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 Economic and Community 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 Economic and Community 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. [Formerly 285.315; 1999 c.509 §30; 2001 c.680 §3; 2007 c.804 §§73,90]
Section: Previous 285B.286 285B.289 285B.290 285B.292 285B.295 285B.298 285B.320 285B.323 285B.326 285B.329 285B.332 285B.335 285B.338 285B.341 285B.344 NextLast modified: August 7, 2008