consolidated billing tax rate

"Consolidated billing tax rate" means:

(a) If the urban renewal plan is an existing urban renewal plan (other than an existing urban renewal plan designated as an Option Three plan under ORS 457.435 (Property tax collection methods for existing plans) (2)(c)), an urban renewal plan that was an existing urban renewal plan on October 6, 2001, (other than an existing urban renewal plan designated as an Option Three plan under ORS 457.435 (Property tax collection methods for existing plans) (2)(c)) and that was substantially amended as described in ORS 457.085 (Urban renewal plan requirements) (2)(i)(A) or (B) on or after October 6, 2001, or an urban renewal plan adopted on or after October 6, 2001, the total of all district tax rates used to extend taxes after any adjustment to reflect tax offsets under ORS 310.105 (Rate adjustments to reflect nontimber offsets), but does not include any rate derived from:

(A) Any urban renewal special levy under ORS 457.435 (Property tax collection methods for existing plans);

(B) A local option tax, as defined in ORS 280.040 (Definitions for ORS 280.040 to 280.145), that is approved by taxing district electors after October 6, 2001; or

(C) A tax pledged to repay exempt bonded indebtedness (other than exempt bonded indebtedness used to fund local government pension and disability plan obligations that, until funded by the exempt bonded indebtedness, were described in section 11 (5), Article XI of the Oregon Constitution), as defined in ORS 310.140 (Legislative findings), that is approved by taxing district electors after October 6, 2001; and

(b) In the case of all other urban renewal plans, the total of all district ad valorem property tax rates used to extend taxes after any adjustments to reflect tax offsets under ORS 310.105 (Rate adjustments to reflect nontimber offsets), except that "consolidated billing tax rate" does not include any urban renewal special levy rate under ORS 457.435 (Property tax collection methods for existing plans).

(5)(a) "Existing urban renewal plan" means an urban renewal plan that provides for a division of ad valorem property taxes as described under ORS 457.420 (Plan may provide for division of property taxes) to 457.460 (Financial report required for agency) adopted by ordinance before December 6, 1996, that:

(A) Except for an amendment made on account of ORS 457.190 (Acquisition of funds by urban renewal agency) (3) and subject to paragraph (b) of this subsection, is not changed by substantial amendment, as described in ORS 457.085 (Urban renewal plan requirements) (2)(i)(A) or (B), on or after December 6, 1996; and

(B) For tax years beginning on or after July 1, 1998, includes the limit on indebtedness as described in ORS 457.190 (Acquisition of funds by urban renewal agency) (3).

(b) If, on or after July 1, 1998, the maximum limit on indebtedness (adopted by ordinance before July 1, 1998, pursuant to ORS 457.190 (Acquisition of funds by urban renewal agency)) of an existing urban renewal plan is changed by substantial amendment, then "indebtedness issued or incurred to carry out the existing urban renewal plan" for purposes of ORS 457.435 (Property tax collection methods for existing plans) includes only the indebtedness within the indebtedness limit adopted by ordinance under ORS 457.190 (Acquisition of funds by urban renewal agency) (3)(c) before July 1, 1998.