ORS 285B.420
Financial assistance for levee projects

required findings

Text
Annotations

(1)

The Oregon Infrastructure Finance Authority may provide financial assistance in the form of loans or grants for a levee project to:

(a)

Drainage districts organized under ORS chapter 547;

(b)

Corporations or companies for drainage or flood control organized under ORS chapter 554; and

(c)

For-profit or nonprofit entities and individuals engaged in the ownership, construction, inspection, accreditation, certification or repair of levees.

(2)

To qualify for financial assistance under this section, the district, corporation, company, entity or individual must demonstrate, and the authority must find, that the levee project substantially contributes to the improvement, expansion or repair of the state’s or a municipality’s infrastructure system and is essential for the use or development of farm, industrial or commercial land in Oregon.

(3)

Levee projects that receive financial assistance under this section are subject to the provisions and requirements of ORS 285B.410 (Definitions for ORS 285B.410 to 285B.482) to 285B.482 (Revenue bonds as parity bonds), if applicable. [2015 c.667 §3]

Note: 285B.420 (Financial assistance for levee projects) was added to and made a part of 285B.410 (Definitions for ORS 285B.410 to 285B.482) to 285B.482 (Revenue bonds as parity bonds) by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

Note: Section 33, chapter 671, Oregon Laws 2019, provides:

Sec. 33. (1) For the biennium beginning July 1, 2021, at the request of the Oregon Department of Administrative Services, after the department consults with the Oregon Business Development Department, the State Treasurer is authorized to issue lottery bonds pursuant to ORS 286A.560 (Definitions for ORS 286A.560 to 286A.585 and 327.700 to 327.711) to 286A.585 (Lottery bonds for community sports facilities) in an amount that produces $15 million in net proceeds for the purposes described in subsection (2) of this section, plus an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs.

(2)

Net proceeds of lottery bonds issued under this section must be transferred to the Oregon Business Development Department for deposit in the Levee Project Grant Fund established in ORS 285B.421 (Levee Project Grant Fund) for the purpose of providing grants under ORS 285B.420 (Financial assistance for levee projects) for levee projects as defined in ORS 285B.410 (Definitions for ORS 285B.410 to 285B.482).

(3)

The Legislative Assembly finds that the use of lottery bond proceeds will create jobs, further economic development, finance public education or restore and protect parks, beaches, watersheds and native fish and wildlife, and is authorized based on the following findings:

(a)

Levees are an integral part of the commercial and industrial infrastructure of this state.

(b)

The inspection, accreditation, certification and repair of levees will promote economic development within this state. [2019 c.671 §33; 2021 c.682 §16]

Source: Section 285B.420 — Financial assistance for levee projects; required findings, https://www.oregonlegislature.gov/bills_laws/ors/ors285B.html.

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ORS 285B.420 Financial assistance for levee projects

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(a)

(b)

(c)

(2)

(3)

(2)

(3)

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(b)

ORS 285B.420
Financial assistance for levee projects