(1) There is established in the State Treasury the Senior Property Tax Deferral Revolving Account to be used by the Department of Revenue for the purpose of making the payments to:
(a) County tax collectors of property taxes deferred for tax years beginning on or after January 1, 1983, as required by ORS 311.676.
(b) The appropriate local officer of special assessment improvement amounts deferred on or after October 15, 1983, as required by ORS 311.730.
(c) The department for its expenses in administering the property tax and special assessment senior deferral programs.
(2) The Senior Property Tax Deferral Revolving Account may include a reserve for payment of department administrative expenses.
(3) All sums of money received by the Department of Revenue under ORS 311.666 to 311.701 as repayments of deferred property taxes or under ORS 311.702 to 311.735 as repayments of deferred special assessment improvement amounts, including the interest accrued under ORS 311.674 (3) or 311.711 (3) shall, upon receipt, be credited to the revolving account and are continuously appropriated to the department for the purposes of subsection (1) of this section.
(4) If there is not sufficient money in the revolving account to make the payments required by subsection (1) of this section, there is appropriated from the General Fund an amount sufficient which together with the money in the revolving account will provide an amount sufficient to make the required payments.
(5)(a) On November 30 of each year, if the amount in the revolving account exceeds the greater of 35 percent of the total amount needed to make the payments described in subsection (1) of this section for the previous property tax year or $5 million, the department shall calculate the difference between the amount in the revolving account and the greater of an amount that equals 35 percent of the total amount needed to make the payments described in subsection (1) of this section for the previous property tax year or $5 million.
(b) No later than February 1 of each year, the department shall transfer an amount equal to the difference described in paragraph (a) of this subsection into the Oregon Project Independence Fund established in ORS 410.422. [1983 c.550 §12; 1985 c.167 §1; 1995 c.257 §1; 2001 c.716 §27; 2005 c.749 §4]Section: Previous 311.691 311.692 311.693 311.694 311.695 311.696 311.700 311.701 311.702 311.704 311.705 311.706 311.708 311.710 311.711 Next
Last modified: August 7, 2008