Chapter 756 Oregon Laws 2005
AN ACT
SB 152
Relating to lottery bonds for construction of passenger terminal at North Bend Airport; appropriating money; and declaring an emergency.
Be It Enacted by the People of the State of
Oregon:
SECTION
1. (1) The Legislative Assembly
finds that issuing lottery bonds to provide grants to the Coos County Airport
District to assist in the funding of the construction of a new passenger
terminal at the North Bend Airport is essential to promoting economic
development in southern Oregon.
(2)
The use of lottery bond proceeds is authorized based on the following findings:
(a)
The economy of Coos County has been depressed in recent years as a result of
unfavorable developments in the timber and fishing industries.
(b)
The economy of Coos County will benefit from the construction of a new
passenger terminal at the North Bend Airport because it will increase the
capability of the airport to meet air travel needs for Coos County and provide
for continued and expanded economic opportunities for tourism in southwestern
Oregon.
(c)
Increased capacity for air transport at the North Bend Airport will increase
the opportunity to attract new industries to areas served by the airport and
increase opportunities for employment in those areas.
(d) The construction of a new passenger terminal at the North Bend Airport will promote economic development in this state, and the use of net proceeds from the operation of the Oregon State Lottery to pay debt service on lottery bonds issued under this section to finance a portion of the costs of a new passenger terminal at the North Bend Airport is an authorized use of state lottery funds under section 4, Article XV of the Oregon Constitution, and ORS 461.510.
SECTION 2. The aggregate principal amount of lottery bonds issued pursuant to section 4 of this 2005 Act to assist in the funding of the construction of a new passenger terminal at the North Bend Airport may not exceed the sum of $10 million and an additional amount estimated by the State Treasurer to be necessary to pay bond-related costs. Lottery bonds issued pursuant to section 4 of this 2005 Act shall be issued only at the request of the Director of the Economic and Community Development Department. The director may not request the issuance of lottery bonds pursuant to section 4 of this 2005 Act until the executive director of the Coos County Airport District certifies in writing that all necessary permits for the proposed construction have been obtained by the airport district and has provided documentation to the Director of the Economic and Community Development Department that verifies that the district will have sufficient funding to complete the project.
SECTION
3. (1) The North Bend Airport
Improvement Fund is established in the State Treasury, separate and distinct
from the General Fund. The net proceeds of lottery bonds issued pursuant to
section 4 of this 2005 Act shall be deposited in the fund. All moneys in the
North Bend Airport Improvement Fund are continuously appropriated to the
Economic and Community Development Department for the purpose of providing
grants to the Coos County Airport District to assist in the funding of the
construction of a new passenger terminal at the North Bend Airport. Interest
earned on moneys in the fund shall be credited to the fund.
(2)
Subject to subsection (3) of this section, moneys in the fund shall be made
available for distribution to the Coos County Airport District in the form of
grants for the purpose specified in section 1 of this 2005 Act.
(3)
The Director of the Economic and Community Development Department shall enter
into a grant agreement with the Coos County Airport District that requires the
department to disburse the aggregate amount of $10 million from the fund to the
district when:
(a)
Moneys are available; and
(b) The executive director of the Coos County Airport District has provided the documentation required under section 2 of this 2005 Act.
SECTION
4. (1)(a) For the biennium
beginning July 1, 2005, the State Treasurer is authorized to issue lottery
bonds pursuant to ORS 286.560 to 286.580 and 348.716 in the amount of $6
million for payment of grants to the Coos County Airport District related to
the construction of a passenger terminal facility at the North Bend Airport,
plus an additional amount estimated by the State Treasurer for payment of
bond-related costs of the Economic and Community Development Department and the
State Treasurer.
(b)
For the biennium beginning July 1, 2007, the State Treasurer is authorized to
issue lottery bonds pursuant to ORS 286.560 to 286.580 and 348.716 in the
amount of $4 million for payment of grants to the Coos County Airport District
related to the construction of a passenger terminal facility at the North Bend
Airport, plus an additional amount estimated by the State Treasurer for payment
of bond-related costs of the Economic and Community Development Department and
the State Treasurer.
(2)(a)
Net proceeds of lottery bonds issued under subsection (1)(a) of this section,
in the amount of $6 million, shall be deposited in the North Bend Airport
Improvement Fund established by section 3 of this 2005 Act not later than
December 15, 2005.
(b) Net proceeds of lottery bonds issued under subsection (1)(b) of this section, in the amount of $4 million, shall be deposited in the North Bend Airport Improvement Fund established by section 3 of this 2005 Act not later than December 15, 2007.
SECTION 5. This 2005 Act being necessary for the immediate preservation of the public peace, health and safety, an emergency is declared to exist, and this 2005 Act takes effect on its passage.
Approved by the Governor August 18, 2005
Filed in the office of Secretary of State August 22, 2005
Effective date August 18, 2005
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