OAR 732-042-0030
Qualified Entity Failure to Apply or Withdrawal from the STIF Formula Fund
(1)
Unless a Qualified Entity has an approved STIF Plan and is receiving quarterly distributions, the Agency shall accumulate STIF Formula Fund moneys for which a Qualified Entity is eligible, as calculated by the Agency pursuant to OAR 732-042-0010 (STIF Formula Fund Calculation and Disbursement), for a period of one Biennium.(2)
If a Qualified Entity fails to submit timely a STIF Plan for two consecutive STIF Formula Fund Cycles, as described in OAR 732-042-0005 (STIF Formula Fund Cycle), the Agency shall release any STIF Formula Fund moneys accumulated for the Qualified Entity to the STIF Formula Fund generally for redistribution to other Qualified Entities.(3)
If a Qualified Entity timely submits a STIF Plan but the STIF Plan is rejected by the Commission for two consecutive STIF Formula Fund Cycles, as described in OAR 732-042-0005 (STIF Formula Fund Cycle), and neither rejection is overcome by an appeal or reconsideration, the Agency shall release any STIF Formula Fund moneys accumulated for the Qualified Entity to the STIF Formula Fund generally for redistribution to other Qualified Entities.(4)
Qualified Entities eligible to receive STIF Formula Fund moneys may voluntarily withdraw from eligibility. A Qualified Entity intending to withdraw its eligibility shall notify the Agency of the decision to withdraw and the time period during which it wishes to withdraw its eligibility (such as the remainder of the current Biennium, all future Biennia, etc.). Upon the Qualified Entity’s withdrawal, the Agency shall release any STIF Formula Fund moneys accumulated or designated for the Qualified Entity to the STIF Formula Fund for redistribution to other Qualified Entities. During the period of withdrawal, the withdrawn Qualified Entity must be excluded from the Agency’s calculations under OAR 732-042-0010 (STIF Formula Fund Calculation and Disbursement). A Qualified Entity may rescind its withdrawal at any time by written notice to the Agency. If a Qualified Entity rescinds its withdrawal, it will be eligible to receive STIF Formula Fund disbursements in the next STIF Formula Fund Cycle, contingent upon Commission approval of its STIF Plan under these rules.(5)
Any interest accrued on STIF Formula Fund moneys accumulated by the Agency under this rule must be credited to the STIF Formula Fund generally.
Source:
Rule 732-042-0030 — Qualified Entity Failure to Apply or Withdrawal from the STIF Formula Fund, https://secure.sos.state.or.us/oard/view.action?ruleNumber=732-042-0030.