Chapter 113 Oregon Laws 2005

AN ACT

HB 2041

Relating to authority to issue private activity bonds; creating new provisions; and amending ORS 286.605.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 286.605 is amended to read:

286.605. As used in ORS [286.615] 286.605 to 286.645:

(1) “Issuer” means [a governmental unit in this state that has authority to] an entity that may issue private activity bonds [and includes the Oregon Economic and Community Development Commission] that are qualified bonds on which the interest is exempt from federal taxation.

(2) “Private activity bonds” has the meaning given in section 141 of the Internal Revenue Code of 1986.

SECTION 2. The amendments to ORS 286.605 by section 1 of this 2005 Act apply to private activity bonds issued on or after the effective date of this 2005 Act.

Approved by the Governor June 6, 2005

Filed in the office of Secretary of State June 7, 2005

Effective date January 1, 2006

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