Bill Text: OR SB1558 | 2012 | Regular Session | Amended

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

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Bill Title: Relating to economic development revenue bonds; and declaring an emergency.

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Passed) 2012-03-20 - Effective date, March 16, 2012. [SB1558 Detail]

Download: Oregon-2012-SB1558-Amended.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2012 Regular Session

SA to SB 1558

LC 75/SB 1558-1

                      SENATE AMENDMENTS TO
                        SENATE BILL 1558

               By COMMITTEE ON FINANCE AND REVENUE

                           February 15

  On page 1 of the printed bill, line 2, after '285B.323 ' insert
', 285B.329'.
  Delete lines 8 through 24 and insert:
  ' (b) 'Capital asset' means real or personal property that the
Oregon Business Development Commission expects to be:
  ' (A) Used in connection with a revenue-producing enterprise,
an exempt facility or a nonprofit entity; and
  ' (B) Located in Oregon.
  ' (c) 'Economic development project' means:
  ' (A) A capital asset.
  ' (B) Research and development conducted in Oregon.
  ' (C) Estimated operating expenses associated with a capital
asset.
  ' (d) 'Eligible project' means the portion of an economic
development project that the commission:
  ' (A) Has found is in compliance with applicable standards of
the commission;
  ' (B) Has found will produce substantial benefits in Oregon;
and
  ' (C) Has approved for financing with proceeds of bonds
authorized under ORS 285B.320 to 285B.371.'.
  On page 2, after line 12, insert:
  '  { +  SECTION 2. + } ORS 285B.329 is amended to read:
  ' 285B.329. (1) The state, acting through the State Treasurer,
shall not undertake to finance any economic development project
pursuant to ORS 285B.320 to 285B.371 before the Oregon Business
Development Commission has reviewed the project.
  ' (2) The commission is not required to make the determination
and findings described in ORS 285A.055 (1) and (2) if the
economic development project involves an exempt facility
  { - and related vehicles, rolling stock or equipment when the
project does not require any private activity volume cap under
ORS 286A.605 to 286A.625 - } .'.
  In line 13, delete '2' and insert '3'.
  In line 26, delete '3' and insert '4'.
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