do all things necessary or convenient in the exercise of the powers granted by this section, or in the performance of its covenants or duties, or in order to secure the payment of its bonds; Enter into and perform contracts and agreements with municipalities as…
At the request of the Oregon Business Development Department, the State Treasurer may issue under ORS 285B.467 to 285B.479 and ORS chapter 286A revenue bonds secured by moneys paid to the Special Public Works Fund pledged therefor to finance or refinance in whole or part the cost of acquisition, construction, reconstruction, improvement or extension of devel…
ORS 285B.350 to 285B.362 and 285B.368 apply to revenue bonds issued under ORS 285B.467 to 285B.479. The proceeds of revenue bonds issued and sold under ORS 285B.467 to 285B.479 shall be deposited in the Special Public Works Fund and used for the payment of a loan to a municipality for a development project and costs of issuing the revenue bonds. A loan mad…
Revenue bonds issued under ORS 285B.467 to 285B.479: May not be payable from nor charged upon any funds other than the revenue pledged to the payment thereof, except as provided in this section, nor shall the state be subject to any liability thereon. No holder or holders of such bonds shall ever have the right to compel any exercise of the taxing power of …
Notwithstanding any other law relating to revenue bonds issued and sold under ORS 285B.467 to 285B.479 or ORS 285B.572, 285B.575 and 285B.578, revenue bonds may be issued and sold as parity bonds. Proceeds of revenue bonds issued and sold under ORS 285B.467 to 285B.479 or ORS 285B.572, 285B.575 and 285B.578, together with the investment earnings thereon, ma…
INFRASTRUCTURE PROJECTS FOR SOUTHERN OREGON
The Legislative Assembly finds that: It is a matter of statewide importance to increase the infrastructure capacity of Coos, Jackson and Josephine Counties and the rest of southern Oregon. The absence of such infrastructure capacity, the lack of inexpensive industrial fuel and inadequate transportation facilities restrict national and international trade a…
There is established in the State Treasury, separate and distinct from the General Fund, the Oregon Unified International Trade Fund. Interest earned by the Oregon Unified International Trade Fund shall be credited to the fund. The moneys in the fund are continuously appropriated to the Oregon Business Development Department for the Oregon Infrastructure Fin…
The administrator of the Oregon Infrastructure Finance Authority shall enter into a grant agreement with the primary sponsor of a project listed in ORS 285B.503 that commits the State of Oregon to make the deposits specified in section 9, chapter 644, Oregon Laws 1997, and commits the Oregon Infrastructure Finance Authority to pay those deposits, plus earnin…
The primary sponsors of projects listed in ORS 285B.503 are authorized to enter into agreements with agencies of the United States for the project and, notwithstanding any other provision of law, may each agree to be bound by any requirement imposed by an Act of the United States Congress as a condition of federal participation in the project. Note: See not…
The deposit of unobligated net lottery proceeds to an account in the Oregon Unified International Trade Fund shall cease if and when the administrator of the Oregon Infrastructure Finance Authority certifies in writing that deposits are no longer required because: Sufficient funds are on hand in the account to pay all amounts required to be paid under the g…
As used in ORS 285B.500 to 285B.512 and section 9, chapter 644, Oregon Laws 1997, “primary sponsor” or “project sponsor” means a city, county, agency or person who acts as a financial contributor to a project listed in ORS 285B.503, as determined by the Oregon Infrastructure Finance Authority in a grant agreement under ORS 285B.506. Note: See note under 285…
As used in ORS 285B.530 to 285B.548, unless the context requires otherwise: “Infrastructure lottery bonds” means the bonds authorized to be issued under ORS 285B.533 for the purpose of financing infrastructure projects. “Infrastructure projects” includes: A water project defined in ORS 285B.560; and Payment of any state financial obligations to the feder…
Infrastructure lottery bonds shall be issued under ORS 286A.560 to 286A.585 only at the request of the Director of the Oregon Business Development Department. Infrastructure lottery bonds may be issued in an amount sufficient to provide no more than $6 million of net proceeds to pay costs of infrastructure projects, plus the amounts required to pay bond-rela…
Infrastructure lottery bonds may not be issued in excess of the amounts permitted by ORS 286A.035. Note: See note under 285B.530.
Pursuant to ORS 286A.560 to 286A.585, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds: To provide financial and other assistance, including but not limited to loans and grants, to municipalities, ports a…
As used in ORS 285B.560 to 285B.599: “Direct project management costs” means new expenses incurred by a municipality solely to support, plan for and manage an infrastructure project, funded in whole or in part through financial assistance under ORS 285B.560 to 285B.599, during the planning and construction phases of the project. “Fund” means the Water Fund…
There is established in the State Treasury, separate and distinct from the General Fund, the Water Fund. Interest earned by the Water Fund shall be credited to the fund. All moneys in the Water Fund are continuously appropriated to the Oregon Business Development Department for the Oregon Infrastructure Finance Authority for the purposes described in ORS 285…
All payments, receipts and interest from financial awards made for water projects shall be retained and accumulated in the Water Fund and used to finance water projects including payments to holders of revenue bonds issued under ORS 285B.575.
If moneys are transferred to the Water Fund from the sources described in ORS 285B.563 (5)(b) to (e), all constitutional restrictions, statutes and rules regulating the use of the moneys transferred from these funds shall apply to the use of those moneys in the Water Fund. (Revenue Bond Financing of Safe Drinking Water Projects)
The Oregon Infrastructure Finance Authority shall determine eligibility of a water project for revenue bond financing under ORS 285B.560 to 285B.599 pursuant to rules adopted by the Oregon Business Development Department. Upon determining that a water project is eligible for revenue bond financing, the authority shall forward a description of the project to…
At the request of the Oregon Business Development Department, the State Treasurer may issue in the name of the State of Oregon revenue bonds secured by moneys paid to the Water Fund and pledged to finance or refinance in whole or in part the cost of a water project. The revenue bonds issued under this section shall be issued in the manner prescribed by ORS c…
Revenue bonds issued under ORS 285B.575: Shall not be payable from nor charged upon any fund other than the revenue pledged to the payment of the revenue bonds, except as provided in this section, nor shall the state be subject to any liability on the bonds. No holder of revenue bonds shall ever have the right to compel any exercise of the taxing power of t…
Any loan of moneys to a municipality by the state shall include a plan for repayment by the municipality of moneys borrowed from the Water Fund for a water project and interest on those moneys at a rate expressly specified. The repayment plan: Shall provide for evidence of debt assurance of, and security for, repayment by the municipality as is considered n…
The Oregon Infrastructure Finance Authority may: Make all contracts, execute all instruments and do all things necessary or convenient for the exercise of the powers granted by this section, or for the performance of its covenants or duties, or in order to secure the payment of its bonds; Enter into and perform such contracts and agreements with municipali…
Proceeds of revenue bonds issued and sold under ORS 285B.572 to 285B.578 that are to be used to fund loans to municipalities for water projects shall be deposited in the Water Fund. Proceeds of revenue bonds issued and sold under ORS 285B.572 to 285B.578 that are to be used to pay the costs of issuing the revenue bonds or that are to be applied to fund a re…
In addition to making loans to municipalities for water projects, the Oregon Infrastructure Finance Authority may provide any other form of financial or other assistance that the authority may consider appropriate to assist municipalities with water projects, including direct purchase by the authority of goods and services related to a water project.
Out of the moneys in the Water Fund, the Oregon Infrastructure Finance Authority may make technical assistance grants and loans to municipalities as specified by the Oregon Business Development Department by rule. Technical assistance grants and loans shall be for the purpose of completing preliminary planning, legal, fiscal and economic investigations, repo…
Not less than 60 percent of the grants awarded from the Water Fund shall be used to provide assistance to distressed area or nonurban water projects.
If a municipality fails to comply with a contract entered into under ORS 285B.581, the Oregon Business Development Department may seek appropriate legal remedies to secure any repayment due the Water Fund. If any municipality defaults on payments due the fund, the State of Oregon may withhold any amounts otherwise due the municipality to apply to the indebte…
As used in ORS 285B.600 to 285B.620: “Certified employer” means an eligible employer certified under ORS 285B.605. “Compensation” has the meaning given that term in ORS 314.610. “Eligible employee” means a new full-time employee who is paid qualifying compensation and is hired by a certified employer after the employer is certified under ORS 285B.605. “E…
The Oregon Business Development Department may adopt rules that the department determines are necessary to: Further define the terms defined in ORS 285B.600 in a manner consistent with ORS 285B.600; Implement the duties of the department under ORS 285B.600 to 285B.620; and Carry out the purposes of ORS 285B.600 to 285B.620. Note: See note under 285B.600.
Subject to standards and procedures that the Oregon Business Development Department shall establish by rule, the department shall certify eligible employers to participate in the Oregon Business Retention and Expansion Program established in ORS 285B.615. The department may establish certification standards regarding: Employers maintaining certain levels of…
An employer may apply to the Oregon Business Development Department for certification under ORS 285B.605. The application shall be made in writing in a form prescribed by the department. The application must include a verified statement by the employer that the employer would not plan on hiring 50 or more new full-time employees in this state but for the a…
The Oregon Business Development Department may revoke a certificate issued under ORS 285B.605 if the department finds that: The certificate was obtained by fraud or misrepresentation; or The certified employer fails to meet the requirements of ORS 285B.605. If the certificate is revoked pursuant to subsection (1) of this section, the department shall proc…
In consultation with the Department of Revenue, the Oregon Business Development Department shall establish and administer the Oregon Business Retention and Expansion Program. The purpose of the program is to provide forgivable loans to certified employers to allow for expanded operations and increased hiring. The Oregon Business Development Department shall…
The Director of the Oregon Business Development Department, in consultation with the Director of the Department of Revenue, shall: Specify the methodology for estimating incremental Oregon Business Retention and Expansion Program tax revenues; and Estimate incremental Oregon Business Retention and Expansion Program tax revenues. Note: See note under 285B.…
The Oregon Business Retention and Expansion Program Fund is established in the State Treasury, separate and distinct from the General Fund. The Oregon Business Retention and Expansion Program Fund consists of amounts deposited in the fund as required by section 9, chapter 549, Oregon Laws 2011, and other moneys transferred to the fund. Amounts in the fund ar…
The Oregon Business Development Department may transfer moneys credited to the Strategic Reserve Fund created under ORS 285B.266 to the Oregon Business Retention and Expansion Program Fund established under ORS 285B.620, to be used for the purpose of making the loans provided by the agreements entered into under ORS 285B.615, and in accordance with the provi…
The Legislative Assembly finds that: Traded sector industries are the foundation of state and regional economic development strategies for long-term prosperity and job creation. Because traded sector jobs typically pay higher than average wages and generate higher than average income tax revenues, such jobs play an important role in supporting critical stat…
As used in ORS 285B.625 to 285B.632: “Eligible employer” means an employer that: Is conducting a traded sector business on a regionally significant industrial site; and With respect to the employer’s establishment at a rural site, has increased average annual employment by at least 25 jobs and has an average annual wage of at least 150 percent of the coun…
In consultation with the Department of Revenue, the Oregon Business Development Department shall establish and administer the Oregon Industrial Site Readiness Program. The purpose of the program is to: Enter into tax reimbursement arrangements with qualified project sponsors pursuant to subsection (5) of this section; or Provide loans, including forgivable…
On or before April 1 of each tax year following the first tax year in which an employee of an eligible employer on a regionally significant industrial site designated under ORS 285B.627 will be required to pay personal income taxes under ORS chapter 316, the Oregon Business Development Department shall obtain employment and wage information for the eligible …
The Oregon Industrial Site Readiness Program Fund is established in the State Treasury, separate and distinct from the General Fund. The Oregon Industrial Site Readiness Program Fund consists of amounts deposited in the fund and other moneys transferred to the fund, including but not limited to moneys transferred by the Department of Revenue to the fund unde…
The Legislative Assembly finds that: A competitive supply of market-ready regionally significant industrial sites is critical to the expansion and recruitment of traded sector industries in this state. Traded sector industries are the foundation of state and regional economic development strategies for long-term prosperity and job creation. There is a sho…
As used in ORS 285B.635 to 285B.640: “Due diligence assessment” means an assessment of the actions, costs and time frames involved in bringing regionally significant industrial sites to market-ready status, including but not limited to wetland delineation, geotechnical investigation, environmental assessment and traffic analysis. “Economic development dist…
The Oregon Business Development Department shall establish and administer the Oregon Industrial Site Readiness Assessment Program. The purpose of the program is to provide grants on a competitive basis from funds that are available in the Oregon Industrial Site Readiness Assessment Program Fund established in ORS 285B.640, to: Public owners of regionally si…
The Oregon Industrial Site Readiness Assessment Program Fund is established in the State Treasury, separate and distinct from the General Fund. The Oregon Industrial Site Readiness Assessment Program Fund consists of moneys appropriated, allocated, deposited or transferred to the fund by the Legislative Assembly and interest earned on moneys in the fund. Amo…
The Legislative Assembly finds that the implementation and administration of the Oregon Industrial Site Readiness Assessment Program under ORS 285B.635 to 285B.640 will further economic development by facilitating the development of regionally significant industrial sites that are market-ready in this state. Note: See note under 285B.635.
OREGON RURAL CAPACITY ASSISTANCE DISTRIBUTIONS
As used in ORS 285B.651 to 285B.676, unless the context clearly requires another meaning: “City” means a city, town or other community located in this state with a population of 2,500 or less. “District association” means Oregon’s Economic Development Districts, an organization consisting of member districts designated by the United States Economic Develop…
The Oregon Business Development Department shall distribute moneys in the Oregon Rural Capacity Fund established under ORS 285B.676 to provide resources to Oregon’s Economic Development Districts for the purposes of assisting rural jurisdictions to learn about, successfully apply for and administer grants and other forms of funding available from any public …
The Oregon Business Development Department shall: Develop the policy guiding the implementation of ORS 285B.651 to 285B.676. Communicate the policy and the purposes set forth in ORS 285B.655 to underserved rural jurisdictions. Determine the amount of moneys available for distribution to Oregon’s Economic Development Districts under ORS 285B.655. Consult …
285B.664 Requirements for member district receiving moneys; agreements with regional solutions advisory committees; quarterly reports; member district hiring authority. (1) This section applies to a member district that receives moneys pursuant to ORS 285B.655. The member district shall expend the moneys solely to provide grant writing, grant administratio…
Not later than September 15 of each year, the Oregon Business Development Department shall provide a brief report, in the manner required under ORS 192.245, to the interim committees of the Legislative Assembly related to economic development, that describes the activities that Oregon’s Economic Development Districts engaged in for the previous 12-month peri…
The Oregon Rural Capacity Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Oregon Rural Capacity Fund shall be credited to the fund. Moneys in the fund consist of: Amounts appropriated or otherwise transferred or credited to the fund by the Legislative Assembly; Moneys from the federal governme…
ENTREPRENEURIAL DEVELOPMENT
It is the intent of the Legislative Assembly that in the administration of ORS 285B.740 to 285B.758, the Oregon Business Development Department work closely with regional economic development organizations, community development corporations, small business development centers and organizations that promote and assist minority-owned businesses, woman-owned b…
Any individual or business firm may file with the Oregon Business Development Department an application to borrow money from the Oregon Entrepreneurial Development Loan Fund as provided in ORS 285B.740 to 285B.758. The application shall be filed in such a manner and contain or be accompanied by such information as the department may require. Upon receipt of…
The Oregon Business Development Department may approve a loan requested in an application filed under ORS 285B.743 if, after investigation, it finds that: The applicant is enrolled in a small business management program with a small business development center or certified entity; The applicant has prepared a business plan for the business, which has been …
The Oregon Business Development Department may approve an entrepreneurial development loan under ORS 285B.740 to 285B.758 if, after investigation, it finds that: The loan has a reasonable prospect of repayment from cash flow and collateral and is secured by good and sufficient collateral; and The applicant provides equity funds for the project in the form …
Beginning with the 2023 calendar year, the Oregon Business Development Department shall annually adjust the annual revenue limit amount specified in ORS 285B.746 (2)(a) and the total loan limit amount specified in ORS 285B.749 (2) by multiplying each amount by the percentage change in the monthly averaged Consumer Price Index for All Urban Consumers, West Re…
There is established in the State Treasury, separate and distinct from the General Fund, the Oregon Entrepreneurial Development Loan Fund. All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the following purposes: Administrative costs of the department incurred in processing loan applications, investigatin…
As used in ORS 285B.760 to 285B.763: “Culturally responsive services” means services provided by an organization: Whose founding mission and goals are aligned with the culture of the individuals, families, businesses and communities receiving the services; and That demonstrates intimate knowledge of the lived experience of the individuals, families, busin…
The Oregon Business Development Department shall develop and implement an Economic Equity Investment Program under which the department shall award grants to organizations that provide culturally responsive services to support economic stability, self-sufficiency, wealth building and economic equity among disadvantaged individuals, families, businesses and c…
The Oregon Business Development Department shall conduct biennial evaluations of the services provided in the preceding 24-month period by organizations that are funded with grant moneys under the Economic Equity Investment Program developed and implemented under ORS 285B.761. Each biennial evaluation shall measure the outcomes achieved by such services in …
There is established in the State Treasury, separate and distinct from the General Fund, the Economic Equity Investment Fund. Interest earned by the Economic Equity Investment Fund shall be credited to the fund. All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the purposes of developing and implementing …
As used in ORS 285B.764 to 285B.775: “Eligible business” means one of the following businesses as defined in ORS 200.005 that is operated for profit and has been certified by the Certification Office for Business Inclusion and Diversity under ORS 200.055 at the time an application is referred on behalf of the business to the Oregon Business Development Depa…
The Oregon Business Development Department shall develop and implement a program to make loans to eligible businesses. Loans made under the program may be for the following amounts: For eligible businesses that have operated for less than two years, up to $100,000. For eligible businesses that have operated for two years or more, up to $250,000. The term…
The Oregon Business Development Department shall prescribe the form and manner in which the owner of an eligible business may apply for a loan under the loan program developed and implemented under ORS 285B.768. The application must, at a minimum, require the inclusion of: Documentation showing that the business for which application is made is an eligible…
There is established in the State Treasury, separate and distinct from the General Fund, the Disadvantaged and Emerging Small Business Loan Fund. All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the purposes of: Paying the actual costs of the department in administering the loan program developed and imp…
On or before September 15 of each year, the Oregon Business Development Department shall submit, in the manner provided in ORS 192.245, to the interim legislative committees related to economic development, a report containing the following information about the loan program developed and implemented under ORS 285B.764 to 285B.775: The number of loans made;…
LENDERS’ LOAN LOSS RESERVE ACCOUNT AWARD PROGRAM
It is the purpose of ORS 285B.780 to 285B.799 that the State of Oregon shall make awards to qualified lending institutions to fund lenders’ loan loss reserve accounts for the purpose of increasing lending to business owners and entrepreneurs who currently lack access to capital to start or grow their businesses. Note: 285B.780 to 285B.799 were enacted into …
As used in ORS 285B.780 to 285B.799, unless the context requires otherwise: “Loan loss reserve account” or “account” means an account created by a lender for the deposit of moneys awarded to the lender under ORS 285B.787 out of which the lender may reimburse itself for losses incurred due to defaults on qualified loans. “Prime rate” means the primary credi…
The Oregon Business Development Department shall, in accordance with this section, make awards to lenders to fund the lenders’ loan loss reserve accounts. The awards shall be made, through a competitive RFP process administered by the department. Of the moneys awarded as a result of any RFP process, not more than 10 percent of available funds may be awarde…
The Oregon Business Development Department shall enter into a written agreement with each lender that accepts an award offered under ORS 285B.787. A written agreement entered into pursuant to this section must: Provide for the creation of a loan loss reserve account by the lender for the deposit of moneys awarded under ORS 285B.787 out of which the lender …
Not later than July 31 of each year, each lender awarded moneys under ORS 285B.787 shall, during the term of the written agreement entered into under ORS 285B.791, provide a report to the Oregon Business Development Department, on a form prescribed by the department, for the period beginning on July 1 of the immediately preceding year and ending on June 30 o…
A lender shall be released from any obligation under a written agreement entered into under ORS 285B.791, and may use for any purpose whatever any balance in the lender’s loan loss reserve account, if the lender has: Performed under the written agreement entered into with the Oregon Business Development Department for at least 10 years; Attained during the…
On or before September 15 of each even-numbered year, the Oregon Business Development Department shall submit, in the manner required under ORS 192.245, to the interim committees of the Legislative Assembly related to economic development, a report that sets forth the following information: The number and total dollar amount of RFPs received under ORS 285B.…
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