Issuance of lottery bonds
- • principal amount
- • disposition
- • legislative findings
- • State Fair Capital Project Fund
(1) Pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities), lottery bonds may be issued to fund projects for the improvement, restoration, upgrading and preservation of systems, facilities and equipment of the Oregon State Fair.
(2) The use of lottery bond proceeds is authorized based on the following findings:
(a) The activities of the Oregon State Fair promote Oregon’s agricultural industry and its products;
(b) The promotion of agricultural products expands markets, which in turn creates jobs and stimulates economic development of the industry; and
(c) The Oregon State Fair draws patrons from throughout the region and creates jobs and substantial economic activity for the Salem and Keizer areas.
(3) The aggregate principal amount of lottery bonds issued pursuant to this section may not exceed the sum of $20,167,661 and an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs. Lottery bonds issued pursuant to this section shall be issued only at the request of the State Parks and Recreation Director.
(4) The net proceeds of lottery bonds issued pursuant to this section shall be deposited in the State Fair Capital Project Fund, which is hereby established in the State Treasury separate and distinct from the General Fund.
(5) The proceeds of lottery bonds issued pursuant to this section shall be used only for the purposes set forth in subsection (1) of this section and for bond-related costs. [1999 c.702 §5; 2001 c.942 §12; 2005 c.777 §30]
Note: 565.103 (Issuance of lottery bonds) was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 565 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
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