ORS 285B.482
Revenue bonds as parity bonds

  • consolidation of bond proceeds
  • loans and consolidated funds as security for water or development projects

(1)

Notwithstanding any other law relating to revenue bonds issued and sold under ORS 285B.467 (Oregon Infrastructure Finance Authority to determine eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds) or ORS 285B.572 (Eligibility of project for revenue bond financing), 285B.575 (Issuance of revenue bonds) and 285B.578 (Nature of revenue bonds), revenue bonds may be issued and sold as parity bonds.

(2)

Proceeds of revenue bonds issued and sold under ORS 285B.467 (Oregon Infrastructure Finance Authority to determine eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds) or ORS 285B.572 (Eligibility of project for revenue bond financing), 285B.575 (Issuance of revenue bonds) and 285B.578 (Nature of revenue bonds), together with the investment earnings thereon, may be consolidated into one or more funds or accounts and may be pledged to the holders of revenue bonds issued to finance water projects, as defined in ORS 285B.560 (Definitions for ORS 285B.560 to 285B.599), or development projects.

(3)

Any loan to a municipality made pursuant to ORS 285B.467 (Oregon Infrastructure Finance Authority to determine eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds), 285B.560 (Definitions for ORS 285B.560 to 285B.599) to 285B.569 (When constitutional restrictions apply to use of certain funds) or 285B.572 (Eligibility of project for revenue bond financing) to 285B.599 (Effect of failure to repay to Water Fund), including loans funded in whole or in part with the proceeds of revenue bonds and loans funded with moneys in the Water Fund or the Special Public Works Fund, may be pledged to the holders of revenue bonds issued to finance water projects or development projects.

(4)

Funds or accounts established by the Oregon Business Development Department or the State Treasurer in connection with the issuance of revenue bonds under ORS 285B.467 (Oregon Infrastructure Finance Authority to determine eligibility for revenue bond financing) to 285B.479 (Nature of revenue bonds) or ORS 285B.572 (Eligibility of project for revenue bond financing), 285B.575 (Issuance of revenue bonds) and 285B.578 (Nature of revenue bonds) and moneys held in the funds and accounts, together with the investment earnings thereon, may be consolidated into one or more funds or accounts and may be pledged to the holders of revenue bonds issued to finance water projects or development projects. [1997 c.800 §14; 2003 c.773 §49; 2005 c.835 §19; 2007 c.804 §35; 2009 c.830 §109]
Note: Sections 21 to 23, chapter 10, Oregon Laws 2020 (second special session), provide:
Sec. 21. (1) The Tide Gate Grant and Loan Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Tide Gate Grant and Loan Fund must be credited to the fund.

(2)

The fund consists of:

(a)

Moneys allocated to the Oregon Business Development Department under section 3 (4), chapter 670, Oregon Laws 2019;

(b)

Moneys appropriated, allocated, deposited or transferred to the fund by the Legislative Assembly or otherwise;

(c)

Repayments, including interest, of disbursements from the fund;

(d)

Moneys received for deposit in the fund from the federal government, state agencies or local governments; and

(e)

Interest earned on moneys in the fund.

(3)

The moneys in the fund are continuously appropriated to the department for the purposes specified in section 22 of this 2020 second special session Act. [2020 s.s.2 c.10 §21]
Sec. 22. (1) The Oregon Business Development Department may directly or indirectly grant, expend or lend moneys from the Tide Gate Grant and Loan Fund established under section 21 of this 2020 second special session Act to:

(a)

Provide grants or loans to plan or construct tide gates, culverts and associated drainage infrastructure;

(b)

Obtain professional services for tide gate coordination or for technical studies that have a statewide benefit for tide gate project development; or

(c)

Pay administrative expenses of the department incurred in carrying out the provisions of this section, including costs of investigating and processing an application, developing contracts, monitoring use of grants or loans by a recipient, investigating and resolving budget discrepancies, closing a project and providing financial and other assistance associated with expenditures from the fund.

(2)

The department shall adopt rules necessary to carry out the provisions of this section. [2020 s.s.2 c.10 §22]
Sec. 22a. The Tide Gate Grant and Loan Fund established under section 21 of this 2020 second special session Act is abolished on June 30, 2023. Any moneys remaining in the fund on that date shall be transferred to the Administrative Services Economic Development Fund established under ORS 461.540 (Administrative Services Economic Development Fund). [2020 s.s.2 c.10 §22a]
Sec. 23. Sections 21 and 22 of this 2020 second special session Act are repealed on June 30, 2023. [2020 s.s.2 c.10 §23]
Note: Sections 1 to 3, chapter 63, Oregon Laws 2016, provide:
Sec. 1. (1) As used in this section:

(a)

“Investor-owned utility” means an investor-owned utility, as defined in ORS 469.631 (Definitions for ORS 469.631 to 469.645), that distributes electricity.

(b)

“Nameplate capacity” means the maximum rated output of a generator, inverter or other electric power production equipment measured in alternating current under specific conditions designated by the manufacturer of the equipment.

(c)

“Publicly owned utility” has the meaning given that term in ORS 469.649 (Definitions for ORS 469.649 to 469.659).

(d)

“Solar photovoltaic energy system” means equipment and devices that have the primary purpose of collecting solar energy and generating electricity by photovoltaic effect.

(2)

The Oregon Business Development Department shall establish a program to incentivize the generation of electricity derived from solar energy. In establishing the program, the department shall:

(a)

Prescribe the form and manner by which the owner or operator of a solar photovoltaic energy system may apply to participate in the program;

(b)

Require an owner or operator of a solar photovoltaic energy system applying to participate in the program to submit a plan to complete construction of the solar photovoltaic energy system and begin to generate electricity within one year after being enrolled in the program;

(c)

Enroll in the program applicants that own or operate solar photovoltaic energy systems qualified to be included in the program;

(d)

Limit the cumulative nameplate capacity of solar photovoltaic energy systems included in the program that are owned or operated by a single program enrollee, and any business affiliated with the program enrollee, to 35 megawatts; and

(e)

Close the program to new applicants on the earlier of the following dates:

(A)

The date on which all solar photovoltaic energy systems included in the program have a cumulative nameplate capacity of 150 megawatts; or

(B)

January 2, 2017.

(3)

Intentionally left blank —Ed.

(a)

To participate in the program, an owner or operator of a solar photovoltaic energy system must demonstrate to the satisfaction of the department that the solar photovoltaic energy system is qualified to be included in the program. A solar photovoltaic energy system is qualified to be included in the program if the solar photovoltaic energy system:

(A)

Is located in this state;

(B)

Has a nameplate capacity of at least two megawatts;

(C)

Has a nameplate capacity of no more than 10 megawatts;

(D)

Has a commercial operations date, as specified in a power purchase agreement, of January 1, 2016, or later;

(E)

Is either directly connected to the electrical system of an investor-owned utility or publicly owned utility, or is indirectly connected to the electrical system of an investor-owned utility or publicly owned utility in a manner that the department determines is acceptable for program enrollees;

(F)

Has a meter or other device that monitors and measures the quantity of energy generated by the solar photovoltaic energy system; and

(G)

Meets any other siting, design, interconnection, installation and electric output standards required by the laws of this state.

(b)

An investor-owned utility or a publicly owned utility that owns a qualified solar photovoltaic energy system is eligible to participate in the program.

(4)

Intentionally left blank —Ed.

(a)

Subject to paragraphs (b) and (c) of this subsection, for the purpose of incentivizing the generation of electricity derived from solar energy, the department shall make a monthly payment to a program enrollee for a solar photovoltaic energy system that generates electricity for an amount that equals one-half cent per kilowatt hour of electricity generated by the solar photovoltaic energy system during the preceding month. Payments shall continue for five years after the date on which the department makes the initial payment to the program enrollee for energy generated by the solar photovoltaic energy system.

(b)

Beginning one year after a program enrollee is enrolled in the program, for each month that the program enrollee’s solar photovoltaic energy system does not generate electricity, the department shall reduce by one month the number of monthly payments otherwise required to be paid to the program enrollee under paragraph (a) of this subsection for that solar photovoltaic energy system.

(c)

If by two years after a program enrollee is enrolled in the program the program enrollee’s solar photovoltaic energy system has not generated electricity, the department shall remove the solar photovoltaic energy system from the program established under this section and the program enrollee may not receive any payments otherwise required to be paid to the program enrollee under paragraph (a) of this subsection for that solar photovoltaic energy system.

(5)

Before enrolling an applicant as described in subsection (2)(c) of this section, the Oregon Business Development Department shall:

(a)

Consult with the State Department of Energy to ensure that:

(A)

A proposed solar photovoltaic energy system is qualified as described in subsection (3) of this section; and

(B)

The solar photovoltaic energy system, if not generating electricity on the date of application, is likely to begin generating electricity no later than one year after the date on which the owner or operator of the solar photovoltaic energy system applies to be included in the program; and

(b)

If applicable, consult with the Public Utility Commission to ensure that the costs associated with a solar photovoltaic energy system will be recoverable pursuant to a schedule submitted to and approved by the commission in accordance with ORS 757.205 (Filing schedules with commission) and 757.210 (Hearing to establish new schedules) or pursuant to other applicable provisions of law providing for the recovery of costs borne by investor-owned utilities.

(6)

The owner of a solar photovoltaic energy system included in the program established under this section:

(a)

Also owns all renewable energy certificates established under ORS 469A.130 (Renewable energy certificates system) that are associated with the generation of electricity by the solar photovoltaic energy system; and

(b)

Is not eligible to receive funds under ORS 757.612 (Requirements for public purpose expenditures) (3)(b)(B) (2019 Edition) unless the funds are received pursuant to an agreement entered into before March 16, 2016.

(7)

The Oregon Business Development Department may adopt rules to implement this section.

(8)

The department shall submit a report on implementing this section in the manner provided by ORS 192.245 (Form of report to legislature) to an interim committee of the Legislative Assembly related to energy no later than September 15 of each odd-numbered year. [2016 c.63 §1; 2021 c.547 §18]
Sec. 2. (1) There is established the Solar Incentivization Fund, separate and distinct from the General Fund. Interest earned by the Solar Incentivization Fund shall be credited to the fund.

(2)

Moneys in the fund are continuously appropriated to the Oregon Business Development Department for the purposes of the program described in section 1 of this 2016 Act.

(3)

The department may accept from any source any grant, donation or gift of moneys for deposit in the fund. [2016 c.63 §2]
Sec. 3. (1) Sections 1 and 2 of this 2016 Act are repealed on January 2, 2023.

(2)

Any moneys remaining in the Solar Incentivization Fund on the date of the repeal of section 2 of this 2016 Act must be transferred from the Solar Incentivization Fund to the General Fund to be available for general governmental purposes. [2016 c.63 §3]

Source: Section 285B.482 — Revenue bonds as parity bonds; consolidation of bond proceeds; loans and consolidated funds as security for water or development projects, https://www.­oregonlegislature.­gov/bills_laws/ors/ors285B.­html.

285B.050
Definitions for ORS 285B.050 to 285B.098
285B.053
Borrowing money from Oregon Business Development Fund
285B.056
Fees
285B.059
Conditions for commission approval of project
285B.062
Loan contract
285B.063
Annual adjustment of maximum contract amounts
285B.065
Loans in distressed areas exempt from security and collateral requirements
285B.068
Payment of moneys for project
285B.080
Director as agent
285B.081
Repayment and collection
285B.083
Use of refinancing and other financial assistance for repayment
285B.086
Authorization to lend funds for joint governmental projects or match money
285B.089
Loan contract
285B.092
Oregon Business Development Fund
285B.093
Oregon Targeted Development Account
285B.098
Status of loan to county or municipality
285B.109
Definitions for ORS 285B.109 to 285B.119
285B.111
Purpose of ORS 285B.109 to 285B.119
285B.113
Contracts with financial institutions to participate in program
285B.115
Loss reserve accounts
285B.117
Enrollment of qualified loan in program
285B.118
Claims for reimbursement of losses
285B.119
Capital Access Fund
285B.120
Oregon Small Business Development Act
285B.123
Purpose
285B.130
Loans from Small Business Expansion Loan Fund
285B.133
Small Business Expansion Loan Fund
285B.165
Purpose of ORS 285B.165 to 285B.171
285B.168
Grants
285B.169
Centers to collaborate with state agencies and private sector
285B.171
Short title
285B.174
Programs to assist businesses in procuring government contracts and grants
285B.178
Definitions for Microenterprise Development Act
285B.179
Purposes of Microenterprise Development Act
285B.186
Short title
285B.200
Definitions for ORS 285B.200 to 285B.218
285B.203
Purpose of Credit Enhancement Fund
285B.206
Duties of department
285B.209
Fees and terms for loan and credit guarantees
285B.215
Credit Enhancement Fund
285B.218
Pledge to assure repayment
285B.230
Local economic development strategy
285B.233
Legislative findings
285B.236
Guidelines for local economic development strategies
285B.260
Local Economic Opportunity Fund
285B.266
Strategic Reserve Fund
285B.280
Definition of “traded sector.”
285B.283
Policy
285B.286
Entrepreneurial and industry development activities
285B.290
Industry Competitiveness Fund
285B.320
Purpose of ORS 285B.320 to 285B.371
285B.323
Definitions for ORS 285B.320 to 285B.371
285B.326
Request for issuance of bonds
285B.329
Review of project by commission
285B.335
Powers of department
285B.338
Powers of commission
285B.341
Limitation on state power
285B.344
Issuance of bonds
285B.350
Method of issuing bonds
285B.353
Administrative expenses
285B.356
Refunding bonds
285B.359
Validity of bonds
285B.362
Covenants in bonds
285B.365
Limitations of bonds
285B.368
Powers and rights of bondholders
285B.371
State interest in eligible projects not necessary for loans
285B.410
Definitions for ORS 285B.410 to 285B.482
285B.413
Legislative findings
285B.419
Administration of Special Public Works Fund
285B.420
Financial assistance for levee projects
285B.421
Levee Project Grant Fund
285B.422
Funding to municipalities for development projects
285B.428
Application for funds
285B.437
Contract with municipality
285B.440
Primary use of moneys in fund
285B.449
Effect of failure to comply or default
285B.455
Special Public Works Fund
285B.456
Levee Project Subaccount
285B.458
Grants for assistance to distressed or rural areas
285B.460
Funding and assistance for planning projects
285B.462
Funding and assistance for emergency projects
285B.465
Allowable costs of projects
285B.467
Oregon Infrastructure Finance Authority to determine eligibility for revenue bond financing
285B.470
Powers of authority
285B.473
Issuance of revenue bonds
285B.476
Application of law to revenue bonds
285B.479
Nature of revenue bonds
285B.482
Revenue bonds as parity bonds
285B.500
Purpose of ORS 285B.500 to 285B.512
285B.503
Oregon Unified International Trade Fund
285B.506
Grant agreements
285B.509
Agreements between primary sponsor and United States
285B.512
End of lottery allocations upon certification by administrator of authority
285B.515
“Primary sponsor” and “project sponsor” defined
285B.530
Definitions for ORS 285B.530 to 285B.548
285B.533
Issuance of infrastructure lottery bonds
285B.548
Amount of infrastructure lottery bonds
285B.551
Issuance of additional lottery bonds
285B.560
Definitions for ORS 285B.560 to 285B.599
285B.563
Water Fund
285B.566
Use of awards
285B.569
When constitutional restrictions apply to use of certain funds
285B.572
Eligibility of project for revenue bond financing
285B.575
Issuance of revenue bonds
285B.578
Nature of revenue bonds
285B.581
Repayment plans
285B.584
Powers of authority
285B.587
Deposit and use of bond proceeds
285B.590
Other forms of financial assistance
285B.593
Technical assistance grants and loans
285B.596
Funding of distressed area or nonurban water projects
285B.599
Effect of failure to repay to Water Fund
285B.600
Definitions for ORS 285B.600 to 285B.620
285B.602
Rules
285B.605
Certification of eligible employers
285B.608
Application for certification
285B.610
Revocation of certificate
285B.615
Oregon Business Retention and Expansion Program
285B.618
Department estimate of program tax revenues
285B.620
Oregon Business Retention and Expansion Program Fund
285B.622
Transfer of moneys from Strategic Reserve Fund
285B.625
Legislative findings
285B.626
Definitions for ORS 285B.625 to 285B.632
285B.627
Oregon Industrial Site Readiness Program
285B.630
Department to obtain employment and wage information for eligible employers at regionally significant industrial sites and determine estimated incremental income tax revenues
285B.632
Oregon Industrial Site Readiness Program Fund
285B.635
Legislative findings
285B.636
Definitions for ORS 285B.635 to 285B.640
285B.637
Oregon Industrial Site Readiness Assessment Program
285B.640
Oregon Industrial Site Readiness Assessment Program Fund
285B.642
Findings in furtherance of economic development
285B.651
Definitions for ORS 285B.651 to 285B.676
285B.655
Distributions to assist rural jurisdictions with applications for funding
285B.660
Oregon Business Development Department to develop policy for distributions, work with district association, oversee rural grant services
285B.670
Annual report to legislature by Oregon Business Development Department
285B.676
Oregon Rural Capacity Fund
285B.740
Legislative intent
285B.743
Application for entrepreneurial development loan
285B.746
Conditions for loan approval
285B.749
Additional conditions for loan approval
285B.753
Indexing of annual revenue limit amount and maximum loan amount
285B.758
Oregon Entrepreneurial Development Loan Fund
285B.764
Definitions for ORS 285B.764 to 285B.775
285B.768
Oregon Business Development Department to develop and implement loan program
285B.771
Application process
285B.774
Disadvantaged and Emerging Small Business Loan Fund
285B.775
Annual report by Oregon Business Development Department to legislature
285B.780
Purpose
285B.784
Definitions for ORS 285B.780 to 285B.799
285B.787
RFP process for awards to lenders
285B.791
Agreements with lenders
285B.794
Annual report by lenders
285B.797
Release of lender and use of balance in account
285B.799
Biennial report by Oregon Business Development Department to legislature
Green check means up to date. Up to date