Bill Text: OR HB4040 | 2012 | Regular Session | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to investment for economic development; appropriating money; and declaring an emergency.

Spectrum: Slight Partisan Bill (Democrat 38-15)

Status: (Passed) 2012-04-06 - Chapter 90, (2012 Laws): Effective date April 6, 2012. [HB4040 Detail]

Download: Oregon-2012-HB4040-Engrossed.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2012 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 45

                           B-Engrossed

                         House Bill 4040
                Ordered by the House February 29
   Including House Amendments dated February 9 and February 29

Sponsored by Representatives READ, BERGER, Senators DEVLIN,
  TELFER; Representatives BARKER, BARNHART, BENTZ, BREWER,
  BUCKLEY, CLEM, CONGER, DEMBROW, DOHERTY, FREDERICK, GARRETT,
  GELSER, GILLIAM, HARKER, HOLVEY, HOYLE, HUFFMAN, HUNT,
  KENNEMER, KENY-GUYER, KOMP, KOTEK, MATTHEWS, NATHANSON, ROBLAN,
  J SMITH, TOMEI, WAND, WEIDNER, WHISNANT, WITT, Senators BATES,
  BEYER, HASS, JOHNSON, MORSE, NELSON, PROZANSKI, ROSENBAUM,
  STEINER HAYWARD (Presession filed.)

                             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.

  Establishes Oregon Growth Fund and Oregon Growth Board to
encourage investment in and availability of capital to Oregon
businesses and to further economic development in Oregon.
  Requires Oregon Growth Board to submit report to Legislative
Assembly on or before January 1, 2013, on implementation and
administration of provisions relating to establishment, duties,
functions and powers of board.
  Abolishes   { - Oregon Growth Account and - }  Oregon Growth
Account Board on January 2, 2014, unless certain provisions
relating to duties, functions and powers of Oregon Growth Board
and Oregon Growth Fund sunset on June 30, 2013.
  Sunsets provisions establishing Oregon Growth Board on June 30,
2014. Provides exception.
  Declares emergency, effective on passage.

                        A BILL FOR AN ACT
Relating to investment for economic development; creating new
  provisions; amending ORS 192.502, 244.050, 284.701, 284.706,
  293.731, 293.733, 293.761, 293.796 and 348.702; repealing ORS
  348.701, 348.703, 348.704, 348.706, 348.707 and 348.710;
  appropriating money; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:

                               { +
OREGON GROWTH BOARD + }
                               { +
AND OREGON GROWTH FUND + }

  SECTION 1.  { + As used in sections 1 to 7 of this 2012 Act,
unless the context requires otherwise:

  (1) 'Business' means a corporation, partnership,
proprietorship, firm, enterprise, joint venture, cooperative,
franchise, association, organization, self-employed individual,
group of individuals, nonprofit entity or other entity that is or
will be operating or doing business in Oregon.
  (2) 'Economic development' means development that:
  (a) Relates to and supports the economic development policies
for this state set forth in, or adopted in furtherance of, ORS
285A.020;
  (b) Promotes, expands or prevents the decline of businesses
located or to be located in Oregon;
  (c) Creates jobs or prevents the loss of jobs; or
  (d) Promotes the policies of the Oregon Growth Board.
  (3) 'Financial services and support' includes but is not
limited to funding, access to capital, asset building, business
planning, market development, improving management skills or any
other type of service or support that enhances business
development and furthers economic development.
  (4) 'Local government' has the meaning given that term in ORS
174.116.
  (5) 'State agency' means an officer, board, commission,
department, division, institution, branch or agency in the
executive or administrative branch of state government. + }
  SECTION 2.  { + It is the intent of the Legislative Assembly,
in enacting sections 1 to 7 of this 2012 Act, to encourage
investment in and availability of capital to businesses in this
state and to increase resources available to local governments
and state agencies that create, facilitate, maintain and promote
financial services and support and to other efforts that further
economic development in Oregon. + }
  SECTION 3.  { + (1) The Oregon Growth Board is established to
formulate and implement policies and procedures to administer
sections 1 to 7 of this 2012 Act, and to make recommendations for
the investment, reinvestment, management and coordination of
funds in the Oregon Growth Account established under ORS 348.702
and the Oregon Growth Fund established under section 7 of this
2012 Act.
  (2) The board shall consist of seven voting members and one to
three nonvoting members as follows:
  (a) The State Treasurer shall be an ex officio voting member of
the board.
  (b) The Governor shall appoint six voting members, subject to
Senate confirmation under ORS 171.562 and 171.565 and the
following:
  (A) Two of the members shall be persons who do not belong to
the same political party, who reflect the identity of the
Legislative Assembly by political party affiliation at the time
the persons are appointed and who are selected from a list of
four candidates, each candidate recommended by the President of
the Senate, the Minority Leader of the Senate, the Speaker of the
House of Representatives or the Minority Leader of the House of
Representatives, respectively.
  (B) Members shall include at least one representative of each
of the five congressional districts in this state.
  (C) Four members shall be appointed as follows:
  (i) One member with experience in banking;
  (ii) One member with experience in credit union operations;
  (iii) One member with experience managing investments; and
  (iv) One member with experience as a small business employer in
this state.
  (c) The Director of the Oregon Business Development Department
shall be an ex officio nonvoting member of the board.
  (d) Two members of the Legislative Assembly that belong to
different political parties as determined by the appropriate
entry on official election registration cards, who are appointed
by agreement of the President of the Senate, the Minority Leader
of the Senate, the Speaker of the House of Representatives and
the Minority Leader of the House of Representatives, shall serve
as nonvoting members of the board. If an agreement cannot be
reached on both members of the Legislative Assembly to serve on
the board, no appointment shall be made under this paragraph.
  (3) The term of office of each member who is not an ex officio
member is four years. A member appointed by the Governor serves
at the pleasure of the Governor. Before the expiration of the
term of a member who is not an ex officio member, the appointing
authority shall appoint a successor whose term begins on January
1 next following. A member is eligible for reappointment. If
there is a vacancy for any cause, including but not limited to
the end of a term of membership in the Legislative Assembly, the
appointing authority shall make an appointment to become
immediately effective for the unexpired term.
  (4) The board shall select one of its members as chairperson
and another to serve as a liaison with local governments for such
terms and with duties and powers necessary for the performance of
the functions of these offices as the board determines,
consistent with this section.
  (5) A majority of the voting members of the board constitutes a
quorum for the transaction of business.
  (6) A member of the board may receive compensation and
reimbursement for expenses as follows:
  (a) Members of the Legislative Assembly as provided in ORS
171.072.
  (b) Nonlegislative members in the manner and amounts provided
in ORS 292.495. Claims for compensation and expenses incurred in
performing the functions of the board shall be paid out of funds
appropriated to the board for that purpose.
  (7) The Oregon Business Development Department shall provide
staff to the board as necessary to allow the board to carry out
its responsibilities under sections 1 to 7 of this 2012 Act. + }
  SECTION 4.  { + Notwithstanding the term of office specified by
section 3 of this 2012 Act, of the members of the Oregon Growth
Board who are not ex officio members and who are first appointed
to the board:
  (1) If two members are appointed under section 3 (2)(d) of this
2012 Act:
  (a) Two shall serve for a term ending December 31, 2013.
  (b) Two shall serve for a term ending December 31, 2014.
  (c) Two shall serve for a term ending December 31, 2015.
  (d) Two shall serve for a term ending December 31, 2016.
  (2) If no members are appointed under section 3 (2)(d) of this
2012 Act:
  (a) One shall serve for a term ending December 31, 2013.
  (b) One shall serve for a term ending December 31, 2014.
  (c) Two shall serve for a term ending December 31, 2015.
  (d) Two shall serve for a term ending December 31, 2016. + }
  SECTION 5.  { + The Oregon Growth Board has the following
duties, functions and powers:
  (1) To maintain, invest and reinvest moneys in the Oregon
Growth Fund established under section 7 of this 2012 Act
consistent with the policies and procedures established by the
board and the investment standard stated in ORS 293.726,
including but not limited to the creation and maintenance of one
or more investment funds within the Oregon Growth Fund. In
exercising its authority under this subsection, the board may
include economic factors, including but not limited to job
retention and creation, as considerations in making investment
decisions.
  (2) To maintain, invest and reinvest moneys in the Oregon
Growth Account established under ORS 348.702 consistent with the
policies and procedures established by the board and the
investment standard stated in ORS 293.726 and for the purpose of
earning returns for the Education Stability Fund. Policies
established by the board under this subsection shall include, but
are not limited to, the determination of when and how earnings
are calculated and declared available from the account on behalf
of the Education Stability Fund.
  (3) To make and enter into contracts, agreements or
arrangements for the investment and management of moneys in the
Oregon Growth Account and the Oregon Growth Fund as provided in
section 6 of this 2012 Act and for other services the board deems
reasonable and necessary to fulfill the duties of the board under
this section.
  (4)(a) With respect to the Oregon Growth Account, to make,
purchase, guarantee or hold loans, including but not limited to
participation interests in loans, made to or from the Oregon
Growth Account for the purpose of earning returns for the
Education Stability Fund.
  (b) With respect to the Oregon Growth Fund, to make, purchase,
guarantee or hold grants and loans, including but not limited to
competitive grants and participation interests in loans, made to
or from the Oregon Growth Fund for the benefit of qualified
businesses for the purpose of furthering economic development.
  (5) To qualify or certify businesses that invest in the Oregon
Growth Account or the Oregon Growth Fund for any investment
incentive approved by the board.
  (6) To collaborate, cooperate and enter into agreements with
local governments, state agencies, financial institutions and
other entities as appropriate to:
  (a) Provide financial services and support to businesses for
the purpose of furthering economic development;
  (b) Coordinate actions, responsibilities and resources that
further economic development; and
  (c) Delegate between the board and a local government or state
agency any duties, functions or powers that the board, local
government or state agency is authorized to perform if consistent
with and necessary to the administration of sections 1 to 7 of
this 2012 Act. Delegation of duties, functions or powers under
this paragraph must be done pursuant to written agreement.
  (7) To seek, solicit, obtain and accept local, state, federal
and private resources and donations for deposit into the Oregon
Growth Account and the Oregon Growth Fund to aid in the
administration of sections 1 to 7 of this 2012 Act.
  (8) To adopt rules that specify:
  (a) The board's permissible investments, and activities and
services that the board may provide or engage in;
  (b) Guidelines regarding the amount and type of leverage to
maximize investments and any other resources available to, and
subject to the authority of, the board; and
  (c) Other requirements that the board considers necessary for
the exercise of the board's duties, functions and powers under
sections 1 to 7 of this 2012 Act.
  (9) To make recommendations to the Legislative Assembly
regarding:
  (a) Appropriations of General Fund moneys to the Oregon Growth
Fund;
  (b) The terms of income and corporate excise tax subtractions
or other tax expenditures, as defined in ORS 291.201, that will
promote and create private investment in the Oregon Growth Fund;
  (c) Incentives for private sector investment that further
investment, capital availability, job creation and economic
development;
  (d) The use of moneys in the Oregon Growth Account to earn
returns for the Education Stability Fund; and
  (e) Legislation needed to further economic development. + }
  SECTION 6.  { + (1) The Oregon Growth Board shall contract with
one or more management companies to manage and invest the moneys
in the Oregon Growth Account established under ORS 348.702 and
the Oregon Growth Fund established under section 7 of this 2012
Act.  For purposes of this subsection, a contract with a
management company may consist of:
  (a) A partnership agreement under which the Oregon Growth Board
is the limited partner and the management company is the general
partner; or
  (b) Another form of payment or profit-sharing arrangement under
which the Oregon Growth Board may receive payment or another form
of return in exchange for its investment.
  (2) A management company selected to manage the Oregon Growth
Fund or the Oregon Growth Account shall manage the moneys in the
fund or account, subject to the policies and procedures and
investment directives and strategies of the Oregon Growth Board,
with the care, skill and diligence that a prudent investor acting
in a similar capacity and familiar with such investments would
use in managing and investing a similar fund.
  (3) The management company shall invest in Oregon an amount
that is at least equal to the amount of the principal transferred
from the Oregon Growth Account or the Oregon Growth Fund to the
management company for investment.
  (4) The contract between the board and a management company to
manage the Oregon Growth Account or the Oregon Growth Fund, and
the functions performed under the contract, are not subject to
the State Personnel Relations Law or ORS 279.835 to 279.855 or
ORS chapter 279A or 279B.
  (5) The Oregon Growth Board shall provide to local governments
and state agencies any reports on the investment of moneys in the
Oregon Growth Account that are necessary to fulfill audit,
financial, investment or other reporting requirements to which
the Education Stability Fund is subject by law or standard
accounting principles. + }
  SECTION 7.  { + (1) The Oregon Growth Fund is established in
the State Treasury, separate and distinct from the General Fund.
Interest earned by the Oregon Growth Fund shall be credited to
the fund.
  (2) Moneys in the Oregon Growth Fund consist of:
  (a) Amounts donated to the fund;
  (b) Moneys transferred to the fund from the federal government,
state agencies or local governments;
  (c) Amounts appropriated or otherwise transferred to the fund
by the Legislative Assembly;
  (d) Earnings received on moneys in the fund; and
  (e) Other amounts deposited in the fund from any source.
  (3) Moneys in the fund are continuously appropriated to the
Oregon Growth Board for the purpose of sections 1 to 7 of this
2012 Act.
  (4) The board may establish accounts and subaccounts within the
fund when the board determines that accounts or subaccounts are
necessary or desirable and may credit any interest or income
derived from moneys in the fund to any account or subaccount in
the fund.
  (5) The board may use moneys in the fund to pay the
administrative costs associated with the fund and with
administering sections 1 to 7 of this 2012 Act. + }
  SECTION 7a. 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 making investments in
or by providing seed capital for emerging growth businesses - } .
  (6) The investment of funds in the Oregon Growth Account shall
be governed by the Oregon Growth   { - Account - }  Board.
   { +  (7) The Oregon Growth Board may use moneys in the Oregon
Growth Account to pay the administrative costs associated with
the account and with administering those portions of sections 1
to 7 of this 2012 Act that pertain to the account. + }
  SECTION 8.  { + The Oregon Growth Board shall submit a report
to the Legislative Assembly on or before January 1, 2013. The
report required by this section shall include a proposal for a
plan that includes, but is not limited to:
  (1) Recommendations for the implementation and administration
of sections 1 to 7 of this 2012 Act;
  (2) Policies and procedures for investment and management of
moneys in the Oregon Growth Account and the Oregon Growth Fund;
  (3) Recommendations regarding duties, functions and powers of
the Oregon Growth Board; and
  (4) Recommendations for legislation relating to the Oregon
Growth Board, the Oregon Growth Account and the Oregon Growth
Fund that will increase earnings for the Education Stability Fund
from the Oregon Growth Account and that will further economic
development. + }
  SECTION 9. ORS 244.050 is amended to read:
  244.050. (1) On or before April 15 of each year the following
persons shall file with the Oregon Government Ethics Commission a
verified statement of economic interest as required under this
chapter:
  (a) The Governor, Secretary of State, State Treasurer, Attorney
General, Commissioner of the Bureau of Labor and Industries,
district attorneys and members of the Legislative Assembly.
  (b) Any judicial officer, including justices of the peace and
municipal judges, except any pro tem judicial officer who does
not otherwise serve as a judicial officer.
  (c) Any candidate for a public office designated in paragraph
(a) or (b) of this subsection.
  (d) The Deputy Attorney General.

  (e) The Legislative Administrator, the Legislative Counsel, the
Legislative Fiscal Officer, the Secretary of the Senate and the
Chief Clerk of the House of Representatives.
  (f) The Chancellor and Vice Chancellors of the Oregon
University System and the president and vice presidents, or their
administrative equivalents, in each public university listed in
ORS 352.002.
  (g) The following state officers:
  (A) Adjutant General.
  (B) Director of Agriculture.
  (C) Manager of State Accident Insurance Fund Corporation.
  (D) Water Resources Director.
  (E) Director of Department of Environmental Quality.
  (F) Director of Oregon Department of Administrative Services.
  (G) State Fish and Wildlife Director.
  (H) State Forester.
  (I) State Geologist.
  (J) Director of Human Services.
  (K) Director of the Department of Consumer and Business
Services.
  (L) Director of the Department of State Lands.
  (M) State Librarian.
  (N) Administrator of Oregon Liquor Control Commission.
  (O) Superintendent of State Police.
  (P) Director of the Public Employees Retirement System.
  (Q) Director of Department of Revenue.
  (R) Director of Transportation.
  (S) Public Utility Commissioner.
  (T) Director of Veterans' Affairs.
  (U) Executive director of Oregon Government Ethics Commission.
  (V) Director of the State Department of Energy.
  (W) Director and each assistant director of the Oregon State
Lottery.
  (X) Director of the Department of Corrections.
  (Y) Director of the Oregon Department of Aviation.
  (Z) Executive director of the Oregon Criminal Justice
Commission.
  (AA) Director of the Oregon Business Development Department.
  (BB) Director of the Office of Emergency Management.
  (CC) Director of the Employment Department.
  (DD) Chief of staff for the Governor.
  (EE) Administrator of the Office for Oregon Health Policy and
Research.
  (FF) Director of the Housing and Community Services Department.
  (GG) State Court Administrator.
  (HH) Director of the Department of Land Conservation and
Development.
  (II) Board chairperson of the Land Use Board of Appeals.
  (JJ) State Marine Director.
  (KK) Executive director of the Oregon Racing Commission.
  (LL) State Parks and Recreation Director.
  (MM) Public defense services executive director.
  (NN) Chairperson of the Public Employees' Benefit Board.
  (OO) Director of the Department of Public Safety Standards and
Training.
  (PP) Chairperson of the Oregon Student Access Commission.
  (QQ) Executive director of the Oregon Watershed Enhancement
Board.
  (RR) Director of the Oregon Youth Authority.
  (SS) Director of the Oregon Health Authority.
  (TT) Deputy Superintendent of Public Instruction.
  (h) Any assistant in the Governor's office other than personal
secretaries and clerical personnel.
  (i) Every elected city or county official.
  (j) Every member of a city or county planning, zoning or
development commission.
  (k) The chief executive officer of a city or county who
performs the duties of manager or principal administrator of the
city or county.
  (L) Members of local government boundary commissions formed
under ORS 199.410 to 199.519.
  (m) Every member of a governing body of a metropolitan service
district and the executive officer thereof.
  (n) Each member of the board of directors of the State Accident
Insurance Fund Corporation.
  (o) The chief administrative officer and the financial officer
of each common and union high school district, education service
district and community college district.
  (p) Every member of the following state boards and commissions:
  (A) Board of Geologic and Mineral Industries.
  (B) Oregon Business Development Commission.
  (C) State Board of Education.
  (D) Environmental Quality Commission.
  (E) Fish and Wildlife Commission of the State of Oregon.
  (F) State Board of Forestry.
  (G) Oregon Government Ethics Commission.
  (H) Oregon Health Policy Board.
  (I) State Board of Higher Education.
  (J) Oregon Investment Council.
  (K) Land Conservation and Development Commission.
  (L) Oregon Liquor Control Commission.
  (M) Oregon Short Term Fund Board.
  (N) State Marine Board.
  (O) Mass transit district boards.
  (P) Energy Facility Siting Council.
  (Q) Board of Commissioners of the Port of Portland.
  (R) Employment Relations Board.
  (S) Public Employees Retirement Board.
  (T) Oregon Racing Commission.
  (U) Oregon Transportation Commission.
  (V) Wage and Hour Commission.
  (W) Water Resources Commission.
  (X) Workers' Compensation Board.
  (Y) Oregon Facilities Authority.
  (Z) Oregon State Lottery Commission.
  (AA) Pacific Northwest Electric Power and Conservation Planning
Council.
  (BB) Columbia River Gorge Commission.
  (CC) Oregon Health and Science University Board of Directors.
  (DD) Capitol Planning Commission.
  (EE) Higher Education Coordinating Commission.
   { +  (FF) Oregon Growth Board. + }
  (q) The following officers of the State Treasurer:
  (A) Deputy State Treasurer.
  (B) Chief of staff for the office of the State Treasurer.
  (C) Director of the Investment Division.
  (r) Every member of the board of commissioners of a port
governed by ORS 777.005 to 777.725 or 777.915 to 777.953.
  (s) Every member of the board of directors of an authority
created under ORS 441.525 to 441.595.
  (2) By April 15 next after the date an appointment takes
effect, every appointed public official on a board or commission
listed in subsection (1) of this section shall file with the
Oregon Government Ethics Commission a statement of economic
interest as required under ORS 244.060, 244.070 and 244.090.
  (3) By April 15 next after the filing deadline for the primary
election, each candidate described in subsection (1) of this
section shall file with the commission a statement of economic
interest as required under ORS 244.060, 244.070 and 244.090.
  (4) Within 30 days after the filing deadline for the general
election, each candidate described in subsection (1) of this
section who was not a candidate in the preceding primary
election, or who was nominated for public office described in
subsection (1) of this section at the preceding primary election
by write-in votes, shall file with the commission a statement of
economic interest as required under ORS 244.060, 244.070 and
244.090.
  (5) Subsections (1) to (4) of this section apply only to
persons who are incumbent, elected or appointed public officials
as of April 15 and to persons who are candidates on April 15.
Subsections (1) to (4) of this section also apply to persons who
do not become candidates until 30 days after the filing deadline
for the statewide general election.
  (6) If a statement required to be filed under this section has
not been received by the commission within five days after the
date the statement is due, the commission shall notify the public
official or candidate and give the public official or candidate
not less than 15 days to comply with the requirements of this
section. If the public official or candidate fails to comply by
the date set by the commission, the commission may impose a civil
penalty as provided in ORS 244.350.
  SECTION 9a. ORS 244.050, as operative until July 1, 2012, is
amended to read:
  244.050. (1) On or before April 15 of each year the following
persons shall file with the Oregon Government Ethics Commission a
verified statement of economic interest as required under this
chapter:
  (a) The Governor, Secretary of State, State Treasurer, Attorney
General, Commissioner of the Bureau of Labor and Industries,
district attorneys and members of the Legislative Assembly.
  (b) Any judicial officer, including justices of the peace and
municipal judges, except any pro tem judicial officer who does
not otherwise serve as a judicial officer.
  (c) Any candidate for a public office designated in paragraph
(a) or (b) of this subsection.
  (d) The Deputy Attorney General.
  (e) The Legislative Administrator, the Legislative Counsel, the
Legislative Fiscal Officer, the Secretary of the Senate and the
Chief Clerk of the House of Representatives.
  (f) The Chancellor and Vice Chancellors of the Oregon
University System and the president and vice presidents, or their
administrative equivalents, in each public university listed in
ORS 352.002.
  (g) The following state officers:
  (A) Adjutant General.
  (B) Director of Agriculture.
  (C) Manager of State Accident Insurance Fund Corporation.
  (D) Water Resources Director.
  (E) Director of Department of Environmental Quality.
  (F) Director of Oregon Department of Administrative Services.
  (G) State Fish and Wildlife Director.
  (H) State Forester.
  (I) State Geologist.
  (J) Director of Human Services.
  (K) Director of the Department of Consumer and Business
Services.
  (L) Director of the Department of State Lands.
  (M) State Librarian.
  (N) Administrator of Oregon Liquor Control Commission.
  (O) Superintendent of State Police.
  (P) Director of the Public Employees Retirement System.
  (Q) Director of Department of Revenue.
  (R) Director of Transportation.
  (S) Public Utility Commissioner.
  (T) Director of Veterans' Affairs.
  (U) Executive director of Oregon Government Ethics Commission.
  (V) Director of the State Department of Energy.

  (W) Director and each assistant director of the Oregon State
Lottery.
  (X) Director of the Department of Corrections.
  (Y) Director of the Oregon Department of Aviation.
  (Z) Executive director of the Oregon Criminal Justice
Commission.
  (AA) Director of the Oregon Business Development Department.
  (BB) Director of the Office of Emergency Management.
  (CC) Director of the Employment Department.
  (DD) Chief of staff for the Governor.
  (EE) Administrator of the Office for Oregon Health Policy and
Research.
  (FF) Director of the Housing and Community Services Department.
  (GG) State Court Administrator.
  (HH) Director of the Department of Land Conservation and
Development.
  (II) Board chairperson of the Land Use Board of Appeals.
  (JJ) State Marine Director.
  (KK) Executive director of the Oregon Racing Commission.
  (LL) State Parks and Recreation Director.
  (MM) Public defense services executive director.
  (NN) Chairperson of the Public Employees' Benefit Board.
  (OO) Director of the Department of Public Safety Standards and
Training.
  (PP) Chairperson of the Oregon Student Access Commission.
  (QQ) Executive director of the Oregon Watershed Enhancement
Board.
  (RR) Director of the Oregon Youth Authority.
  (SS) Director of the Oregon Health Authority.
  (TT) Deputy Superintendent of Public Instruction.
  (h) Any assistant in the Governor's office other than personal
secretaries and clerical personnel.
  (i) Every elected city or county official.
  (j) Every member of a city or county planning, zoning or
development commission.
  (k) The chief executive officer of a city or county who
performs the duties of manager or principal administrator of the
city or county.
  (L) Members of local government boundary commissions formed
under ORS 199.410 to 199.519.
  (m) Every member of a governing body of a metropolitan service
district and the executive officer thereof.
  (n) Each member of the board of directors of the State Accident
Insurance Fund Corporation.
  (o) The chief administrative officer and the financial officer
of each common and union high school district, education service
district and community college district.
  (p) Every member of the following state boards and commissions:
  (A) Board of Geologic and Mineral Industries.
  (B) Oregon Business Development Commission.
  (C) State Board of Education.
  (D) Environmental Quality Commission.
  (E) Fish and Wildlife Commission of the State of Oregon.
  (F) State Board of Forestry.
  (G) Oregon Government Ethics Commission.
  (H) Oregon Health Policy Board.
  (I) State Board of Higher Education.
  (J) Oregon Investment Council.
  (K) Land Conservation and Development Commission.
  (L) Oregon Liquor Control Commission.
  (M) Oregon Short Term Fund Board.
  (N) State Marine Board.
  (O) Mass transit district boards.
  (P) Energy Facility Siting Council.
  (Q) Board of Commissioners of the Port of Portland.
  (R) Employment Relations Board.
  (S) Public Employees Retirement Board.
  (T) Oregon Racing Commission.
  (U) Oregon Transportation Commission.
  (V) Wage and Hour Commission.
  (W) Water Resources Commission.
  (X) Workers' Compensation Board.
  (Y) Oregon Facilities Authority.
  (Z) Oregon State Lottery Commission.
  (AA) Pacific Northwest Electric Power and Conservation Planning
Council.
  (BB) Columbia River Gorge Commission.
  (CC) Oregon Health and Science University Board of Directors.
  (DD) Capitol Planning Commission.
   { +  (EE) Oregon Growth Board. + }
  (q) The following officers of the State Treasurer:
  (A) Deputy State Treasurer.
  (B) Chief of staff for the office of the State Treasurer.
  (C) Director of the Investment Division.
  (r) Every member of the board of commissioners of a port
governed by ORS 777.005 to 777.725 or 777.915 to 777.953.
  (s) Every member of the board of directors of an authority
created under ORS 441.525 to 441.595.
  (2) By April 15 next after the date an appointment takes
effect, every appointed public official on a board or commission
listed in subsection (1) of this section shall file with the
Oregon Government Ethics Commission a statement of economic
interest as required under ORS 244.060, 244.070 and 244.090.
  (3) By April 15 next after the filing deadline for the primary
election, each candidate described in subsection (1) of this
section shall file with the commission a statement of economic
interest as required under ORS 244.060, 244.070 and 244.090.
  (4) Within 30 days after the filing deadline for the general
election, each candidate described in subsection (1) of this
section who was not a candidate in the preceding primary
election, or who was nominated for public office described in
subsection (1) of this section at the preceding primary election
by write-in votes, shall file with the commission a statement of
economic interest as required under ORS 244.060, 244.070 and
244.090.
  (5) Subsections (1) to (4) of this section apply only to
persons who are incumbent, elected or appointed public officials
as of April 15 and to persons who are candidates on April 15.
Subsections (1) to (4) of this section also apply to persons who
do not become candidates until 30 days after the filing deadline
for the statewide general election.
  (6) If a statement required to be filed under this section has
not been received by the commission within five days after the
date the statement is due, the commission shall notify the public
official or candidate and give the public official or candidate
not less than 15 days to comply with the requirements of this
section. If the public official or candidate fails to comply by
the date set by the commission, the commission may impose a civil
penalty as provided in ORS 244.350.
  SECTION 10.  { + ORS 348.701, 348.703, 348.704, 348.706,
348.707 and 348.710 are repealed. + }
   { +  NOTE: + } Section 11 was deleted by amendment. Subsequent
sections were not renumbered.

                               { +
ABOLISH AND TRANSFER + }

  SECTION 12.  { + (1) The Oregon Growth Account Board is
abolished.  On the operative date of this section, the tenure of
office of the members of the Oregon Growth Account Board ceases.
  (2) All the duties, functions and powers of the Oregon Growth
Account Board are imposed upon, transferred to and vested in the
Oregon Growth Board established under section 3 of this 2012
Act. + }

                               { +
RECORDS AND PROPERTY + }

  SECTION 13.  { + (1) The Oregon Growth Account Board shall
deliver to the Oregon Growth Board all records and property
within the jurisdiction of the Oregon Growth Account Board that
relate to the duties, functions and powers transferred by section
12 of this 2012 Act.
  (2) The Oregon Growth Board shall take possession of the
records and property. + }

                               { +
UNEXPENDED REVENUES + }

  SECTION 14.  { + (1) The unexpended balances of amounts
authorized to be expended by the Oregon Growth Account Board for
the biennium beginning July 1, 2011, from revenues dedicated,
continuously appropriated, appropriated or otherwise made
available for the purpose of administering and enforcing the
duties, functions and powers transferred by section 12 of this
2012 Act are transferred to and are available for expenditure by
the Oregon Growth Board for the biennium beginning July 1, 2011,
for the purpose of administering and enforcing the duties,
functions and powers transferred by section 12 of this 2012 Act.
  (2) The expenditure classifications, if any, established by
Acts authorizing or limiting expenditures by the Oregon Growth
Account Board remain applicable to expenditures by the Oregon
Growth Board under this section. + }

                               { +
ACTIONS, PROCEEDINGS, PROSECUTIONS + }

  SECTION 15.  { + The transfer of duties, functions and powers
to the Oregon Growth Board by section 12 of this 2012 Act does
not affect any action, proceeding or prosecution involving or
with respect to such duties, functions and powers begun before
and pending at the time of the transfer, except that the Oregon
Growth Board is substituted for the Oregon Growth Account Board
in the action, proceeding or prosecution. + }

                               { +
LIABILITIES, DUTIES, OBLIGATIONS + }

  SECTION 16.  { + (1) Nothing in sections 12 to 18 of this 2012
Act relieves a person of a liability, duty or obligation accruing
under or with respect to the duties, functions and powers
transferred by section 12 of this 2012 Act. The Oregon Growth
Board may undertake the collection or enforcement of any such
liability, duty or obligation.
  (2) The rights and obligations of the Oregon Growth Account
Board legally incurred under contracts, leases and business
transactions executed, entered into or begun before the operative
date of section 12 of this 2012 Act are transferred to the Oregon
Growth Board. For the purpose of succession to these rights and
obligations, the Oregon Growth Board is a continuation of the
Oregon Growth Account Board and not a new authority. + }

                               { +
RULES + }

  SECTION 17.  { + Notwithstanding the transfer of duties,
functions and powers by section 12 of this 2012 Act, the rules of
the Oregon Growth Account Board in effect on the operative date
of section 12 of this 2012 Act continue in effect until
superseded or repealed by rules of the Oregon Growth Board.
References in rules of the Oregon Growth Account Board to the
Oregon Growth Account Board or an officer of the Oregon Growth
Account Board are considered to be references to the Oregon
Growth Board or an officer of the Oregon Growth Board. + }
  SECTION 18.  { + Whenever, in any uncodified law or resolution
of the Legislative Assembly or in any rule, document, record or
proceeding authorized by the Legislative Assembly, reference is
made to the Oregon Growth Account Board or an officer of the
Oregon Growth Account Board, the reference is considered to be a
reference to the Oregon Growth Board or an officer of the Oregon
Growth Board. + }

                               { +
CONFORMING AMENDMENTS RELATING TO + }
                               { +
TRANSFER OF AUTHORITY + }

  SECTION 19. ORS 192.502 is amended to read:
  192.502. The following public records are exempt from
disclosure under ORS 192.410 to 192.505:
  (1) Communications within a public body or between public
bodies of an advisory nature to the extent that they cover other
than purely factual materials and are preliminary to any final
agency determination of policy or action. This exemption shall
not apply unless the public body shows that in the particular
instance the public interest in encouraging frank communication
between officials and employees of public bodies clearly
outweighs the public interest in disclosure.
  (2) Information of a personal nature such as but not limited to
that kept in a personal, medical or similar file, if public
disclosure would constitute an unreasonable invasion of privacy,
unless the public interest by clear and convincing evidence
requires disclosure in the particular instance. The party seeking
disclosure shall have the burden of showing that public
disclosure would not constitute an unreasonable invasion of
privacy.
  (3) Public body employee or volunteer addresses, Social
Security numbers, dates of birth and telephone numbers contained
in personnel records maintained by the public body that is the
employer or the recipient of volunteer services. This exemption:
  (a) Does not apply to the addresses, dates of birth and
telephone numbers of employees or volunteers who are elected
officials, except that a judge or district attorney subject to
election may seek to exempt the judge's or district attorney's
address or telephone number, or both, under the terms of ORS
192.445;
  (b) Does not apply to employees or volunteers to the extent
that the party seeking disclosure shows by clear and convincing
evidence that the public interest requires disclosure in a
particular instance;
  (c) Does not apply to a substitute teacher as defined in ORS
342.815 when requested by a professional education association of
which the substitute teacher may be a member; and
  (d) Does not relieve a public employer of any duty under ORS
243.650 to 243.782.
  (4) Information submitted to a public body in confidence and
not otherwise required by law to be submitted, where such
information should reasonably be considered confidential, the
public body has obliged itself in good faith not to disclose the
information, and when the public interest would suffer by the
disclosure.
  (5) Information or records of the Department of Corrections,
including the State Board of Parole and Post-Prison Supervision,
to the extent that disclosure would interfere with the
rehabilitation of a person in custody of the department or
substantially prejudice or prevent the carrying out of the
functions of the department, if the public interest in
confidentiality clearly outweighs the public interest in
disclosure.
  (6) Records, reports and other information received or compiled
by the Director of the Department of Consumer and Business
Services in the administration of ORS chapters 723 and 725 not
otherwise required by law to be made public, to the extent that
the interests of lending institutions, their officers, employees
and customers in preserving the confidentiality of such
information outweighs the public interest in disclosure.
  (7) Reports made to or filed with the court under ORS 137.077
or 137.530.
  (8) Any public records or information the disclosure of which
is prohibited by federal law or regulations.
  (9)(a) Public records or information the disclosure of which is
prohibited or restricted or otherwise made confidential or
privileged under Oregon law.
  (b) Subject to ORS 192.423, paragraph (a) of this subsection
does not apply to factual information compiled in a public record
when:
  (A) The basis for the claim of exemption is ORS 40.225;
  (B) The factual information is not prohibited from disclosure
under any applicable state or federal law, regulation or court
order and is not otherwise exempt from disclosure under ORS
192.410 to 192.505;
  (C) The factual information was compiled by or at the direction
of an attorney as part of an investigation on behalf of the
public body in response to information of possible wrongdoing by
the public body;
  (D) The factual information was not compiled in preparation for
litigation, arbitration or an administrative proceeding that was
reasonably likely to be initiated or that has been initiated by
or against the public body; and
  (E) The holder of the privilege under ORS 40.225 has made or
authorized a public statement characterizing or partially
disclosing the factual information compiled by or at the
attorney's direction.
  (10) Public records or information described in this section,
furnished by the public body originally compiling, preparing or
receiving them to any other public officer or public body in
connection with performance of the duties of the recipient, if
the considerations originally giving rise to the confidential or
exempt nature of the public records or information remain
applicable.
  (11) Records of the Energy Facility Siting Council concerning
the review or approval of security programs pursuant to ORS
469.530.
  (12) Employee and retiree address, telephone number and other
nonfinancial membership records and employee financial records
maintained by the Public Employees Retirement System pursuant to
ORS chapters 238 and 238A.
  (13) Records of or submitted to the State Treasurer, the Oregon
Investment Council or the agents of the treasurer or the council
relating to active or proposed publicly traded investments under
ORS chapter 293, including but not limited to records regarding
the acquisition, exchange or liquidation of the investments. For
the purposes of this subsection:
  (a) The exemption does not apply to:
  (A) Information in investment records solely related to the
amount paid directly into an investment by, or returned from the
investment directly to, the treasurer or council; or
  (B) The identity of the entity to which the amount was paid
directly or from which the amount was received directly.

  (b) An investment in a publicly traded investment is no longer
active when acquisition, exchange or liquidation of the
investment has been concluded.
  (14)(a) Records of or submitted to the State Treasurer, the
Oregon Investment Council, the Oregon Growth   { - Account - }
Board or the agents of the treasurer, council or board relating
to actual or proposed investments under ORS chapter 293 or 348 in
a privately placed investment fund or a private asset including
but not limited to records regarding the solicitation,
acquisition, deployment, exchange or liquidation of the
investments including but not limited to:
  (A) Due diligence materials that are proprietary to an
investment fund, to an asset ownership or to their respective
investment vehicles.
  (B) Financial statements of an investment fund, an asset
ownership or their respective investment vehicles.
  (C) Meeting materials of an investment fund, an asset ownership
or their respective investment vehicles.
  (D) Records containing information regarding the portfolio
positions in which an investment fund, an asset ownership or
their respective investment vehicles invest.
  (E) Capital call and distribution notices of an investment
fund, an asset ownership or their respective investment vehicles.
  (F) Investment agreements and related documents.
  (b) The exemption under this subsection does not apply to:
  (A) The name, address and vintage year of each privately placed
investment fund.
  (B) The dollar amount of the commitment made to each privately
placed investment fund since inception of the fund.
  (C) The dollar amount of cash contributions made to each
privately placed investment fund since inception of the fund.
  (D) The dollar amount, on a fiscal year-end basis, of cash
distributions received by the State Treasurer, the Oregon
Investment Council, the Oregon Growth   { - Account - }  Board or
the agents of the treasurer, council or board from each privately
placed investment fund.
  (E) The dollar amount, on a fiscal year-end basis, of the
remaining value of assets in a privately placed investment fund
attributable to an investment by the State Treasurer, the Oregon
Investment Council, the Oregon Growth   { - Account - }  Board or
the agents of the treasurer, council or board.
  (F) The net internal rate of return of each privately placed
investment fund since inception of the fund.
  (G) The investment multiple of each privately placed investment
fund since inception of the fund.
  (H) The dollar amount of the total management fees and costs
paid on an annual fiscal year-end basis to each privately placed
investment fund.
  (I) The dollar amount of cash profit received from each
privately placed investment fund on a fiscal year-end basis.
  (15) The monthly reports prepared and submitted under ORS
293.761 and 293.766 concerning the Public Employees Retirement
Fund and the Industrial Accident Fund may be uniformly treated as
exempt from disclosure for a period of up to 90 days after the
end of the calendar quarter.
  (16) Reports of unclaimed property filed by the holders of such
property to the extent permitted by ORS 98.352.
  (17)(a) The following records, communications and information
submitted to the Oregon Business Development Commission, the
Oregon Business Development Department, the State Department of
Agriculture, the Oregon Growth   { - Account - }  Board, the Port
of Portland or other ports as defined in ORS 777.005, or a county
or city governing body and any board, department, commission,
council or agency thereof, by applicants for investment funds,
grants, loans, services or economic development moneys, support

or assistance including, but not limited to, those described in
ORS 285A.224:
  (A) Personal financial statements.
  (B) Financial statements of applicants.
  (C) Customer lists.
  (D) Information of an applicant pertaining to litigation to
which the applicant is a party if the complaint has been filed,
or if the complaint has not been filed, if the applicant shows
that such litigation is reasonably likely to occur; this
exemption does not apply to litigation which has been concluded,
and nothing in this subparagraph shall limit any right or
opportunity granted by discovery or deposition statutes to a
party to litigation or potential litigation.
  (E) Production, sales and cost data.
  (F) Marketing strategy information that relates to applicant's
plan to address specific markets and applicant's strategy
regarding specific competitors.
  (b) The following records, communications and information
submitted to the State Department of Energy by applicants for tax
credits:
  (A) Personal financial statements.
  (B) Financial statements of applicants.
  (C) Customer lists.
  (D) Information of an applicant pertaining to litigation to
which the applicant is a party if the complaint has been filed,
or if the complaint has not been filed, if the applicant shows
that such litigation is reasonably likely to occur; this
exemption does not apply to litigation which has been concluded,
and nothing in this subparagraph shall limit any right or
opportunity granted by discovery or deposition statutes to a
party to litigation or potential litigation.
  (E) Production, sales and cost data.
  (F) Marketing strategy information that relates to applicant's
plan to address specific markets and applicant's strategy
regarding specific competitors.
  (18) Records, reports or returns submitted by private concerns
or enterprises required by law to be submitted to or inspected by
a governmental body to allow it to determine the amount of any
transient lodging tax payable and the amounts of such tax payable
or paid, to the extent that such information is in a form which
would permit identification of the individual concern or
enterprise. Nothing in this subsection shall limit the use which
can be made of such information for regulatory purposes or its
admissibility in any enforcement proceedings. The public body
shall notify the taxpayer of the delinquency immediately by
certified mail. However, in the event that the payment or
delivery of transient lodging taxes otherwise due to a public
body is delinquent by over 60 days, the public body shall
disclose, upon the request of any person, the following
information:
  (a) The identity of the individual concern or enterprise that
is delinquent over 60 days in the payment or delivery of the
taxes.
  (b) The period for which the taxes are delinquent.
  (c) The actual, or estimated, amount of the delinquency.
  (19) All information supplied by a person under ORS 151.485 for
the purpose of requesting appointed counsel, and all information
supplied to the court from whatever source for the purpose of
verifying the financial eligibility of a person pursuant to ORS
151.485.
  (20) Workers' compensation claim records of the Department of
Consumer and Business Services, except in accordance with rules
adopted by the Director of the Department of Consumer and
Business Services, in any of the following circumstances:

  (a) When necessary for insurers, self-insured employers and
third party claim administrators to process workers' compensation
claims.
  (b) When necessary for the director, other governmental
agencies of this state or the United States to carry out their
duties, functions or powers.
  (c) When the disclosure is made in such a manner that the
disclosed information cannot be used to identify any worker who
is the subject of a claim.
  (d) When a worker or the worker's representative requests
review of the worker's claim record.
  (21) Sensitive business records or financial or commercial
information of the Oregon Health and Science University that is
not customarily provided to business competitors.
  (22) Records of Oregon Health and Science University regarding
candidates for the position of president of the university.
  (23) The records of a library, including:
  (a) Circulation records, showing use of specific library
material by a named person;
  (b) The name of a library patron together with the address or
telephone number of the patron; and
  (c) The electronic mail address of a patron.
  (24) The following records, communications and information
obtained by the Housing and Community Services Department in
connection with the department's monitoring or administration of
financial assistance or of housing or other developments:
  (a) Personal and corporate financial statements and
information, including tax returns.
  (b) Credit reports.
  (c) Project appraisals.
  (d) Market studies and analyses.
  (e) Articles of incorporation, partnership agreements and
operating agreements.
  (f) Commitment letters.
  (g) Project pro forma statements.
  (h) Project cost certifications and cost data.
  (i) Audits.
  (j) Project tenant correspondence.
  (k) Personal information about a tenant.
  (L) Housing assistance payments.
  (25) Raster geographic information system (GIS) digital
databases, provided by private forestland owners or their
representatives, voluntarily and in confidence to the State
Forestry Department, that is not otherwise required by law to be
submitted.
  (26) Sensitive business, commercial or financial information
furnished to or developed by a public body engaged in the
business of providing electricity or electricity services, if the
information is directly related to a transaction described in ORS
261.348, or if the information is directly related to a bid,
proposal or negotiations for the sale or purchase of electricity
or electricity services, and disclosure of the information would
cause a competitive disadvantage for the public body or its
retail electricity customers. This subsection does not apply to
cost-of-service studies used in the development or review of
generally applicable rate schedules.
  (27) Sensitive business, commercial or financial information
furnished to or developed by the City of Klamath Falls, acting
solely in connection with the ownership and operation of the
Klamath Cogeneration Project, if the information is directly
related to a transaction described in ORS 225.085 and disclosure
of the information would cause a competitive disadvantage for the
Klamath Cogeneration Project. This subsection does not apply to
cost-of-service studies used in the development or review of
generally applicable rate schedules.

  (28) Personally identifiable information about customers of a
municipal electric utility or a people's utility district or the
names, dates of birth, driver license numbers, telephone numbers,
electronic mail addresses or Social Security numbers of customers
who receive water, sewer or storm drain services from a public
body as defined in ORS 174.109. The utility or district may
release personally identifiable information about a customer, and
a public body providing water, sewer or storm drain services may
release the name, date of birth, driver license number, telephone
number, electronic mail address or Social Security number of a
customer, if the customer consents in writing or electronically,
if the disclosure is necessary for the utility, district or other
public body to render services to the customer, if the disclosure
is required pursuant to a court order or if the disclosure is
otherwise required by federal or state law. The utility, district
or other public body may charge as appropriate for the costs of
providing such information. The utility, district or other public
body may make customer records available to third party credit
agencies on a regular basis in connection with the establishment
and management of customer accounts or in the event such accounts
are delinquent.
  (29) A record of the street and number of an employee's address
submitted to a special district to obtain assistance in promoting
an alternative to single occupant motor vehicle transportation.
  (30) Sensitive business records, capital development plans or
financial or commercial information of Oregon Corrections
Enterprises that is not customarily provided to business
competitors.
  (31) Documents, materials or other information submitted to the
Director of the Department of Consumer and Business Services in
confidence by a state, federal, foreign or international
regulatory or law enforcement agency or by the National
Association of Insurance Commissioners, its affiliates or
subsidiaries under ORS 86A.095 to 86A.198, 697.005 to 697.095,
697.602 to 697.842, 705.137, 717.200 to 717.320, 717.900 or
717.905, ORS chapter 59, 723, 725 or 726, the Bank Act or the
Insurance Code when:
  (a) The document, material or other information is received
upon notice or with an understanding that it is confidential or
privileged under the laws of the jurisdiction that is the source
of the document, material or other information; and
  (b) The director has obligated the Department of Consumer and
Business Services not to disclose the document, material or other
information.
  (32) A county elections security plan developed and filed under
ORS 254.074.
  (33) Information about review or approval of programs relating
to the security of:
  (a) Generation, storage or conveyance of:
  (A) Electricity;
  (B) Gas in liquefied or gaseous form;
  (C) Hazardous substances as defined in ORS 453.005 (7)(a), (b)
and (d);
  (D) Petroleum products;
  (E) Sewage; or
  (F) Water.
  (b) Telecommunication systems, including cellular, wireless or
radio systems.
  (c) Data transmissions by whatever means provided.
  (34) The information specified in ORS 25.020 (8) if the Chief
Justice of the Supreme Court designates the information as
confidential by rule under ORS 1.002.
  (35)(a) Employer account records of the State Accident
Insurance Fund Corporation.
  (b) As used in this subsection, 'employer account records '
means all records maintained in any form that are specifically
related to the account of any employer insured, previously
insured or under consideration to be insured by the State
Accident Insurance Fund Corporation and any information obtained
or developed by the corporation in connection with providing,
offering to provide or declining to provide insurance to a
specific employer. 'Employer account records' includes, but is
not limited to, an employer's payroll records, premium payment
history, payroll classifications, employee names and
identification information, experience modification factors, loss
experience and dividend payment history.
  (c) The exemption provided by this subsection may not serve as
the basis for opposition to the discovery documents in litigation
pursuant to applicable rules of civil procedure.
  (36)(a) Claimant files of the State Accident Insurance Fund
Corporation.
  (b) As used in this subsection, 'claimant files' includes, but
is not limited to, all records held by the corporation pertaining
to a person who has made a claim, as defined in ORS 656.005, and
all records pertaining to such a claim.
  (c) The exemption provided by this subsection may not serve as
the basis for opposition to the discovery documents in litigation
pursuant to applicable rules of civil procedure.
  (37) Except as authorized by ORS 408.425, records that certify
or verify an individual's discharge or other separation from
military service.
  (38) Records of or submitted to a domestic violence service or
resource center that relate to the name or personal information
of an individual who visits a center for service, including the
date of service, the type of service received, referrals or
contact information or personal information of a family member of
the individual. As used in this subsection, 'domestic violence
service or resource center' means an entity, the primary purpose
of which is to assist persons affected by domestic or sexual
violence by providing referrals, resource information or other
assistance specifically of benefit to domestic or sexual violence
victims.
  SECTION 20. ORS 284.701 is amended to read:
  284.701. As used in ORS 284.701 to 284.749:
  (1) 'Clean energy' means a technology, product, process or
innovation that involves conservation of natural resources, solar
energy, green building products and services, biofuels, biomass
energy, bio-based products or other renewable and sustainable
energy.
  (2) 'Innovation-based economic development' includes, but is
not limited to, a technology, product, process or innovation
that:
  (a) Derives from and supports innovation and research;
  (b) Promotes Oregon's market capacities and competitive
advantages;
  (c) Involves technology-based innovation;
  (d) Facilitates the creation of new products, processes and
services that retain and create high-wage jobs;
  (e) Involves the establishment of partnerships between and
collaboration with research institutions, the private sector and
public entities;
  (f) Endeavors to transfer innovative technologies to the
private sector or to commercialize innovative research and
development; and
  (g) Includes, but is not limited to, clean energy and clean
energy economic development.
  (3) 'Oregon growth business' means:
  (a) An individual, group of individuals or private sector
business entity, including but not limited to a partnership,
limited liability company, corporation, firm, association or
other business entity, that engages in business that furthers
innovation-based economic development, that has the
capacity { + , + } upon obtaining appropriate capital { + , + }
to generate significant high-skill, high-wage employment in
Oregon and that conducts business in Oregon; or
  (b) An emerging growth business   { - as defined in ORS
348.701 - }  { +  consisting of 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 business entity, that has
the capacity, upon obtaining appropriate capital, to generate
significant high-skill, high-wage employment + }.
  (4) 'Public entity' means any agency of the federal or state
government, county, city, town, public corporation or political
subdivision in this state.
  (5) 'Research institution' means:
  (a) A community college as defined in ORS 341.005;
  (b) A public university listed in ORS 352.002;
  (c) The Oregon Health and Science University public corporation
created under ORS 353.020;
  (d) An Oregon-based, generally accredited, not-for-profit
private institution of higher education;
  (e) A federal research laboratory conducting research in
Oregon;
  (f) A private not-for-profit research institution located in
Oregon;
  (g) An institution for higher education as defined in ORS
289.005; or
  (h) A private institution of higher education located in
Oregon.
  (6) 'Traded sector' has the meaning given that term in ORS
285A.010.
  SECTION 21. ORS 284.706 is amended to read:
  284.706. (1) There is created the Oregon Innovation Council
consisting of the following voting members:
  (a) The Governor or the Governor's designated representative,
who shall be chairperson of the council.
  (b) Five members appointed by the Governor who are engaged in
the operations of Oregon traded sector industries or Oregon
growth businesses.
  (c) One member appointed by the Governor who is a
representative of an Oregon-based, generally accredited,
not-for-profit private institution of higher education.
  (d) A member of the Oregon Growth   { - Account - }  Board,
appointed by the board  { - , who has experience in the field of
venture capital - } .
  (e) A member of the Engineering and Technology Industry
Council, appointed by the Engineering and Technology Industry
Council.
  (f) The Director of the Oregon Business Development Department.
  (g) The Chancellor of the Oregon University System.
  (h) The Commissioner for Community College Services.
  (i) The State Treasurer.
  (2)(a) The Speaker of the House of Representatives shall
appoint two members to the council who are members of the House
of Representatives.
  (b) The President of the Senate shall appoint two members to
the council who are members of the Senate.
  (c) Members of the Legislative Assembly appointed to the
council are nonvoting members and may act in an advisory capacity
only.
  (3) The following persons, or their representatives, shall
serve as ex officio, nonvoting members of the council:
  (a) The presiding officer of the Oregon Business Development
Commission.
  (b) The president of the State Board of Higher Education.
  (c) The chairperson of the State Board of Education.

  (d) An executive officer of an association representing
Oregon-based, generally accredited, not-for-profit private
institutions of higher education, appointed by the Governor.
  (4) The term of office of each appointed voting member of the
council is three years, but an appointed member serves at the
pleasure of the appointing authority. Before the expiration of
the term of an appointed voting member, the appointing authority
shall appoint a successor whose term begins on July 1 next
following. An appointed member is eligible for reappointment. If
there is a vacancy for any cause, the appointing authority shall
make an appointment to become immediately effective for the
remainder of the unexpired term.
  (5) A majority of the voting members of the council constitutes
a quorum for the transaction of business.
  (6) Official action by the council requires the approval of a
majority of the voting members of the council.
  (7) The council shall meet at least twice per fiscal year at a
place, day and time determined by the chairperson. The council
may also meet at other times and places specified by a call of
the chairperson or by written request of a majority of the voting
members of the council.
  (8) The council may adopt rules necessary for the operation of
the council.
  (9) The council may establish committees and delegate to the
committees duties as the council considers desirable.
  (10) The Oregon Business Development Department shall provide
staff support to the council.
  (11) Members of the council who are members of the Legislative
Assembly are entitled to compensation and expense reimbursement
as provided in ORS 171.072.
  (12) Members of the council who are not members of the
Legislative Assembly are entitled to compensation and expenses
incurred by them in the performance of their official duties in
the manner and amounts provided for in ORS 292.495. Claims for
compensation and expenses of members of the council who are
public officers shall be paid out of funds appropriated to the
public agency that employs the member. Claims for compensation
and expenses of members of the council who are not public
officers shall be paid out of funds appropriated to the Oregon
Business Development Department for that purpose.
  (13) All agencies of state government, as defined in ORS
174.111, are directed to assist the council in the performance of
its duties and, to the extent permitted by laws relating to
confidentiality, to furnish such information and advice as the
members of the council consider necessary to perform their
duties.
  SECTION 22. ORS 293.731 is amended to read:
  293.731. Subject to the objective set forth in ORS 293.721 and
the standards set forth in ORS 293.726, the Oregon Investment
Council shall formulate policies for the investment and
reinvestment of moneys in the investment funds and the
acquisition, retention, management and disposition of investments
of the investment funds. The council, from time to time, shall
review those policies and make changes therein as it considers
necessary or desirable. The council may formulate separate
policies for any fund included in the investment funds. This
section does not apply to the Oregon Growth Account,  { + the
Oregon Growth Fund, + } the Oregon Growth   { - Account - }
Board, the Oregon Commercialized Research Fund, the Oregon
Innovation Fund or the Oregon Innovation Council.
  SECTION 23. ORS 293.733 is amended to read:
  293.733. (1) In making and implementing investment decisions
related to venture capital, the Oregon Investment Council and the
investment officer have a duty to look first at Oregon
opportunities for diversification unless, under the
circumstances, it is not prudent to do so.
  (2) At any given time, the council shall have at least $100
million in venture capital investments in Oregon unless, under
the circumstances, it is not prudent to do so.
  (3) As used in this section:
  (a) 'Emerging growth business'   { - has the meaning given that
term in ORS 348.701 - }  { +  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 business entity, that has
the capacity, upon obtaining appropriate capital, to generate
significant high-skill, high-wage employment + }.
  (b) 'Venture capital' includes but is not limited to emerging
growth businesses.
  SECTION 24. ORS 293.761 is amended to read:
  293.761. (1) The investment officer shall follow generally
accepted accounting practices and provide to the officer or body
having control and administration of any investment funds any
information necessary for financial reporting required by law.
    { - (2) The investment officer shall separately identify
investments held in the Oregon Growth Account established in ORS
348.702 and the Oregon Resource and Technology Development
Subaccount established in ORS 348.706 as part of the information
provided under this section on the Education Stability Fund. - }
   { +  (2) The investment officer shall separately identify
investments held in the Oregon Growth Account established in ORS
348.702 as part of the information provided under this section on
the Education Stability Fund. + }
  SECTION 25. ORS 293.796 is amended to read:
  293.796. (1) The Legislative Assembly finds that:
  (a) The availability of venture capital for the start-up and
subsequent expansion of new businesses is critical to the
continued growth and development of the economy of Oregon.
  (b) There exists an estimated gap of between $100 million and
$200 million between available venture capital resources and the
need of Oregon businesses for such resources.
  (c) Investments in start-up and expanding businesses, in
minority or women business enterprises and in emerging growth
businesses can produce substantial positive returns for long-term
investors.
  (d) Pension funds managed by the Oregon Investment Council
constitute a major financial resource of the State of Oregon, and
that such funds may be prudently invested in start-up and
emerging growth businesses in this state under policies
established by the Oregon Investment Council.
  (2) As used in this section:
  (a) 'Emerging growth business'   { - has the meaning given that
term in ORS 348.701 - }  { +  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 business entity, that has
the capacity, upon obtaining appropriate capital, to generate
significant high-skill, high-wage employment + }.
  (b) 'Minority or women business enterprise' has the meaning
given that term in ORS 200.005.

                               { +
OPERATIVE DATE RELATING TO + }
                               { +
OREGON GROWTH BOARD, OREGON GROWTH FUND AND + }
                               { +
TRANSFER OF AUTHORITY + }

  SECTION 26.  { + Sections 5, 6, 7 and 12 to 18 of this 2012
Act, the amendments to ORS 192.502, 284.701, 284.706, 293.731,
293.733, 293.761, 293.796 and 348.702 by sections 7a and 19 to 25
of this 2012 Act and the repeal of ORS 348.701, 348.703, 348.704,
348.706, 348.707 and 348.710 by section 10 of this 2012 Act
become operative on January 2, 2014. + }

                               { +
REPEAL OF PROVISIONS RELATING TO THE + }
                               { +
OREGON GROWTH BOARD AND + }
                               { +
THE OREGON GROWTH FUND AND + }
                               { +
TRANSFER OF AUTHORITY + }

  SECTION 27.  { + Sections 5, 6, 7 and 10 (repealing ORS
348.701, 348.703, 348.704, 348.706, 348.707 and 348.710), 12 to
18 and 26 of this 2012 Act are repealed on the operative date
specified in section 28 of this 2012 Act. + }
  SECTION 28.  { + The repeal of sections 5, 6, 7 and 10
(repealing ORS 348.701, 348.703, 348.704, 348.706, 348.707 and
348.710), 12 to 18 and 26 of this 2012 Act by section 27 of this
2012 Act and the amendments to ORS 192.502, 244.050, 284.706,
284.731, 293.761 and 348.702 by sections 29 to 33a of this 2012
Act become operative on June 30, 2013. + }

                               { +
CONFORMING AMENDMENTS RELATING TO + }
                               { +
REPEAL OF PROVISIONS RELATING TO THE + }
                               { +
OREGON GROWTH BOARD AND TRANSFER OF AUTHORITY + }

  SECTION 29. ORS 244.050, as amended by section 9 of this 2012
Act, is amended to read:
  244.050. (1) On or before April 15 of each year the following
persons shall file with the Oregon Government Ethics Commission a
verified statement of economic interest as required under this
chapter:
  (a) The Governor, Secretary of State, State Treasurer, Attorney
General, Commissioner of the Bureau of Labor and Industries,
district attorneys and members of the Legislative Assembly.
  (b) Any judicial officer, including justices of the peace and
municipal judges, except any pro tem judicial officer who does
not otherwise serve as a judicial officer.
  (c) Any candidate for a public office designated in paragraph
(a) or (b) of this subsection.
  (d) The Deputy Attorney General.
  (e) The Legislative Administrator, the Legislative Counsel, the
Legislative Fiscal Officer, the Secretary of the Senate and the
Chief Clerk of the House of Representatives.
  (f) The Chancellor and Vice Chancellors of the Oregon
University System and the president and vice presidents, or their
administrative equivalents, in each public university listed in
ORS 352.002.
  (g) The following state officers:
  (A) Adjutant General.
  (B) Director of Agriculture.
  (C) Manager of State Accident Insurance Fund Corporation.
  (D) Water Resources Director.
  (E) Director of Department of Environmental Quality.
  (F) Director of Oregon Department of Administrative Services.
  (G) State Fish and Wildlife Director.
  (H) State Forester.
  (I) State Geologist.
  (J) Director of Human Services.
  (K) Director of the Department of Consumer and Business
Services.
  (L) Director of the Department of State Lands.
  (M) State Librarian.
  (N) Administrator of Oregon Liquor Control Commission.
  (O) Superintendent of State Police.
  (P) Director of the Public Employees Retirement System.
  (Q) Director of Department of Revenue.
  (R) Director of Transportation.
  (S) Public Utility Commissioner.
  (T) Director of Veterans' Affairs.
  (U) Executive director of Oregon Government Ethics Commission.
  (V) Director of the State Department of Energy.
  (W) Director and each assistant director of the Oregon State
Lottery.
  (X) Director of the Department of Corrections.
  (Y) Director of the Oregon Department of Aviation.
  (Z) Executive director of the Oregon Criminal Justice
Commission.
  (AA) Director of the Oregon Business Development Department.
  (BB) Director of the Office of Emergency Management.
  (CC) Director of the Employment Department.
  (DD) Chief of staff for the Governor.
  (EE) Administrator of the Office for Oregon Health Policy and
Research.
  (FF) Director of the Housing and Community Services Department.
  (GG) State Court Administrator.
  (HH) Director of the Department of Land Conservation and
Development.
  (II) Board chairperson of the Land Use Board of Appeals.
  (JJ) State Marine Director.
  (KK) Executive director of the Oregon Racing Commission.
  (LL) State Parks and Recreation Director.
  (MM) Public defense services executive director.
  (NN) Chairperson of the Public Employees' Benefit Board.
  (OO) Director of the Department of Public Safety Standards and
Training.
  (PP) Chairperson of the Oregon Student Access Commission.
  (QQ) Executive director of the Oregon Watershed Enhancement
Board.
  (RR) Director of the Oregon Youth Authority.
  (SS) Director of the Oregon Health Authority.
  (TT) Deputy Superintendent of Public Instruction.
  (h) Any assistant in the Governor's office other than personal
secretaries and clerical personnel.
  (i) Every elected city or county official.
  (j) Every member of a city or county planning, zoning or
development commission.
  (k) The chief executive officer of a city or county who
performs the duties of manager or principal administrator of the
city or county.
  (L) Members of local government boundary commissions formed
under ORS 199.410 to 199.519.
  (m) Every member of a governing body of a metropolitan service
district and the executive officer thereof.
  (n) Each member of the board of directors of the State Accident
Insurance Fund Corporation.
  (o) The chief administrative officer and the financial officer
of each common and union high school district, education service
district and community college district.
  (p) Every member of the following state boards and commissions:
  (A) Board of Geologic and Mineral Industries.
  (B) Oregon Business Development Commission.
  (C) State Board of Education.
  (D) Environmental Quality Commission.
  (E) Fish and Wildlife Commission of the State of Oregon.
  (F) State Board of Forestry.
  (G) Oregon Government Ethics Commission.
  (H) Oregon Health Policy Board.
  (I) State Board of Higher Education.
  (J) Oregon Investment Council.
  (K) Land Conservation and Development Commission.
  (L) Oregon Liquor Control Commission.
  (M) Oregon Short Term Fund Board.
  (N) State Marine Board.
  (O) Mass transit district boards.
  (P) Energy Facility Siting Council.
  (Q) Board of Commissioners of the Port of Portland.
  (R) Employment Relations Board.
  (S) Public Employees Retirement Board.
  (T) Oregon Racing Commission.
  (U) Oregon Transportation Commission.
  (V) Wage and Hour Commission.
  (W) Water Resources Commission.
  (X) Workers' Compensation Board.
  (Y) Oregon Facilities Authority.
  (Z) Oregon State Lottery Commission.
  (AA) Pacific Northwest Electric Power and Conservation Planning
Council.
  (BB) Columbia River Gorge Commission.
  (CC) Oregon Health and Science University Board of Directors.
  (DD) Capitol Planning Commission.
  (EE) Higher Education Coordinating Commission.
    { - (FF) Oregon Growth Board. - }
  (q) The following officers of the State Treasurer:
  (A) Deputy State Treasurer.
  (B) Chief of staff for the office of the State Treasurer.
  (C) Director of the Investment Division.
  (r) Every member of the board of commissioners of a port
governed by ORS 777.005 to 777.725 or 777.915 to 777.953.
  (s) Every member of the board of directors of an authority
created under ORS 441.525 to 441.595.
  (2) By April 15 next after the date an appointment takes
effect, every appointed public official on a board or commission
listed in subsection (1) of this section shall file with the
Oregon Government Ethics Commission a statement of economic
interest as required under ORS 244.060, 244.070 and 244.090.
  (3) By April 15 next after the filing deadline for the primary
election, each candidate described in subsection (1) of this
section shall file with the commission a statement of economic
interest as required under ORS 244.060, 244.070 and 244.090.
  (4) Within 30 days after the filing deadline for the general
election, each candidate described in subsection (1) of this
section who was not a candidate in the preceding primary
election, or who was nominated for public office described in
subsection (1) of this section at the preceding primary election
by write-in votes, shall file with the commission a statement of
economic interest as required under ORS 244.060, 244.070 and
244.090.
  (5) Subsections (1) to (4) of this section apply only to
persons who are incumbent, elected or appointed public officials
as of April 15 and to persons who are candidates on April 15.
Subsections (1) to (4) of this section also apply to persons who
do not become candidates until 30 days after the filing deadline
for the statewide general election.
  (6) If a statement required to be filed under this section has
not been received by the commission within five days after the
date the statement is due, the commission shall notify the public
official or candidate and give the public official or candidate
not less than 15 days to comply with the requirements of this
section. If the public official or candidate fails to comply by
the date set by the commission, the commission may impose a civil
penalty as provided in ORS 244.350.
  SECTION 30. ORS 192.502, as amended by section 19 of this 2012
Act, is amended to read:
  192.502. The following public records are exempt from
disclosure under ORS 192.410 to 192.505:
  (1) Communications within a public body or between public
bodies of an advisory nature to the extent that they cover other
than purely factual materials and are preliminary to any final
agency determination of policy or action. This exemption shall
not apply unless the public body shows that in the particular
instance the public interest in encouraging frank communication
between officials and employees of public bodies clearly
outweighs the public interest in disclosure.
  (2) Information of a personal nature such as but not limited to
that kept in a personal, medical or similar file, if public
disclosure would constitute an unreasonable invasion of privacy,
unless the public interest by clear and convincing evidence
requires disclosure in the particular instance. The party seeking
disclosure shall have the burden of showing that public
disclosure would not constitute an unreasonable invasion of
privacy.
  (3) Public body employee or volunteer addresses, Social
Security numbers, dates of birth and telephone numbers contained
in personnel records maintained by the public body that is the
employer or the recipient of volunteer services. This exemption:
  (a) Does not apply to the addresses, dates of birth and
telephone numbers of employees or volunteers who are elected
officials, except that a judge or district attorney subject to
election may seek to exempt the judge's or district attorney's
address or telephone number, or both, under the terms of ORS
192.445;
  (b) Does not apply to employees or volunteers to the extent
that the party seeking disclosure shows by clear and convincing
evidence that the public interest requires disclosure in a
particular instance;
  (c) Does not apply to a substitute teacher as defined in ORS
342.815 when requested by a professional education association of
which the substitute teacher may be a member; and
  (d) Does not relieve a public employer of any duty under ORS
243.650 to 243.782.
  (4) Information submitted to a public body in confidence and
not otherwise required by law to be submitted, where such
information should reasonably be considered confidential, the
public body has obliged itself in good faith not to disclose the
information, and when the public interest would suffer by the
disclosure.
  (5) Information or records of the Department of Corrections,
including the State Board of Parole and Post-Prison Supervision,
to the extent that disclosure would interfere with the
rehabilitation of a person in custody of the department or
substantially prejudice or prevent the carrying out of the
functions of the department, if the public interest in
confidentiality clearly outweighs the public interest in
disclosure.
  (6) Records, reports and other information received or compiled
by the Director of the Department of Consumer and Business
Services in the administration of ORS chapters 723 and 725 not
otherwise required by law to be made public, to the extent that
the interests of lending institutions, their officers, employees
and customers in preserving the confidentiality of such
information outweighs the public interest in disclosure.
  (7) Reports made to or filed with the court under ORS 137.077
or 137.530.
  (8) Any public records or information the disclosure of which
is prohibited by federal law or regulations.
  (9)(a) Public records or information the disclosure of which is
prohibited or restricted or otherwise made confidential or
privileged under Oregon law.

  (b) Subject to ORS 192.423, paragraph (a) of this subsection
does not apply to factual information compiled in a public record
when:
  (A) The basis for the claim of exemption is ORS 40.225;
  (B) The factual information is not prohibited from disclosure
under any applicable state or federal law, regulation or court
order and is not otherwise exempt from disclosure under ORS
192.410 to 192.505;
  (C) The factual information was compiled by or at the direction
of an attorney as part of an investigation on behalf of the
public body in response to information of possible wrongdoing by
the public body;
  (D) The factual information was not compiled in preparation for
litigation, arbitration or an administrative proceeding that was
reasonably likely to be initiated or that has been initiated by
or against the public body; and
  (E) The holder of the privilege under ORS 40.225 has made or
authorized a public statement characterizing or partially
disclosing the factual information compiled by or at the
attorney's direction.
  (10) Public records or information described in this section,
furnished by the public body originally compiling, preparing or
receiving them to any other public officer or public body in
connection with performance of the duties of the recipient, if
the considerations originally giving rise to the confidential or
exempt nature of the public records or information remain
applicable.
  (11) Records of the Energy Facility Siting Council concerning
the review or approval of security programs pursuant to ORS
469.530.
  (12) Employee and retiree address, telephone number and other
nonfinancial membership records and employee financial records
maintained by the Public Employees Retirement System pursuant to
ORS chapters 238 and 238A.
  (13) Records of or submitted to the State Treasurer, the Oregon
Investment Council or the agents of the treasurer or the council
relating to active or proposed publicly traded investments under
ORS chapter 293, including but not limited to records regarding
the acquisition, exchange or liquidation of the investments. For
the purposes of this subsection:
  (a) The exemption does not apply to:
  (A) Information in investment records solely related to the
amount paid directly into an investment by, or returned from the
investment directly to, the treasurer or council; or
  (B) The identity of the entity to which the amount was paid
directly or from which the amount was received directly.
  (b) An investment in a publicly traded investment is no longer
active when acquisition, exchange or liquidation of the
investment has been concluded.
  (14)(a) Records of or submitted to the State Treasurer, the
Oregon Investment Council  { - , the Oregon Growth Board - }
 { + , the Oregon Growth Account Board + } or the agents of the
treasurer, council or board relating to actual or proposed
investments under ORS chapter 293 or 348 in a privately placed
investment fund or a private asset including but not limited to
records regarding the solicitation, acquisition, deployment,
exchange or liquidation of the investments including but not
limited to:
  (A) Due diligence materials that are proprietary to an
investment fund, to an asset ownership or to their respective
investment vehicles.
  (B) Financial statements of an investment fund, an asset
ownership or their respective investment vehicles.
  (C) Meeting materials of an investment fund, an asset ownership
or their respective investment vehicles.

  (D) Records containing information regarding the portfolio
positions in which an investment fund, an asset ownership or
their respective investment vehicles invest.
  (E) Capital call and distribution notices of an investment
fund, an asset ownership or their respective investment vehicles.
  (F) Investment agreements and related documents.
  (b) The exemption under this subsection does not apply to:
  (A) The name, address and vintage year of each privately placed
investment fund.
  (B) The dollar amount of the commitment made to each privately
placed investment fund since inception of the fund.
  (C) The dollar amount of cash contributions made to each
privately placed investment fund since inception of the fund.
  (D) The dollar amount, on a fiscal year-end basis, of cash
distributions received by the State Treasurer, the Oregon
Investment Council  { - , the Oregon Growth Board - }  { + , the
Oregon Growth Account Board + } or the agents of the treasurer,
council or board from each privately placed investment fund.
  (E) The dollar amount, on a fiscal year-end basis, of the
remaining value of assets in a privately placed investment fund
attributable to an investment by the State Treasurer, the Oregon
Investment Council  { - , the Oregon Growth Board - }  { + , the
Oregon Growth Account Board + } or the agents of the treasurer,
council or board.
  (F) The net internal rate of return of each privately placed
investment fund since inception of the fund.
  (G) The investment multiple of each privately placed investment
fund since inception of the fund.
  (H) The dollar amount of the total management fees and costs
paid on an annual fiscal year-end basis to each privately placed
investment fund.
  (I) The dollar amount of cash profit received from each
privately placed investment fund on a fiscal year-end basis.
  (15) The monthly reports prepared and submitted under ORS
293.761 and 293.766 concerning the Public Employees Retirement
Fund and the Industrial Accident Fund may be uniformly treated as
exempt from disclosure for a period of up to 90 days after the
end of the calendar quarter.
  (16) Reports of unclaimed property filed by the holders of such
property to the extent permitted by ORS 98.352.
  (17)(a) The following records, communications and information
submitted to the Oregon Business Development Commission, the
Oregon Business Development Department, the State Department of
Agriculture,   { - the Oregon Growth Board, - }   { + the Oregon
Growth Account Board, + } the Port of Portland or other ports as
defined in ORS 777.005, or a county or city governing body and
any board, department, commission, council or agency thereof, by
applicants for investment funds, grants, loans, services or
economic development moneys, support or assistance including, but
not limited to, those described in ORS 285A.224:
  (A) Personal financial statements.
  (B) Financial statements of applicants.
  (C) Customer lists.
  (D) Information of an applicant pertaining to litigation to
which the applicant is a party if the complaint has been filed,
or if the complaint has not been filed, if the applicant shows
that such litigation is reasonably likely to occur; this
exemption does not apply to litigation which has been concluded,
and nothing in this subparagraph shall limit any right or
opportunity granted by discovery or deposition statutes to a
party to litigation or potential litigation.
  (E) Production, sales and cost data.
  (F) Marketing strategy information that relates to applicant's
plan to address specific markets and applicant's strategy
regarding specific competitors.

  (b) The following records, communications and information
submitted to the State Department of Energy by applicants for tax
credits:
  (A) Personal financial statements.
  (B) Financial statements of applicants.
  (C) Customer lists.
  (D) Information of an applicant pertaining to litigation to
which the applicant is a party if the complaint has been filed,
or if the complaint has not been filed, if the applicant shows
that such litigation is reasonably likely to occur; this
exemption does not apply to litigation which has been concluded,
and nothing in this subparagraph shall limit any right or
opportunity granted by discovery or deposition statutes to a
party to litigation or potential litigation.
  (E) Production, sales and cost data.
  (F) Marketing strategy information that relates to applicant's
plan to address specific markets and applicant's strategy
regarding specific competitors.
  (18) Records, reports or returns submitted by private concerns
or enterprises required by law to be submitted to or inspected by
a governmental body to allow it to determine the amount of any
transient lodging tax payable and the amounts of such tax payable
or paid, to the extent that such information is in a form which
would permit identification of the individual concern or
enterprise. Nothing in this subsection shall limit the use which
can be made of such information for regulatory purposes or its
admissibility in any enforcement proceedings. The public body
shall notify the taxpayer of the delinquency immediately by
certified mail. However, in the event that the payment or
delivery of transient lodging taxes otherwise due to a public
body is delinquent by over 60 days, the public body shall
disclose, upon the request of any person, the following
information:
  (a) The identity of the individual concern or enterprise that
is delinquent over 60 days in the payment or delivery of the
taxes.
  (b) The period for which the taxes are delinquent.
  (c) The actual, or estimated, amount of the delinquency.
  (19) All information supplied by a person under ORS 151.485 for
the purpose of requesting appointed counsel, and all information
supplied to the court from whatever source for the purpose of
verifying the financial eligibility of a person pursuant to ORS
151.485.
  (20) Workers' compensation claim records of the Department of
Consumer and Business Services, except in accordance with rules
adopted by the Director of the Department of Consumer and
Business Services, in any of the following circumstances:
  (a) When necessary for insurers, self-insured employers and
third party claim administrators to process workers' compensation
claims.
  (b) When necessary for the director, other governmental
agencies of this state or the United States to carry out their
duties, functions or powers.
  (c) When the disclosure is made in such a manner that the
disclosed information cannot be used to identify any worker who
is the subject of a claim.
  (d) When a worker or the worker's representative requests
review of the worker's claim record.
  (21) Sensitive business records or financial or commercial
information of the Oregon Health and Science University that is
not customarily provided to business competitors.
  (22) Records of Oregon Health and Science University regarding
candidates for the position of president of the university.
  (23) The records of a library, including:
  (a) Circulation records, showing use of specific library
material by a named person;
  (b) The name of a library patron together with the address or
telephone number of the patron; and
  (c) The electronic mail address of a patron.
  (24) The following records, communications and information
obtained by the Housing and Community Services Department in
connection with the department's monitoring or administration of
financial assistance or of housing or other developments:
  (a) Personal and corporate financial statements and
information, including tax returns.
  (b) Credit reports.
  (c) Project appraisals.
  (d) Market studies and analyses.
  (e) Articles of incorporation, partnership agreements and
operating agreements.
  (f) Commitment letters.
  (g) Project pro forma statements.
  (h) Project cost certifications and cost data.
  (i) Audits.
  (j) Project tenant correspondence.
  (k) Personal information about a tenant.
  (L) Housing assistance payments.
  (25) Raster geographic information system (GIS) digital
databases, provided by private forestland owners or their
representatives, voluntarily and in confidence to the State
Forestry Department, that is not otherwise required by law to be
submitted.
  (26) Sensitive business, commercial or financial information
furnished to or developed by a public body engaged in the
business of providing electricity or electricity services, if the
information is directly related to a transaction described in ORS
261.348, or if the information is directly related to a bid,
proposal or negotiations for the sale or purchase of electricity
or electricity services, and disclosure of the information would
cause a competitive disadvantage for the public body or its
retail electricity customers. This subsection does not apply to
cost-of-service studies used in the development or review of
generally applicable rate schedules.
  (27) Sensitive business, commercial or financial information
furnished to or developed by the City of Klamath Falls, acting
solely in connection with the ownership and operation of the
Klamath Cogeneration Project, if the information is directly
related to a transaction described in ORS 225.085 and disclosure
of the information would cause a competitive disadvantage for the
Klamath Cogeneration Project. This subsection does not apply to
cost-of-service studies used in the development or review of
generally applicable rate schedules.
  (28) Personally identifiable information about customers of a
municipal electric utility or a people's utility district or the
names, dates of birth, driver license numbers, telephone numbers,
electronic mail addresses or Social Security numbers of customers
who receive water, sewer or storm drain services from a public
body as defined in ORS 174.109. The utility or district may
release personally identifiable information about a customer, and
a public body providing water, sewer or storm drain services may
release the name, date of birth, driver license number, telephone
number, electronic mail address or Social Security number of a
customer, if the customer consents in writing or electronically,
if the disclosure is necessary for the utility, district or other
public body to render services to the customer, if the disclosure
is required pursuant to a court order or if the disclosure is
otherwise required by federal or state law. The utility, district
or other public body may charge as appropriate for the costs of
providing such information. The utility, district or other public
body may make customer records available to third party credit
agencies on a regular basis in connection with the establishment

and management of customer accounts or in the event such accounts
are delinquent.
  (29) A record of the street and number of an employee's address
submitted to a special district to obtain assistance in promoting
an alternative to single occupant motor vehicle transportation.
  (30) Sensitive business records, capital development plans or
financial or commercial information of Oregon Corrections
Enterprises that is not customarily provided to business
competitors.
  (31) Documents, materials or other information submitted to the
Director of the Department of Consumer and Business Services in
confidence by a state, federal, foreign or international
regulatory or law enforcement agency or by the National
Association of Insurance Commissioners, its affiliates or
subsidiaries under ORS 86A.095 to 86A.198, 697.005 to 697.095,
697.602 to 697.842, 705.137, 717.200 to 717.320, 717.900 or
717.905, ORS chapter 59, 723, 725 or 726, the Bank Act or the
Insurance Code when:
  (a) The document, material or other information is received
upon notice or with an understanding that it is confidential or
privileged under the laws of the jurisdiction that is the source
of the document, material or other information; and
  (b) The director has obligated the Department of Consumer and
Business Services not to disclose the document, material or other
information.
  (32) A county elections security plan developed and filed under
ORS 254.074.
  (33) Information about review or approval of programs relating
to the security of:
  (a) Generation, storage or conveyance of:
  (A) Electricity;
  (B) Gas in liquefied or gaseous form;
  (C) Hazardous substances as defined in ORS 453.005 (7)(a), (b)
and (d);
  (D) Petroleum products;
  (E) Sewage; or
  (F) Water.
  (b) Telecommunication systems, including cellular, wireless or
radio systems.
  (c) Data transmissions by whatever means provided.
  (34) The information specified in ORS 25.020 (8) if the Chief
Justice of the Supreme Court designates the information as
confidential by rule under ORS 1.002.
  (35)(a) Employer account records of the State Accident
Insurance Fund Corporation.
  (b) As used in this subsection, 'employer account records '
means all records maintained in any form that are specifically
related to the account of any employer insured, previously
insured or under consideration to be insured by the State
Accident Insurance Fund Corporation and any information obtained
or developed by the corporation in connection with providing,
offering to provide or declining to provide insurance to a
specific employer. 'Employer account records' includes, but is
not limited to, an employer's payroll records, premium payment
history, payroll classifications, employee names and
identification information, experience modification factors, loss
experience and dividend payment history.
  (c) The exemption provided by this subsection may not serve as
the basis for opposition to the discovery documents in litigation
pursuant to applicable rules of civil procedure.
  (36)(a) Claimant files of the State Accident Insurance Fund
Corporation.
  (b) As used in this subsection, 'claimant files' includes, but
is not limited to, all records held by the corporation pertaining
to a person who has made a claim, as defined in ORS 656.005, and
all records pertaining to such a claim.
  (c) The exemption provided by this subsection may not serve as
the basis for opposition to the discovery documents in litigation
pursuant to applicable rules of civil procedure.
  (37) Except as authorized by ORS 408.425, records that certify
or verify an individual's discharge or other separation from
military service.
  (38) Records of or submitted to a domestic violence service or
resource center that relate to the name or personal information
of an individual who visits a center for service, including the
date of service, the type of service received, referrals or
contact information or personal information of a family member of
the individual. As used in this subsection, 'domestic violence
service or resource center' means an entity, the primary purpose
of which is to assist persons affected by domestic or sexual
violence by providing referrals, resource information or other
assistance specifically of benefit to domestic or sexual violence
victims.
  SECTION 31. ORS 284.706, as amended by section 21 of this 2012
Act, is amended to read:
  284.706. (1) There is created the Oregon Innovation Council
consisting of the following voting members:
  (a) The Governor or the Governor's designated representative,
who shall be chairperson of the council.
  (b) Five members appointed by the Governor who are engaged in
the operations of Oregon traded sector industries or Oregon
growth businesses.
  (c) One member appointed by the Governor who is a
representative of an Oregon-based, generally accredited,
not-for-profit private institution of higher education.
  (d) A member of the Oregon Growth  { + Account + } Board,
appointed by the board { + , who has experience in the field of
venture capital + }.
  (e) A member of the Engineering and Technology Industry
Council, appointed by the Engineering and Technology Industry
Council.
  (f) The Director of the Oregon Business Development Department.
  (g) The Chancellor of the Oregon University System.
  (h) The Commissioner for Community College Services.
  (i) The State Treasurer.
  (2)(a) The Speaker of the House of Representatives shall
appoint two members to the council who are members of the House
of Representatives.
  (b) The President of the Senate shall appoint two members to
the council who are members of the Senate.
  (c) Members of the Legislative Assembly appointed to the
council are nonvoting members and may act in an advisory capacity
only.
  (3) The following persons, or their representatives, shall
serve as ex officio, nonvoting members of the council:
  (a) The presiding officer of the Oregon Business Development
Commission.
  (b) The president of the State Board of Higher Education.
  (c) The chairperson of the State Board of Education.
  (d) An executive officer of an association representing
Oregon-based, generally accredited, not-for-profit private
institutions of higher education, appointed by the Governor.
  (4) The term of office of each appointed voting member of the
council is three years, but an appointed member serves at the
pleasure of the appointing authority. Before the expiration of
the term of an appointed voting member, the appointing authority
shall appoint a successor whose term begins on July 1 next
following. An appointed member is eligible for reappointment. If
there is a vacancy for any cause, the appointing authority shall
make an appointment to become immediately effective for the
remainder of the unexpired term.

  (5) A majority of the voting members of the council constitutes
a quorum for the transaction of business.
  (6) Official action by the council requires the approval of a
majority of the voting members of the council.
  (7) The council shall meet at least twice per fiscal year at a
place, day and time determined by the chairperson. The council
may also meet at other times and places specified by a call of
the chairperson or by written request of a majority of the voting
members of the council.
  (8) The council may adopt rules necessary for the operation of
the council.
  (9) The council may establish committees and delegate to the
committees duties as the council considers desirable.
  (10) The Oregon Business Development Department shall provide
staff support to the council.
  (11) Members of the council who are members of the Legislative
Assembly are entitled to compensation and expense reimbursement
as provided in ORS 171.072.
  (12) Members of the council who are not members of the
Legislative Assembly are entitled to compensation and expenses
incurred by them in the performance of their official duties in
the manner and amounts provided for in ORS 292.495. Claims for
compensation and expenses of members of the council who are
public officers shall be paid out of funds appropriated to the
public agency that employs the member. Claims for compensation
and expenses of members of the council who are not public
officers shall be paid out of funds appropriated to the Oregon
Business Development Department for that purpose.
  (13) All agencies of state government, as defined in ORS
174.111, are directed to assist the council in the performance of
its duties and, to the extent permitted by laws relating to
confidentiality, to furnish such information and advice as the
members of the council consider necessary to perform their
duties.
  SECTION 32. ORS 293.731, as amended by section 22 of this 2012
Act, is amended to read:
  293.731. Subject to the objective set forth in ORS 293.721 and
the standards set forth in ORS 293.726, the Oregon Investment
Council shall formulate policies for the investment and
reinvestment of moneys in the investment funds and the
acquisition, retention, management and disposition of investments
of the investment funds. The council, from time to time, shall
review those policies and make changes therein as it considers
necessary or desirable. The council may formulate separate
policies for any fund included in the investment funds. This
section does not apply to the Oregon Growth Account,   { - the
Oregon Growth Fund, - }  the Oregon Growth  { + Account + }
Board, the Oregon Commercialized Research Fund, the Oregon
Innovation Fund or the Oregon Innovation Council.
  SECTION 33. ORS 293.761, as amended by section 24 of this 2012
Act, is amended to read:
  293.761. (1) The investment officer shall follow generally
accepted accounting practices and provide to the officer or body
having control and administration of any investment funds any
information necessary for financial reporting required by law.
  (2) The investment officer shall separately identify
investments held in the Oregon Growth Account established in ORS
348.702  { + and the Oregon Resource and Technology Development
Subaccount established in ORS 348.706 + } as part of the
information provided under this section on the Education
Stability Fund.
  SECTION 33a. ORS 348.702, as amended by section 2, chapter 805,
Oregon Laws 2009, and section 7a of this 2012 Act, 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 making investments in or
by providing seed capital for emerging growth businesses + }.
  (6) The investment of funds in the Oregon Growth Account shall
be governed by the Oregon Growth  { + Account + } Board.
    { - (7) The Oregon Growth Board may use moneys in the Oregon
Growth Account to pay the administrative costs associated with
the account and with administering those portions of sections 1
to 7 of this 2012 Act that pertain to the account. - }
                               { +
ABOLISHMENT OF OREGON GROWTH BOARD + }

  SECTION 34. { +  On the operative date specified in section 35
of this 2012 Act:
  (1) The Oregon Growth Board is abolished; and
  (2) Sections 1, 2 and 3 of this 2012 Act are repealed. + }
  SECTION 35.  { + The repeal of sections 1, 2 and 3 of this 2012
Act by section 34 of this 2012 Act becomes operative on June 30,
2014. + }
  SECTION 36.  { + If section 26 of this 2012 Act is not repealed
by section 27 of this 2012 Act, sections 34 (repealing sections
1, 2 and 3 of this 2012 Act) and 35 of this 2012 Act are repealed
on January 1, 2014. + }

                               { +
UNIT CAPTIONS + }

  SECTION 37.  { + The unit captions used in this 2012 Act are
provided only for the convenience of the reader and do not become
part of the statutory law of this state or express any
legislative intent in the enactment of this 2012 Act. + }
                               { +
EMERGENCY CLAUSE + }

  SECTION 38.  { + This 2012 Act being necessary for the
immediate preservation of the public peace, health and safety, an
emergency is declared to exist, and this 2012 Act takes effect on
its passage. + }
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