(1) Pursuant to ORS 286A.560 to 286A.585, lottery bonds may be issued to fund projects for the improvement, restoration, upgrading and preservation of systems, facilities and equipment of the Oregon State Fair.
(2) The use of lottery bond proceeds is authorized based on the following findings:
(a) The activities of the Oregon State Fair promote Oregon’s agricultural industry and its products;
(b) The promotion of agricultural products expands markets, which in turn creates jobs and stimulates economic development of the industry; and
(c) The Oregon State Fair draws patrons from throughout the region and creates jobs and substantial economic activity for the Salem and Keizer areas.
(3) The aggregate principal amount of lottery bonds issued pursuant to this section may not exceed the sum of $20,167,661 and an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs. Lottery bonds issued pursuant to this section shall be issued only at the request of the State Parks and Recreation Director.
(4) The net proceeds of lottery bonds issued pursuant to this section shall be deposited in the State Fair Capital Project Fund, which is hereby established in the State Treasury separate and distinct from the General Fund.
(5) The proceeds of lottery bonds issued pursuant to this section shall be used only for the purposes set forth in subsection (1) of this section and for bond-related costs. [1999 c.702 §5; 2001 c.942 §12; 2005 c.777 §30]
Note: 565.103 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 565 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
Section: Previous 565.070 565.071 565.080 565.090 565.095 565.100 565.102 565.103 565.105 565.106 565.107 565.109 565.110 565.112 565.114 NextLast modified: August 7, 2008