Bill Text: OR SB55 | 2011 | Regular Session | Introduced

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Bill Title: Relating to economic development at state airports.

Spectrum: Unknown

Status: (Failed) 2011-06-30 - In committee upon adjournment. [SB55 Detail]

Download: Oregon-2011-SB55-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 757

                         Senate Bill 55

Printed pursuant to Senate Interim Rule 213.28 by order of the
  President of the Senate in conformance with presession filing
  rules, indicating neither advocacy nor opposition on the part
  of the President (at the request of Governor John A. Kitzhaber
  for Oregon Department of Aviation)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Authorizes Director of Oregon Department of Aviation, as
authorized by State Aviation Board, to approve and forward
applications for issuance of economic development revenue bonds
to Oregon Business Development Commission.

                        A BILL FOR AN ACT
Relating to economic development at state airports; creating new
  provisions; and amending ORS 285B.323 and 285B.326.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2011 Act is added to and made
a part of ORS chapter 835. + }
  SECTION 2.  { + The Director of the Oregon Department of
Aviation, as authorized by the State Aviation Board, may approve
an application of a lessee at an airport owned or controlled by
the state for the issuance of revenue bonds under ORS 285B.320 to
285B.371 and forward the application on behalf of the lessee to
the Oregon Business Development Commission. + }
  SECTION 3. ORS 285B.323 is amended to read:
  285B.323. As used in ORS 285B.320 to 285B.371, unless the
context requires otherwise:
  (1) 'Bond' or 'revenue bond' means a revenue bond, as defined
in ORS 286A.001.
  (2) 'Economic development project' includes any properties,
real or personal, used or useful in connection with a revenue
producing enterprise, an exempt facility or a nonprofit entity,
and vehicles, rolling stock or equipment related to an
enterprise, facility or entity. 'Economic development project'
does not include any facility or facilities designed primarily
for the generation, transmission, sale or distribution of
electrical energy.
  (3) 'Eligible project' means an economic development project
found by the Oregon Business Development Commission to meet
standards of the commission.   { - The commission may treat as a
single eligible project for bonding purposes any number of
economic development projects determined to be eligible
projects. - }

  (4) 'Exempt facility' means any facility described in section
142(a) of the Internal Revenue Code of 1986, as amended and in
effect as of June 30, 2007. If section 142(a) of the Internal
Revenue Code of 1986 is amended or altered on or after July 1,
2007, the Oregon Business Development Department may adopt by
rule a definition of 'exempt facility' that is consistent with
section 142(a) of the Internal Revenue Code of 1986 as amended or
altered.
  (5) 'Nonprofit entity' means an institution, organization or
other entity exempt from taxation under section 501(c)(3) of the
Internal Revenue Code of 1986, as amended and in effect as of
June 30, 2007. If section 501(c)(3) of the Internal Revenue Code
of 1986 is amended or altered on or after July 1, 2007, the
department may adopt a definition of 'nonprofit entity' that is
consistent with section 501(c)(3) of the Internal Revenue Code of
1986 as amended or altered.
  SECTION 4. ORS 285B.326 is amended to read:
  285B.326. (1) Upon determining that an economic development
project is an eligible project, the Oregon Business Development
Commission shall request that the State Treasurer issue the
bonds.
   { +  (2) For bonding purposes, the commission may treat any
number of economic development projects determined to be eligible
projects as a single eligible project. + }
    { - (2) - }   { + (3) + } The commission shall collect fees
set forth in rules established by the Oregon Business Development
Department.  Moneys collected under this subsection shall be
deposited in the Oregon Business, Innovation and Trade Fund
created under ORS 285A.227 and are continuously appropriated to
the commission for the purpose of administration or funding of
the Oregon Industrial Development Revenue Bond and Express Bond
Program.
    { - (3)(a) - }   { + (4)(a) + } In addition to the fees
described in subsection   { - (2) - }   { + (3) + } of this
section, the commission may charge and receive reimbursement for
expenses incurred in:
  (A) The initial review of an application for economic
development projects sought to be declared eligible for
financing; and
  (B) Matters arising after the issuance of a bond.
  (b) Reimbursement for expenses under this subsection shall be
charged and received in accordance with rules established by the
department.
   { +  (5) When determining whether an economic development
project at an airport owned or controlled by the state is an
eligible project, the commission shall consider and give
preference to an economic development project that is approved
and forwarded to the commission by the Director of the Oregon
Department of Aviation under section 2 of this 2011 Act. + }
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