Bill Text: OR HB3078 | 2011 | Regular Session | Introduced
Bill Title: Relating to the Oregon Growth Account.
Sponsorship: Partisan Bill (Democrat 6)
Status: (Failed) 2011-06-30 - In committee upon adjournment. [HB3078 Detail]
Download: Oregon-2011-HB3078-Introduced.html
76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session
NOTE: Matter within { + braces and plus signs + } in an
amended section is new. Matter within { - braces and minus
signs - } is existing law to be omitted. New sections are within
{ + braces and plus signs + } .
LC 2379
House Bill 3078
Sponsored by Representatives HUNT, WITT, KOMP; Representatives
BAILEY, DEMBROW, READ
SUMMARY
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
Allows Oregon Growth Account to be used to make loans to or
invest in small businesses that operate in traded sector markets.
A BILL FOR AN ACT
Relating to the Oregon Growth Account; amending ORS 348.701 and
348.702.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 348.701 is amended to read:
348.701. As used in ORS 348.701 to 348.710:
(1) 'Board' means the Oregon Growth Account Board established
in ORS 348.707.
(2) 'Emerging growth business' means an individual or group of
individuals or a new or small company, including but not limited
to any new or small partnership, limited liability company,
corporation, firm, association or other entity, that has the
capacity, upon obtaining appropriate capital, to generate
significant high skill, high wage employment.
(3) 'Management company' includes an individual or group of
individuals, firm, association, limited partnership, partnership,
corporation or other investment company.
(4) 'Seed capital' means financing that is provided for the
initial phases, including the first phase, of development,
refinement and commercialization of a technology, product,
process or innovation, including but not limited to facilitating
technology transfers related to academic research, discoveries or
developments for the purpose of commercialization of a
technology, product, process or innovation.
{ + (5) 'Small business corporation' has the meaning given
that term in ORS 316.871.
(6) 'Traded sector' has the meaning given that term in ORS
285B.280. + }
SECTION 2. ORS 348.702 is amended to read:
348.702. (1) There is created within the Education Stability
Fund the Oregon Growth Account, to which shall be credited, in
the manner provided in subsection (2) of this section, five
percent of the funds transferred under section 4, Article XV of
the Oregon Constitution, from the Administrative Services
Economic Development Fund to the Education Stability Fund.
Separate records shall be maintained for moneys in the Oregon
Growth Account that are available for the purposes specified in
subsection (5) of this section. The account may be credited with
unrestricted appropriations, gifts, donations, grants or contract
proceeds from any source, with investments or funds from any
source and with returns on investments made from the account.
(2) The Oregon Department of Administrative Services may credit
to the Oregon Growth Account from the first funds transferred in
a fiscal year to the Education Stability Fund under section 4,
Article XV of the Oregon Constitution, an amount up to the amount
the department estimates to be five percent of the funds required
to be transferred to the Education Stability Fund for that fiscal
year.
(3) If at the end of the fiscal year the amount credited to the
Oregon Growth Account under subsection (2) of this section is
less than or greater than five percent of the amount required to
be transferred under section 4, Article XV of the Oregon
Constitution, to the Education Stability Fund, the amount
credited to the Oregon Growth Account shall be adjusted in one of
the following ways:
(a) The amount credited to the account in the following fiscal
year may be adjusted;
(b) Any excess may be transferred from the Oregon Growth
Account to the Education Stability Fund; or
(c) Any shortage may be transferred from the Education
Stability Fund to the Oregon Growth Account from funds available
for that purpose.
(4) Adjustments required by subsection (3) of this section
shall be made without consideration of any interest or other
earnings that have accrued during the fiscal year.
(5) The purpose of the Oregon Growth Account is to earn returns
for the Education Stability Fund by { + :
(a) + } Making investments in or by providing seed capital for
emerging growth businesses { + ; and
(b) Making loans to or investments in small business
corporations that operate in traded sector markets + }.
(6) The investment of funds in the Oregon Growth Account shall
be governed by the Oregon Growth Account Board.
SECTION 3. ORS 348.702, as amended by section 2, chapter 805,
Oregon Laws 2009, is amended to read:
348.702. (1) There is created within the Education Stability
Fund the Oregon Growth Account, to which shall be credited, in
the manner provided in subsection (2) of this section, 10 percent
of the funds transferred under section 4, Article XV of the
Oregon Constitution, from the Administrative Services Economic
Development Fund to the Education Stability Fund. Separate
records shall be maintained for moneys in the Oregon Growth
Account that are available for the purposes specified in
subsection (5) of this section. The account may be credited with
unrestricted appropriations, gifts, donations, grants or contract
proceeds from any source, with investments or funds from any
source and with returns on investments made from the account.
(2) The Oregon Department of Administrative Services may credit
to the Oregon Growth Account from the first funds transferred in
a fiscal year to the Education Stability Fund under section 4,
Article XV of the Oregon Constitution, an amount up to the amount
the department estimates to be 10 percent of the funds required
to be transferred to the Education Stability Fund for that fiscal
year.
(3) If at the end of the fiscal year the amount credited to the
Oregon Growth Account under subsection (2) of this section is
less than or greater than 10 percent of the amount required to be
transferred under section 4, Article XV of the Oregon
Constitution, to the Education Stability Fund, the amount
credited to the Oregon Growth Account shall be adjusted in one of
the following ways:
(a) The amount credited to the account in the following fiscal
year may be adjusted;
(b) Any excess may be transferred from the Oregon Growth
Account to the Education Stability Fund; or
(c) Any shortage may be transferred from the Education
Stability Fund to the Oregon Growth Account from funds available
for that purpose.
(4) Adjustments required by subsection (3) of this section
shall be made without consideration of any interest or other
earnings that have accrued during the fiscal year.
(5) The purpose of the Oregon Growth Account is to earn returns
for the Education Stability Fund by { + :
(a) + } Making investments in or by providing seed capital for
emerging growth businesses { + ; and
(b) Making loans to or investments in small business
corporations that operate in traded sector markets + }.
(6) The investment of funds in the Oregon Growth Account shall
be governed by the Oregon Growth Account Board.
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