ORS 285B.551
Issuance of additional lottery bonds

  • uses
  • maximum amounts
  • Economic Infrastructure 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), 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:

(a)

To provide financial and other assistance, including but not limited to loans and grants, to municipalities, ports and other persons and entities in accordance with the laws governing use of moneys in the Special Public Works Fund created by ORS 285B.455 (Special Public Works Fund), the Water Fund created by ORS 285B.563 (Water Fund), the Safe Drinking Water Revolving Loan Fund created by ORS 285A.213 (Safe Drinking Water Revolving Loan Fund), the Oregon Port Revolving Fund created by ORS 285A.708 (Oregon Port Revolving Fund), the Brownfields Redevelopment Fund created by ORS 285A.188 (Brownfields Redevelopment Fund), the Oregon Business Development Fund created by ORS 285B.092 (Oregon Business Development Fund) and the Marine Navigation Improvement Fund created by ORS 777.267 (Marine Navigation Improvement Fund).

(b)

To fund Oregon’s share of the costs of the Columbia River channel deepening project.

(c)

To fund Oregon’s share of the costs of studies and ecosystem restoration projects in the lower Columbia River estuary designed to improve habitat for listed endangered or threatened species of Columbia River anadromous salmonids.

(2)

The use of lottery bond proceeds is authorized based on the following findings:

(a)

The financial and other assistance to municipalities, ports and other persons and entities will assist in the establishment and expansion of businesses in Oregon and in the construction, improvement and expansion of infrastructure, community and port facilities and other facilities that comprise the physical foundation for industrial and commercial activity and provide the basic framework for continued and expanded economic opportunities and quality communities throughout Oregon.

(b)

The Columbia River channel deepening project is necessary to allow newer, larger steamships access to Oregon and Washington deep draft ports. A deeper shipping channel will allow the Columbia River to continue as a world leader in agricultural exports and as a key trade corridor for farms and businesses throughout Oregon and the region.

(c)

Such financial and other assistance to municipalities, ports and other persons and entities and the deepening of the Columbia River channel will therefore promote economic development within this state, and thus the use of net proceeds derived from the operation of the Oregon State Lottery to pay debt service on lottery bonds issued under this section to provide such financial and other assistance to municipalities, ports and other persons and entities and to pay a portion of the costs of deepening the Columbia River channel is an authorized use of state lottery funds under section 4, Article XV of the Oregon Constitution, and ORS 461.510 (State Lottery Fund).

(d)

The current lower Columbia River estuary habitat for listed endangered or threatened species of Columbia River anadromous salmonids could be improved through ecosystem restoration projects. The use of the Oregon State Lottery to pay debt service on lottery bonds issued under this section to pay for studying how the estuary could be improved and to pay for ecosystem restoration projects are authorized uses of state lottery funds.

(3)

Intentionally left blank —Ed.

(a)

The aggregate principal amount of lottery bonds issued pursuant to subsection (1)(a) of this section for financial and other assistance to municipalities, ports and other persons and entities may not exceed the sum of $386,226,252 and an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs. The aggregate principal amount of lottery bonds issued pursuant to subsection (1)(b) of this section for the Columbia River channel deepening project may not exceed the sum of $17.7 million and an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(b)

The Oregon Department of Administrative Services may not request the issuance of lottery bonds under subsection (1)(b) of this section until the Director of the Oregon Business Development Department determines that a final environmental impact statement has been issued and a record of decisions has been submitted to Congress by the United States Army Corps of Engineers, Congress has authorized the Columbia River channel deepening project, and the Washington sponsors’ shares of the costs of the Columbia River channel deepening project have been committed.

(4)

The net proceeds of lottery bonds issued pursuant to subsection (1)(a) and (b) of this section shall be deposited in the Economic Infrastructure Project Fund, which is hereby established in the State Treasury separate and distinct from the General Fund. Interest earned by the Economic Infrastructure Project Fund shall be credited to the fund. All moneys in the Economic Infrastructure Project Fund are continuously appropriated to the Oregon Business Development Department for any purpose for which moneys in the Special Public Works Fund created by ORS 285B.455 (Special Public Works Fund) may be used, any purpose for which moneys in the Water Fund created by ORS 285B.563 (Water Fund) may be used, any purpose for which moneys in the Safe Drinking Water Revolving Loan Fund created by ORS 285A.213 (Safe Drinking Water Revolving Loan Fund) may be used, any purpose for which moneys in the Oregon Port Revolving Fund created by ORS 285A.708 (Oregon Port Revolving Fund) may be used, any purpose for which moneys in the Brownfields Redevelopment Fund created by ORS 285A.188 (Brownfields Redevelopment Fund) may be used, any purpose for which moneys in the Oregon Business Development Fund created by ORS 285B.092 (Oregon Business Development Fund) may be used and any purpose for which moneys in the Marine Navigation Improvement Fund created by ORS 777.267 (Marine Navigation Improvement Fund) may be used. The Director of the Oregon Business Development Department shall allocate the moneys deposited in the Economic Infrastructure Project Fund for the purposes described in this subsection in accordance with the priorities developed by the Oregon Business Development Commission in accordance with ORS 285A.020 (Legislative findings). However, the director shall transfer from the Economic Infrastructure Project Fund and deposit into the Channel Deepening Account of the Marine Navigation Improvement Fund the proceeds of any lottery bonds sold to finance a portion of the costs of the Columbia River channel deepening project. Upon determining the relative allocation of moneys deposited in the Economic Infrastructure Project Fund among the purposes described in this subsection, the director shall transfer from the Economic Infrastructure Project Fund, and deposit into each of the other funds described in this subsection, the amounts so allocated. Notwithstanding any other provision of law governing the funds described in this subsection, the funds described in this subsection may be credited with moneys transferred from the Economic Infrastructure Project Fund by the director in accordance with this subsection.

(5)

The aggregate principal amount of lottery bonds issued pursuant to subsection (1)(c) of this section for the costs of studies and ecosystem restoration projects in the lower Columbia River estuary may not exceed the sum of $750,000 and an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs. The net proceeds of lottery bonds issued pursuant to subsection (1)(c) of this section shall be deposited in the Oregon Business, Innovation and Trade Fund created by ORS 285A.227 (Oregon Business, Innovation and Trade Fund) and may be used only for the Oregon nonfederal share of United States Army Corps of Engineers Columbia River estuary projects authorized by Congress prior to August 9, 2001. The director may not request the issuance of lottery bonds under subsection (1)(c) of this section until Congress and Washington have authorized their respective shares of the costs of the studies and ecosystem restoration projects in the lower Columbia River estuary.

(6)

The proceeds of lottery bonds issued pursuant to this section may be used only for the purposes set forth in this section and for bond-related costs. [1999 c.702 §1; 2001 c.96 §6; 2001 c.942 §1; 2003 c.741 §4; 2005 c.788 §1; 2007 c.746 §1; 2007 c.804 §78; 2009 c.830 §115; 2009 c.906 §1a; 2011 c.624 §1; 2013 c.786 §1; 2015 c.812 §1; 2017 c.748 §1; 2019 c.671 §1; 2021 c.682 §1]
Note: 285B.551 (Issuance of additional lottery bonds) was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 285B or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
Note: Section 3, chapter 786, Oregon Laws 2013, provides:
Sec. 3. Regional Infrastructure Fund. (1) The Regional Infrastructure Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned on the moneys in the Regional Infrastructure Fund shall be credited to the fund. The Regional Infrastructure Fund consists of moneys deposited in the fund under section 2, chapter 786, Oregon Laws 2013, section 2, chapter 812, Oregon Laws 2015, and section 3, chapter 748, Oregon Laws 2017, and may include fees, revenues or other income deposited into the fund by the Legislative Assembly.

(2)

Moneys in the fund are continuously appropriated to the Oregon Business Development Department for disbursement to local governments and federally recognized Indian tribes located in this state for the purposes set forth in section 2, chapter 786, Oregon Laws 2013, section 2, chapter 812, Oregon Laws 2015, and section 3, chapter 748, Oregon Laws 2017. [2013 c.786 §3; 2015 c.812 §3; 2017 c.748 §4; 2019 c.281 §1]
Note: Section 4, chapter 812, Oregon Laws 2015, provides:
Sec. 4. Rules. (1) The Director of the Oregon Business Development Department, in accordance with ORS chapter 183, shall adopt rules necessary to administer programs or projects financed with moneys obtained pursuant to section 3, chapter 786, Oregon Laws 2013, and section 2 of this 2015 Act. The rules shall address procedures for authorizing infrastructure planning and research efforts, developing and evaluating grant and loan applications, awarding grants and loans from the Regional Infrastructure Fund and administering a grant and loan review committee, and may include other provisions the director determines necessary or convenient for the Oregon Business Development Department to perform its duties and responsibilities under section 3, chapter 786, Oregon Laws 2013, and section 2 of this 2015 Act.

(2)

The rules must be developed in consultation with the Director of the Oregon Department of Administrative Services or the director’s designee. [2015 c.812 §4]
Note: Section 6, chapter 786, Oregon Laws 2013, provides:
Sec. 6. Cultural Resources Economic Fund. (1) The Cultural Resources Economic Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned on the moneys in the Cultural Resources Economic Fund shall be credited to the fund. The Cultural Resources Economic Fund consists of moneys deposited in the fund under section 5, chapter 786, Oregon Laws 2013, section 26, chapter 812, Oregon Laws 2015, section 22, chapter 748, Oregon Laws 2017, and section 44 of this 2021 Act and may include fees, revenues or other income deposited in the fund by the Legislative Assembly.

(2)

Moneys in the fund are continuously appropriated to the Oregon Business Development Department for disbursement for the purposes set forth in section 5, chapter 786, Oregon Laws 2013, and section 26, chapter 812, Oregon Laws 2015, section 22, chapter 748, Oregon Laws 2017, and section 44 of this 2021 Act. [2013 c.786 §6; 2015 c.812 §27; 2017 c.748 §23; 2019 c.671 §36; 2021 c.682 §45]
Note: Section 7a, chapter 66, Oregon Laws 2016, provides:
Sec. 7a. American Manufacturing Innovation District Fund. (1) The American Manufacturing Innovation District Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned on moneys in the American Manufacturing Innovation District Fund shall be credited to the fund. The fund consists of moneys deposited in the fund under section 7 of this 2016 Act and may include fees, revenues or other income deposited into the fund by the Legislative Assembly.

(2)

Moneys in the American Manufacturing Innovation District Fund are continuously appropriated to the Oregon Business Development Department for the purpose described in section 7 of this 2016 Act. [2016 c.66 §7a]
Note: Section 29, chapter 748, Oregon Laws 2017, provides:
Sec. 29. Lottery bonds for construction of Oregon Manufacturing Innovation Center access roads.

(1)

For the biennium beginning July 1, 2017, 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 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) in an amount that produces $3,390,000 in net proceeds and interest earnings for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2)

Net proceeds of lottery bonds issued under this section in an amount sufficient to provide $3,390,000 in net proceeds and interest earnings must be transferred to the Oregon Business Development Department for deposit in the American Manufacturing Innovation District Fund established in section 7a, chapter 66, Oregon Laws 2016, for construction of Oregon Manufacturing Innovation Center access roads.

(3)

The Legislative Assembly finds that the use of lottery bonds proceeds with create jobs and further economic development, and is authorized based on the finding that the Oregon Manufacturing Innovation Center will enable and encourage the development of a robust manufacturing sector in the Oregon economy. [2017 c.748 §29; 2019 c.30 §6]
Note: Section 28, chapter 748, Oregon Laws 2017, provides:
Sec. 28. OBDD Economic Development Distributions Fund. (1) The OBDD Economic Development Distributions Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned on the moneys in the OBDD Economic Development Distributions Fund must be credited to the fund. The OBDD Economic Development Distributions Fund consists of moneys deposited in the fund under sections 26 and 27, chapter 748, Oregon Laws 2017, and may include fees, revenues or other income deposited into the fund by the Legislative Assembly.

(2)

Moneys in the fund are continuously appropriated to the Oregon Business Development Department for purposes described in sections 26 and 27, chapter 748, Oregon Laws 2017. [2017 c.748 §28; 2019 c.671 §32; 2020 s.s.2 c.5 §13; 2021 c.682 §53]

Source: Section 285B.551 — Issuance of additional lottery bonds; uses; maximum amounts; Economic Infrastructure Project Fund, 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