Oregon Law
Law as of Jan 1, 2026
Chapter contents
285B.003Definitions for ORS 285B.003 to 285B.030 285B.006Financial assistance for development projects; rules 285B.009Forgivable loans for planning projects 285B.012Other forms of financial assistance; rules 285B.015Allowable costs 285B.018Application process for financial assistance; rules 285B.021Agreement for financial assistance 285B.024Repayment; rules 285B.027Breach; default 285B.030Industrial Lands Loan Fund 285B.032Findings 285B.033Definitions for ORS 285B.032 to 285B.046 285B.034Financial assistance for development projects; rules 285B.036Forgivable loans for planning projects 285B.037Other forms of financial assistance; rules 285B.038Allowable costs 285B.040Application process for financial assistance; rules 285B.041Agreement for financial assistance 285B.043Repayment; rules 285B.044Breach; default 285B.046Industrial Site Loan Fund 285B.050Definitions for ORS 285B.050 to 285B.098 285B.053Borrowing money from Oregon Business Development Fund; application; report 285B.056Fees; rules 285B.059Conditions for commission approval of project; limits; exceptions 285B.062Loan contract; required provisions; repayment plan; state liability 285B.063Annual adjustment of maximum contract amounts 285B.065Loans in distressed areas exempt from security and collateral requirements 285B.068Payment of moneys for project; applicant to pay percentage of loan principal to Oregon Business Development Fund 285B.071[Formerly 285.420; repealed by 2007 c.804 §86] 285B.074[Formerly 285.425; repealed by 2007 c.804 §86] 285B.077[Formerly 285.430; repealed by 2007 c.804 §86] 285B.080Director as agent; duties; authority to approve loans 285B.081Repayment and collection; rules 285B.083Use of refinancing and other financial assistance for repayment 285B.086Authorization to lend funds for joint governmental projects or match money; form of loan application; loan limit 285B.089Loan contract; required provisions; repayment schedule 285B.092Oregon Business Development Fund; uses; transfer of unobligated funds 285B.093Oregon Targeted Development Account; purpose; exemption from minimum interest rate 285B.095[Formerly 285.445; repealed by 2007 c.804 §86] 285B.098Status of loan to county or municipality; project as security; repayment 285B.103[2001 c.944 §2; 2003 c.374 §1; renumbered 285C.500 in 2003] 285B.105[2001 c.944 §3; 2003 c.374 §2; renumbered 285C.503 in 2003] 285B.108[2001 c.944 §4; 2003 c.374 §3; renumbered 285C.506 in 2003] 285B.109Definitions for ORS 285B.109 to 285B.119 285B.111Purpose of ORS 285B.109 to 285B.119 285B.113Contracts with financial institutions to participate in program; required contents; disclosure of information 285B.115Loss reserve accounts; policies; rules; moneys as property of state 285B.117Enrollment of qualified loan in program; notice to department; fees; transfers to loss reserve accounts; rules and limits for loans 285B.118Claims for reimbursement of losses; reimbursable costs; repayment to loss reserve account 285B.119Capital Access Fund; investment; retrieval of interest; administrative expenses 285B.120Oregon Small Business Development Act 285B.123Purpose 285B.126[Formerly 285.507; 2007 c.804 §50; 2009 c.830 §62; renumbered 285B.109 in 2009] 285B.129[Formerly 285.510; 2007 c.804 §51; renumbered 285B.111 in 2009] 285B.130Loans from Small Business Expansion Loan Fund; application fees; eligibility; loan agreements; loan limits; moneys reserved for low to moderate income applicants; rules 285B.132[Formerly 285.513; 2007 c.804 §52; 2009 c.830 §63; renumbered 285B.113 in 2009] 285B.133Small Business Expansion Loan Fund; purposes; sources of moneys; special transfers to and from fund 285B.135[Formerly 285.515; 2003 c.167 §7; 2007 c.804 §53; 2009 c.830 §64; renumbered 285B.115 in 2009] 285B.138[Formerly 285.517; 2007 c.804 §54; 2009 c.830 §65; renumbered 285B.117 in 2009] 285B.139[1991 c.688 §15; 1993 c.765 §80; 1995 c.71 §1; 1997 c.738 §4; 1999 c.247 §5; 2001 c.96 §3; repealed by 2007 c.804 §86] 285B.141[Formerly 285.520; 2009 c.830 §66; renumbered 285B.118 in 2009] 285B.144[Formerly 285.525; 2007 c.354 §14; repealed by 2007 c.804 §86] 285B.147[Formerly 285.527; 2007 c.804 §55; 2009 c.830 §67; renumbered 285B.119 in 2009] 285B.150[Formerly 285.528; repealed by 2007 c.804 §86] 285B.153[Formerly 285.530; repealed by 2003 c.167 §16] 285B.156[Formerly 285.533; repealed by 1999 c.509 §61] 285B.159[Formerly 285.535; 2001 c.104 §98; repealed by 2007 c.804 §86] 285B.162[Formerly 285.537; repealed by 2007 c.804 §86] 285B.165Purpose of ORS 285B.165 to 285B.171 285B.166[2001 c.148 §2; repealed by 2007 c.804 §86] 285B.168Grants; application; required provisions; authorized uses; eligibility; subcontracts; report 285B.169Centers to collaborate with state agencies and private sector 285B.171Short title 285B.174Programs to assist businesses in procuring government contracts and grants 285B.177[Formerly 285.553; repealed by 1999 c.509 §61] 285B.178Definitions for Microenterprise Development Act 285B.179Purposes of Microenterprise Development Act 285B.180[Formerly 285.555; repealed by 1999 c.509 §61] 285B.183[2001 c.419 §5; repealed by 2007 c.804 §86] 285B.186Short title 285B.200Definitions for ORS 285B.200 to 285B.218 285B.203Purpose of Credit Enhancement Fund 285B.206Duties of department; rules; application procedure; agreement contents 285B.209Fees and terms for loan and credit guarantees 285B.212[Formerly 285.478; repealed by 2007 c.804 §86] 285B.215Credit Enhancement Fund; uses; sources 285B.218Pledge to assure repayment; transfer of funds to pay claims 285B.230Local economic development strategy 285B.233Legislative findings; purpose 285B.236Guidelines for local economic development strategies; required provisions; rules 285B.239[Formerly 285.637; 1999 c.509 §50; 2001 c.552 §2; 2003 c.773 §19; 2007 c.804 §64; repealed by 2009 c.830 §171] 285B.242[Formerly 285.640; 1999 c.509 §51; 2003 c.773 §20; 2007 c.804 §65; repealed by 2009 c.830 §171] 285B.245[Formerly 285.643; 1999 c.509 §52; 2003 c.773 §21; 2007 c.804 §66; repealed by 2009 c.830 §171] 285B.248[Formerly 285.645; 1999 c.509 §53; 2003 c.773 §22; repealed by 2009 c.830 §171] 285B.251[Formerly 285.647; repealed by 1999 c.509 §61] 285B.254[Formerly 285.648; 1999 c.509 §54; 2003 c.773 §23; repealed by 2007 c.804 §86] 285B.257[Formerly 285.649; 1999 c.509 §55; 2003 c.773 §24; repealed by 2007 c.804 §86] 285B.260Local Economic Opportunity Fund; uses; rules 285B.263[Formerly 285.651; 1999 c.509 §57; 2001 c.552 §3; 2003 c.773 §26; 2007 c.804 §68; repealed by 2009 c.830 §171] 285B.264[2003 c.773 §26a; 2007 c.804 §69; repealed by 2009 c.830 §171] 285B.266Strategic Reserve Fund; uses 285B.269[Formerly 285.655; repealed by 2009 c.830 §171] 285B.280Definition of “traded sector.” 285B.283Policy 285B.286Entrepreneurial and industry development activities 285B.289[Formerly 285.773; repealed by 1999 c.509 §61] 285B.290Industry Competitiveness Fund; uses 285B.292[Formerly 285.775; repealed by 1999 c.509 §61] 285B.295[Formerly 285.777; repealed by 1999 c.509 §61] 285B.298[Formerly 285.780; repealed by 1999 c.509 §61] 285B.320Purpose of ORS 285B.320 to 285B.371 285B.323Definitions for ORS 285B.320 to 285B.371 285B.326Request for issuance of bonds; fees; rules; reimbursement for expenses 285B.329Review of project by commission; exception 285B.332[Formerly 285.330; 1999 c.509 §33; repealed by 2007 c.804 §86] 285B.335Powers of department; lease requirements 285B.338Powers of commission 285B.341Limitation on state power 285B.344Issuance of bonds 285B.347[Formerly 285.355; 1999 c.509 §37; repealed by 2007 c.783 §234] 285B.350Method of issuing bonds 285B.353Administrative expenses 285B.356Refunding bonds 285B.359Validity of bonds 285B.362Covenants in bonds 285B.365Limitations of bonds; recitals 285B.368Powers and rights of bondholders 285B.371State interest in eligible projects not necessary for loans; security 285B.374[Formerly 285.395; 1999 c.509 §41; repealed by 2003 c.167 §16] 285B.377[Formerly 285.397; 1999 c.509 §42; repealed by 2003 c.167 §16] 285B.380[Formerly 285.398; 2003 c.662 §7; renumbered 285C.600 in 2003] 285B.383[Formerly 285.399; 1999 c.509 §26; 2003 c.662 §8; renumbered 285C.606 in 2003] 285B.386[Formerly 285.400; 2003 c.662 §9; renumbered 285C.609 in 2003] 285B.389[Formerly 285.401; 1999 c.509 §21; 2003 c.167 §9; 2003 c.662 §10a; renumbered 285C.612 in 2003] 285B.392[Formerly 285.402; 2003 c.662 §11; renumbered 285C.620 in 2003] 285B.410Definitions for ORS 285B.410 to 285B.482 285B.413Legislative findings; purpose; use of moneys; rules 285B.416[Formerly 285.705; 2001 c.883 §28; 2003 c.773 §29; repealed by 2005 c.835 §37] 285B.419Administration of Special Public Works Fund; rules and policies 285B.420Financial assistance for levee projects; required findings 285B.421Levee Project Grant Fund; limits; matching funds; rural and distressed areas 285B.422Funding to municipalities for development projects; criteria for project funding; prohibited uses 285B.424Housing infrastructure financing program; rules 285B.425[1997 c.800 §13; 2001 c.883 §30a; repealed by 2005 c.835 §37] 285B.426Housing Infrastructure Project Fund 285B.428Application for funds; rules 285B.431[Formerly 285.713; 2003 c.773 §34; repealed by 2005 c.835 §37] 285B.434[Formerly 285.715; 2001 c.883 §30c; repealed by 2005 c.835 §37] 285B.437Contract with municipality; required provisions; repayment 285B.438[2001 c.633 §4; 2003 c.773 §36; repealed by 2005 c.835 §37] 285B.440Primary use of moneys in fund; standards for awarding grants; limitations; rules 285B.443[Formerly 285.723; 2001 c.883 §31; 2003 c.773 §38; repealed by 2005 c.835 §37] 285B.446[Formerly 285.725; 2003 c.773 §39; repealed by 2005 c.835 §37] 285B.449Effect of failure to comply or default 285B.452[Formerly 285.730; 2001 c.883 §31b; 2003 c.773 §40; repealed by 2005 c.835 §37] 285B.455Special Public Works Fund; uses; administration of fund 285B.456Levee Project Subaccount 285B.458Grants for assistance to distressed or rural areas; minimum 285B.460Funding and assistance for planning projects 285B.461[Formerly 285.737; 2001 c.883 §33; 2003 c.773 §43; repealed by 2005 c.835 §37] 285B.462Funding and assistance for emergency projects 285B.464[Formerly 285.753; 2003 c.773 §44; repealed by 2005 c.835 §37] 285B.465Allowable costs of projects 285B.467Oregon Infrastructure Finance Authority to determine eligibility for revenue bond financing; rules; request for issuance; allowable costs 285B.470Powers of authority 285B.473Issuance of revenue bonds 285B.476Application of law to revenue bonds; proceeds; maximum duration of loans 285B.479Nature of revenue bonds 285B.482Revenue bonds as parity bonds; consolidation of bond proceeds; loans and consolidated funds as security for water or development projects 285B.486[2001 c.957 §10; renumbered 285C.530 in 2003] 285B.488[2001 c.957 §11; renumbered 285C.533 in 2003] 285B.500Purpose of ORS 285B.500 to 285B.512; legislative findings 285B.503Oregon Unified International Trade Fund; uses 285B.506Grant agreements; maximum grant amount; required provisions; assignment of right to receive grant moneys; agreement not to constitute state debt or liability 285B.509Agreements between primary sponsor and United States 285B.512End of lottery allocations upon certification by administrator of authority 285B.515“Primary sponsor” and “project sponsor” defined 285B.530Definitions for ORS 285B.530 to 285B.548 285B.533Issuance of infrastructure lottery bonds; amount; use of bond proceeds 285B.536[1997 c.800 §18; repealed by 1999 c.44 §29] 285B.539[1997 c.800 §19; repealed by 1999 c.44 §29] 285B.542[1997 c.800 §20; repealed by 1999 c.44 §29] 285B.545[1997 c.800 §21; repealed by 1999 c.44 §29] 285B.548Amount of infrastructure lottery bonds 285B.551Issuance of additional lottery bonds; uses; maximum amounts; Economic Infrastructure Project Fund 285B.560Definitions for ORS 285B.560 to 285B.599 285B.563Water Fund; uses; conditions for making loan; grant awards; investment of fund moneys; rules and policies 285B.566Use of awards 285B.569When constitutional restrictions apply to use of certain funds 285B.572Eligibility of project for revenue bond financing; rules; decision to issue bonds 285B.575Issuance of revenue bonds 285B.578Nature of revenue bonds 285B.581Repayment plans; required provisions; loan contract; sources for repayment 285B.584Powers of authority 285B.587Deposit and use of bond proceeds 285B.590Other forms of financial assistance 285B.593Technical assistance grants and loans; uses; rules 285B.596Funding of distressed area or nonurban water projects 285B.599Effect of failure to repay to Water Fund; default 285B.600Definitions for ORS 285B.600 to 285B.620 285B.602Rules 285B.605Certification of eligible employers; time period to approve application 285B.608Application for certification; requirements 285B.610Revocation of certificate 285B.615Oregon Business Retention and Expansion Program; purpose; agreements; contents; loans 285B.618Department estimate of program tax revenues; methodology 285B.620Oregon Business Retention and Expansion Program Fund; sources; uses 285B.622Transfer of moneys from Strategic Reserve Fund 285B.625Legislative findings 285B.626Definitions for ORS 285B.625 to 285B.632 285B.627Oregon Industrial Site Readiness Program; purpose; application; tax reimbursement arrangement; loan agreement; rules 285B.630Department to obtain employment and wage information for eligible employers at regionally significant industrial sites and determine estimated incremental income tax revenues; transfer of certified amounts to fund; rules 285B.632Oregon Industrial Site Readiness Program Fund; sources; uses 285B.635Legislative findings 285B.636Definitions for ORS 285B.635 to 285B.640 285B.637Oregon Industrial Site Readiness Assessment Program; purpose; application; grant eligibility; limitations; rules 285B.640Oregon Industrial Site Readiness Assessment Program Fund; sources; uses 285B.642Findings in furtherance of economic development 285B.650[Formerly 285.560; 1999 c.460 §1; 2001 c.684 §20; 2001 c.957 §1; 2003 c.662 §14; renumbered 285C.050 in 2003] 285B.651Definitions for ORS 285B.651 to 285B.676 285B.653[Formerly 285.562; 1999 c.460 §2; 2003 c.662 §18; renumbered 285C.080 in 2003] 285B.655Distributions to assist rural jurisdictions with applications for funding 285B.656[Formerly 285.563; 2003 c.662 §16; renumbered 285C.065 in 2003] 285B.659[Formerly 285.564; renumbered 285C.075 in 2003] 285B.660Oregon Business Development Department to develop policy for distributions, work with district association, oversee rural grant services 285B.662[Formerly 285.565; 2003 c.662 §20; renumbered 285C.090 in 2003] 285B.665[Formerly 285.573; 1999 c.460 §6; renumbered 285C.055 in 2003] 285B.668[Formerly 285.575; 2003 c.662 §15; renumbered 285C.060 in 2003] 285B.670Annual report to legislature by Oregon Business Development Department 285B.671[Formerly 285.577; 2003 c.662 §21; renumbered 285C.105 in 2003] 285B.672[2001 c.957 §2; 2003 c.662 §23; renumbered 285C.095 in 2003] 285B.673[2001 c.957 §2b; 2003 c.662 §24; renumbered 285C.100 in 2003] 285B.674[Formerly 285.580; 2003 c.662 §22; renumbered 285C.110 in 2003] 285B.675[2001 c.957 §5; repealed by 2003 c.662 §55] 285B.676Oregon Rural Capacity Fund 285B.677[Formerly 285.583; 1999 c.460 §7; 2003 c.662 §19; renumbered 285C.085 in 2003] 285B.680[Formerly 285.585; 2003 c.662 §25; renumbered 285C.115 in 2003] 285B.683[1997 c.835 §2; 2003 c.662 §26; renumbered 285C.120 in 2003] 285B.686[Formerly 285.587; 2003 c.662 §47; renumbered 285C.245 in 2003] 285B.689[Formerly 285.588; 2003 c.662 §48; renumbered 285C.250 in 2003] 285B.692[Formerly 285.593; 2003 c.662 §27; renumbered 285C.125 in 2003] 285B.695[Formerly 285.595; 2003 c.662 §28; renumbered 285C.130 in 2003] 285B.698[Formerly 285.597; 2003 c.662 §35; renumbered 285C.175 in 2003] 285B.701[Formerly 285.598; 1999 c.1104 §3; 2003 c.662 §31; renumbered 285C.145 in 2003] 285B.704[Formerly 285.600; 1999 c.1104 §3a; 2003 c.662 §39; renumbered 285C.200 in 2003] 285B.705[1999 c.1104 §4b; repealed by 2003 c.662 §55] 285B.707[Formerly 285.603; 1999 c.1104 §5; 2001 c.957 §3; 2003 c.662 §29; renumbered 285C.135 in 2003] 285B.710[Formerly 285.605; 2003 c.662 §41; renumbered 285C.215 in 2003] 285B.713[Formerly 285.607; 2001 c.957 §4; 2003 c.662 §36; renumbered 285C.180 in 2003] 285B.714[2001 c.883 §39d; 2003 c.662 §38; renumbered 285C.190 in 2003] 285B.716[Formerly 285.610; repealed by 2003 c.662 §55] 285B.719[Formerly 285.613; 2003 c.662 §30; renumbered 285C.140 in 2003] 285B.722[Formerly 285.615; 2003 c.662 §42; renumbered 285C.220 in 2003] 285B.723[1999 c.1104 §2; repealed by 2003 c.662 §55] 285B.725[Formerly 285.616; 1999 c.1104 §7; repealed by 2003 c.662 §55] 285B.726[1997 c.835 §44; 1999 c.1104 §19; repealed by 2003 c.662 §55] 285B.728[Formerly 285.617; 1999 c.1104 §8; 2003 c.662 §46; renumbered 285C.240 in 2003] 285B.731[Formerly 285.620; 2003 c.662 §50; renumbered 285C.260 in 2003] 285B.740Legislative intent; delegation of loan program responsibilities; powers of department; loan fees 285B.743Application for entrepreneurial development loan; eligibility; rules 285B.746Conditions for loan approval 285B.749Additional conditions for loan approval; maximum term and amount of loan 285B.752[1991 c.688 §10; 1997 c.147 §7; 2001 c.684 §22; repealed by 2007 c.804 §86] 285B.753Indexing of annual revenue limit amount and total loan limit amount 285B.755[1991 c.688 §11; 2007 c.70 §73; repealed by 2007 c.804 §86] 285B.758Oregon Entrepreneurial Development Loan Fund; uses 285B.760Definitions for ORS 285B.760 to 285B.763 285B.761Economic Equity Investment Program; grants; eligible projects; technical assistance 285B.762Biennial evaluations of grantees’ services; report to legislature 285B.763Economic Equity Investment Fund 285B.764Definitions for ORS 285B.764 to 285B.775 285B.765[1991 c.688 §6; 1997 c.61 §12; repealed by 2001 c.684 §38] 285B.766[2001 c.932 §5; renumbered 285C.300 in 2003] 285B.767[2001 c.932 §6; renumbered 285C.303 in 2003] 285B.768Oregon Business Development Department to develop and implement loan program; limits and requirements 285B.770[2001 c.932 §7; renumbered 285C.306 in 2003] 285B.771Application process; assistance from technical assistance provider required; referral of application to Oregon Business Development Department; payment of closing costs; payment of loan proceeds 285B.773[2001 c.932 §8; renumbered 285C.309 in 2003] 285B.774Disadvantaged and Emerging Small Business Loan Fund 285B.775Annual report by Oregon Business Development Department to legislature 285B.776[2001 c.932 §9; renumbered 285C.320 in 2003] 285B.780Purpose 285B.781[1997 c.835 §36; 1999 c.1104 §10; 2001 c.292 §1; 2003 c.239 §1; renumbered 285C.400 in 2003] 285B.783[1997 c.835 §37; 1999 c.1104 §11; 2001 c.292 §2; renumbered 285C.403 in 2003] 285B.784Definitions for ORS 285B.780 to 285B.799 285B.786[1997 c.835 §38; 1999 c.1104 §12; 2001 c.292 §5; 2003 c.662 §56a; renumbered 285C.409 in 2003] 285B.787RFP process for awards to lenders; limits; approval criteria 285B.789[2001 c.292 §3; 2003 c.558 §1; 2003 c.662 §57; renumbered 285C.412 in 2003] 285B.790[2001 c.292 §4; renumbered 285C.415 in 2003] 285B.791Agreements with lenders; terms; waiver and breach of lender obligations upon borrower default; minimum total loan principal amount 285B.793[1997 c.835 §39; 1999 c.1104 §13; 2001 c.292 §6; renumbered 285C.420 in 2003] 285B.794Annual report by lenders 285B.796[2001 c.292 §7; 2003 c.662 §59; renumbered 285C.406 in 2003] 285B.797Release of lender and use of balance in account; repayment of balance 285B.799Biennial report by Oregon Business Development Department to legislature 285B.825[2001 c.888 §2; renumbered 285C.450 in 2003] 285B.827[2001 c.888 §3; renumbered 285C.453 in 2003] 285B.830[2001 c.888 §4; renumbered 285C.456 in 2003] 285B.833[2001 c.888 §5; renumbered 285C.459 in 2003] 285B.836[2001 c.888 §6; renumbered 285C.480 in 2003] 285B.839[2001 c.888 §7; 2003 c.773 §53; renumbered 285C.465 in 2003] 285B.842[2001 c.888 §8; renumbered 285C.468 in 2003] 285B.845[2001 c.888 §9; renumbered 285C.471 in 2003] 285B.848[2001 c.888 §10; renumbered 285C.462 in 2003]

Chapter 285B — Economic Development II

ORS 285B.359 Validity of 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 such bonds may provide that the bonds shall contain a recital that they are issued pursuant to ORS 285B.320 to 285B.371 and such recital shall be conclusive evidence of their validity and of the regularity of their issuance.

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2026-01-01

2025 Oregon Revised Statutes — official online source