Skip to main content
Find a Lawyer

Oregon Revised Statutes Title 26A. Economic Development § 285B.323

Current as of January 01, 2023 | Updated by Findlaw Staff

(1) As used in ORS 285B.320 to 285B.371, unless the context requires otherwise:

(a) “Bond” or “revenue bond” means a revenue bond, as defined in ORS 286A.001.

(b) “Capital asset” means real or personal property that the Oregon Business Development Commission expects to be:

(A) Used in connection with a revenue-producing enterprise, an exempt facility or a nonprofit entity; and

(B) Located in Oregon.

(c) “Economic development project” means:

(A) A capital asset.

(B) Research and development conducted in Oregon.

(C) Estimated operating expenses associated with a capital asset.

(d) “Eligible project” means the portion of an economic development project that the commission:

(A) Has found is in compliance with applicable standards of the commission;

(B) Has found will produce substantial benefits in Oregon; and

(C) Has approved for financing with proceeds of bonds authorized under ORS 285B.320 to 285B.371.

(e) “Exempt facility” means any facility described in section 142(a) of the Internal Revenue Code of 1986   1, as amended and in effect as of July 1, 2011.

(f) “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 July 1, 2011.

(2) Notwithstanding the definition of “exempt facility” in subsection (1) of this section, if section 142(a) of the Internal Revenue Code of 1986 is amended or altered on or after July 1, 2011, the Oregon Business 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.

(3) Notwithstanding the definition of “nonprofit entity” in subsection (1) of this section, if section 501(c)(3) of the Internal Revenue Code of 1986 is amended or altered on or after July 1, 2011, 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.

1  Internal Revenue Code sections are in Title 26 of U.S.C.A.
Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Oregon Revised Statutes Title 26A. Economic Development § 285B.323 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-26a-economic-development/or-rev-st-sect-285b-323/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard