76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session
HA to HB 3507
LC 3417/HB 3507-5
HOUSE AMENDMENTS TO
HOUSE BILL 3507
By COMMITTEE ON TRANSPORTATION AND ECONOMIC DEVELOPMENT
April 27
On page 1 of the printed bill, delete lines 5 through 25.
On page 2, delete lines 1 through 11 and insert:
' Whereas the Legislative Assembly finds that Oregon is
recognized as a leader in business and economic development and
has the foundation to become a leader in innovation-based
economic development; and
' Whereas prosperity in this global economy is critically tied
to the ability to innovate and to translate knowledge into new
products, processes, technologies and services that create
high-skill, high-wage job growth; and
' Whereas Oregon, to compete in this challenging global
economy, must have focused sources of innovation-based economic
development, new technologies, a sustainable talent base of
workers, entrepreneurs that are sufficiently capitalized to
further innovation-based economic development and a receptive
market base; and
' Whereas Oregon's ability to create high-skill, high-wage jobs
must be enhanced to significantly address the increasingly high
levels of unemployment in this state; and
' Whereas many high-skill, high-wage jobs are technology-based
and require a skilled workforce and sufficiently capitalized
innovation-based businesses; and
' Whereas Oregon's competitive edge in innovation-based
economic development should be nurtured and enhanced; and
' Whereas Oregon's public and private educational institutions
must improve and expand their facilities, programs and
educational and research capabilities to further innovation-based
economic development in this state; and
' Whereas the Oregon University System and private universities
and research institutions in this state are strategic partners in
furthering the unique educational and employment needs of
Oregon's innovation-based economic development businesses; and
' Whereas to become a leader in innovation-based economic
development, Oregon needs policies and strategies to develop new
technologies, to attract funding from federal sources and private
sector investments, to attract and grow innovation-based economic
development businesses and to create high-skill, high-wage jobs;
and
' Whereas a critical component of furthering Oregon's
innovation-based economic development is a stable and long-term
source of funding; and
' Whereas the Legislative Assembly finds that state agencies,
innovation-based economic development businesses, research
institutions, national laboratories and workforce development
agencies must collaborate so that Oregon is well-positioned to
compete for funds from federal sources and private sector
investments; now, therefore,'.
Delete lines 13 through 45 and delete pages 3 through 12 and
insert:
' { + SECTION 1. + } ORS 284.701 is amended to read:
' 284.701. As used in ORS 284.701 to 284.740:
' { + (1) 'Clean energy' means a technology, product, process
or innovation that involves conservation of natural resources,
solar energy, green building products and services, biofuels,
biomass energy, bio-based products or other renewable and
sustainable energy.
' (2) 'Innovation-based economic development' includes, but is
not limited to, a technology, product, process or innovation
that:
' (a) Derives from and supports innovation and research;
' (b) Promotes Oregon's market capacities and competitive
advantages;
' (c) Involves technology-based innovation;
' (d) Facilitates the creation of new products, processes and
services that retain and create high-wage jobs;
' (e) Involves the establishment of partnerships between and
collaboration with research institutions, the private sector and
public entities;
' (f) Endeavors to transfer innovative technologies to the
private sector or to commercialize innovative research and
development; and
' (g) Includes, but is not limited to, clean energy and clean
energy economic development. + }
' { - (1) - } { + (3) + } 'Oregon { - emerging - } { +
growth + } business' means { - an emerging growth business as
defined in ORS 348.701 that has - } :
' { - (a) Fewer than 100 employees; and - }
' { - (b) At least 51 percent of its employees employed in
Oregon. - }
' { + (a) An individual, group of individuals or private
sector business entity, including but not limited to a
partnership, limited liability company, corporation, firm,
association or other business entity, that engages in business
that furthers innovation-based economic development, that has the
capacity upon obtaining appropriate capital to generate
significant high-skill, high-wage employment in Oregon and that
conducts business in Oregon; or
' (b) An emerging growth business as defined in ORS 348.701.
' (4) 'Public entity' means any agency of the federal or state
government, county, city, town, public corporation or political
subdivision in this state. + }
' { - (2) - } { + (5) + } 'Research institution' means:
' (a) A community college as defined in ORS 341.005;
' (b) A state institution of higher education listed in ORS
352.002;
' (c) The Oregon Health and Science University public
corporation created under ORS 353.020;
' (d) An Oregon-based, generally accredited, not-for-profit
private institution of higher education;
' (e) A federal research laboratory conducting research in
Oregon; { - or - }
' (f) A private not-for-profit research institution located in
Oregon { + ;
' (g) An institution for higher education as defined in ORS
289.005; or
' (h) A private institution of higher education located in
Oregon + }.
' { - (3) - } { + (6) + } 'Traded sector' has the meaning
given that term in ORS 285A.010.
' { + SECTION 2. + } ORS 284.706 is amended to read:
' 284.706. (1) There is created the Oregon Innovation Council
consisting of the following voting members:
' (a) The Governor or the Governor's designated representative,
who shall be chairperson of the council.
' (b) Five members appointed by the Governor who are engaged in
the operations of Oregon traded sector industries { + or Oregon
growth businesses + }.
' (c) One member appointed by the Governor who is a
representative of an Oregon-based, generally accredited,
not-for-profit private institution of higher education.
' (d) A member of the Oregon Growth Account Board, appointed by
the board, who has experience in the field of venture capital.
' (e) A member of the Engineering and Technology Industry
Council, appointed by the Engineering and Technology Industry
Council.
' (f) The Director of the Oregon Business Development
Department.
' (g) The Chancellor of the Oregon University System.
' (h) The Commissioner for Community College Services.
' (i) The State Treasurer.
' (2)(a) The Speaker of the House of Representatives shall
appoint two members to the council who are members of the House
of Representatives.
' (b) The President of the Senate shall appoint two members to
the council who are members of the Senate.
' (c) Members of the Legislative Assembly appointed to the
council are nonvoting members and may act in an advisory capacity
only.
' (3) The following persons, or their representatives, shall
serve as ex officio, nonvoting members of the council:
' (a) The { - chairperson - } { + presiding officer + } of
the Oregon Business Development Commission.
' (b) The president of the State Board of Higher Education.
' (c) The chairperson of the State Board of Education.
' (d) An executive officer of an association representing
Oregon-based, generally accredited, not-for-profit private
institutions of higher education, appointed by the Governor.
' (4) The term of office of each appointed voting member of the
council is three years, but an appointed member serves at the
pleasure of the appointing authority. Before the expiration of
the term of an appointed voting member, the appointing authority
shall appoint a successor whose term begins on July 1 next
following. An appointed member is eligible for reappointment. If
there is a vacancy for any cause, the appointing authority shall
make an appointment to become immediately effective for the
remainder of the unexpired term.
' (5) A majority of the voting members of the council
constitutes a quorum for the transaction of business.
' (6) Official action by the council requires the approval of a
majority of the voting members of the council.
' (7) The council shall meet at least twice per fiscal year at
a place, day and time determined by the chairperson. The council
may also meet at other times and places specified by a call of
the chairperson or by written request of a majority of the voting
members of the council.
' (8) The council may adopt rules necessary for the operation
of the council.
' (9) The council may establish committees and delegate to the
committees duties as the council considers desirable.
' (10) The Oregon Business Development Department shall provide
staff support to the council.
' (11) Members of the council who are not members of the
Legislative Assembly are entitled to compensation and expenses
incurred by them in the performance of their official duties in
the manner and amounts provided for in ORS 292.495. Claims for
compensation and expenses of members of the council who are
public officers shall be paid out of funds appropriated to the
public agency that employs the member. Claims for compensation
and expenses of members of the council who are not public
officers shall be paid out of funds appropriated to the Oregon
Business Development Department for that purpose.
' (12) All agencies of state government, as defined in ORS
174.111, are directed to assist the council in the performance of
its duties and, to the extent permitted by laws relating to
confidentiality, to furnish such information and advice as the
members of the council consider necessary to perform their
duties.
' { + SECTION 3. + } { + + }ORS 284.711 is amended to
read:
' 284.711. (1) The Oregon Innovation Council shall provide
advice to the Governor, the Legislative Assembly, { - public
and private post-secondary educational - } { + research + }
institutions, public agencies that provide economic development
and the private sector on issues related to:
' (a) Promoting agreements between { - public and private
post-secondary educational - } { + research + } institutions
and private industry that increase technology transfer and the
commercialization of research;
' (b) Promoting investment in specialized research facilities
and signature research centers where Oregon has a distinct or
emerging advantage for creating new products and businesses;
' (c) Stimulating seed and start-up capital investment and
entrepreneurial capacity that will promote economic growth in
Oregon traded sector industries { + or Oregon growth
businesses + };
' (d) Developing the entrepreneurial and management capacity
critical to the competitiveness of Oregon traded sector
industries
{ - and - } { + or Oregon growth businesses in + } rapidly
growing global markets;
' (e) Enhancing the international competitiveness of Oregon
traded sector industries { + or Oregon growth businesses + };
and
' (f) Identifying workforce issues for occupations critical to
the competitiveness of Oregon traded sector industries { + or
Oregon growth businesses + }, including but not limited to
scientific, engineering, information technology { + , + }
{ - and - } business management { + and innovation-based
economic development + } occupations.
' (2) The Oregon Innovation Council shall advise the
Engineering and Technology Industry Council established in ORS
351.663 on how to coordinate the Engineering and Technology
Industry Council's goals and policies with the state plan
developed under ORS 284.715.
' (3) The council, the Oregon Business Development Commission,
the State Board of Higher Education and the office of the State
Treasurer shall coordinate policies and programs related to the
duties of the council.
' (4) Based on the state plan developed under ORS 284.715 { +
and subject to the approval of the Oregon Business Development
Department + }, the council may distribute moneys in the Oregon
Innovation Fund by grant { + or loan + } or pursuant to
contracts with
{ - public and private post-secondary - } { + research + }
institutions, { - state agencies and private sector
entities - } { + the private sector and public entities + }.
' { + (5) The council may assess and charge fees for making
grants or loans under section 10 of this 2011 Act. + }
' { + SECTION 4. + } ORS 284.715 is amended to read:
' 284.715. (1) The Oregon Innovation Council shall develop a
state plan for innovation and economic competitiveness. The plan
shall include policy and program recommendations to:
' (a) Identify and expand the state's industry and core
research strengths related to Oregon traded sector
industries { + or Oregon growth businesses + };
' (b) Promote agreements between { - public and private
post-secondary educational - } { + research + } institutions
and private industry that increase technology transfer and the
commercialization of research;
' (c) Promote investment in specialized research facilities and
signature research centers where Oregon has a distinct or
emerging advantage for { - creating new products and
businesses - } { + innovation-based economic development + };
and
' (d) Stimulate seed and start-up capital investment and
entrepreneurial capacity that will promote { - economic
growth - } { + innovation-based economic development + } in
Oregon traded sector industries { + or Oregon growth
businesses + }.
' (2) The state plan shall also include an identification of
workforce issues and trends related to the development of workers
in trade sector industries { - and - } { + or Oregon growth
businesses and make + } recommendations to the State Workforce
Investment Board and the State Board of Education on training and
education enhancements based on the identified workforce issues
and trends.
' (3) The council shall update the plan every biennium.
' (4) Each year, the council shall report to the Governor and
the Legislative Assembly about the plan.
' { + SECTION 5. + } ORS 284.720 is amended to read:
' 284.720. { + (1) + } There is created within the State
Treasury, separate and distinct from the General Fund, the Oregon
Innovation Fund. Interest earned by the Oregon Innovation Fund
shall be credited to the fund.
' { + (2) Moneys in the Oregon Innovation Fund shall consist
of:
' (a) Amounts donated to the fund;
' (b) Amounts appropriated or otherwise transferred to the fund
by the Legislative Assembly;
' (c) Investment earnings received on moneys in the fund; and
' (d) Other amounts deposited in the fund from any source.
' (3) + } Moneys in the fund are continuously appropriated to
the Oregon Innovation Council for the { - purpose - } { +
purposes + } of making grants and { + loans under section 10 of
this 2011 Act and + } entering into contracts to carry out the
recommendations included in the state plan developed under ORS
284.715.
' { + (4) The council may establish accounts and subaccounts
within the fund when the council determines that accounts or
subaccounts are necessary or desirable and may credit any
interest or income derived from moneys in the fund to any account
or subaccount in the fund.
' (5) The council may use moneys in the fund to pay the
administrative costs associated with the fund and with making
grants, loans and other distributions of moneys from the
fund. + }
' { + SECTION 6. + } ORS 284.725 is amended to read:
' 284.725. { + (1) + } There is created within the State
Treasury, separate and distinct from the General Fund, the Oregon
Commercialized Research Fund. Interest earned by the Oregon
Commercialized Research Fund shall be credited to the fund.
' { + (2) + } Moneys in the fund are continuously
appropriated to the Oregon Innovation Council for the purpose of
making grants and loans under ORS 284.735.
' { + (3) + } The council may accept moneys from any source
for deposit in the fund.
' { + (4) The council may use moneys in the fund to pay the
administrative costs associated with the fund and with making
grants, loans and other distributions of moneys from the
fund. + }
' { + SECTION 7. + } ORS 284.735 is amended to read:
' 284.735. (1) The Oregon Innovation Council may make grants
and loans from the Oregon Commercialized Research Fund to Oregon
{ - emerging - } { + growth + } businesses.
' (2) To qualify for a grant or loan under this section, an
Oregon { - emerging - } { + growth + } business must enter
into an agreement with one or more research institutions to carry
out proof of concept activities to:
' (a) Establish the commercial potential of research; and
' (b) Develop a business concept that can attract early stage
private investment, including angel capital and venture capital.
' (3) Proof of concept activities for which an Oregon
{ - emerging - } { + growth + } business may receive a grant
or loan under this section include:
' (a) The development of intellectual property;
' (b) The payment of salaries and related expenses for
commercialized research;
' (c) The acquisition of equipment and supplies required for
the proof of concept activities; { - and - }
' { + (d) Furthering innovation-based economic development;
and + }
' { - (d) - } { + (e) + } Other activities as defined by
rule of the council.
' (4) To receive a grant or loan, the Oregon { - emerging - }
{ + growth + } business or a research institution that has
entered into an agreement with the business must agree to provide
a cash match equivalent to:
' (a) 30 percent of the amount of the grant or loan for
businesses with fewer than 20 employees.
' (b) 50 percent of the amount of the grant or loan for
businesses with 20 or more but fewer than 50 employees.
' (c) 75 percent of the amount of the grant or loan for
businesses with 50 or more but fewer than 100 employees.
' (5)(a) The council shall award grant or loan moneys to an
Oregon { - emerging - } { + growth + } business in a
two-phase contract. Each phase of the contract shall have clearly
defined performance measures included in the contract between the
business and the council.
' (b) Under phase I of the contract, a business may be granted
or loaned an initial investment not to exceed $75,000. Phase I
shall also include an agreement that upon successful completion
of the performance measures for phase I, the business shall be
eligible for funding under phase II. The amount of grant or loan
moneys available to a business under both phases may not exceed
$200,000.
' (6) The council shall require any Oregon { - emerging - }
{ + growth + } business that receives a grant or loan under
this section and that moves more than 50 percent of the employees
of the business out of the state within two years after receiving
grant or loan moneys to repay the total amount of the grant or
loan moneys.
' (7) The council shall require an Oregon { - emerging - }
{ + growth + } business that receives a loan under this section
to repay the loan within five years after receiving the loan. The
council shall deposit any loan moneys received under this
subsection in the Oregon Commercialized Research Fund.
' (8) The council may award up to 15 percent of the amount of
moneys available in the fund for grants or loans:
' (a) To the Oregon University System for education of faculty
on issues related to developing effective technology transfer and
commercialized research processes; and
' (b) For other activities as defined by rule of the council.
' (9) The council may adopt rules to administer this section.
The council shall follow the advice of the Oregon Commercialized
Research Fund Advisory Council when adopting rules to administer
this section.
' { + SECTION 8. + } ORS 284.740 is amended to read:
' 284.740. (1) The Oregon Innovation Council { - shall - }
{ + may + } establish { - a - } { + one or more + }
signature research { - center - } { + centers + } to maximize
collaborative ventures among research institutions, { - the
federal government and private industry - } { + public entities
and Oregon growth businesses + } that will capitalize on
opportunities to obtain private and federal funding for the
research and development of { - nanoscience and microscience
products, technology and multiscale materials - } { +
innovation-based economic development + }.
' (2) The council may contract with { - a private,
not-for-profit corporation - } { + a nonprofit entity + }for
the administration of the { - center - } { + centers + }.
' { + (3) Signature research centers, Oregon growth
businesses and research institutions contracting to engage in
innovation-based economic development, to conduct research within
a signature research center or to engage in other business
endeavors, as defined by the Oregon Innovation Council by rule,
may receive grants and loans from moneys in the Oregon Innovation
Fund created under ORS 284.720 or the Oregon Commercialized
Research Fund created under ORS 284.725. + }
' { + SECTION 9. + } { + Sections 10 to 15 of this 2011 Act
are added to and made a part of ORS 284.701 to 284.740. + }
' { + SECTION 10. + } { + (1) Subject to the approval of the
Oregon Business Development Department, the Oregon Innovation
Council may make grants and loans from the Oregon Innovation Fund
created under ORS 284.720 to fund proposals that have as their
principal objectives:
' (a) The establishment of partnerships between and
collaborations with research institutions and Oregon growth
businesses for innovation-based economic development; or
' (b) The transfer of innovation-based economic development
technology to the private sector or the commercialization of
innovation-based economic development research and related
development in Oregon.
' (2)(a) To qualify for a grant or loan under subsection (1) of
this section, a proposal must be submitted to the Oregon
Innovation Council in the manner and with a fee as may be
prescribed by rule.
' (b) All proposals for funding under subsection (1) of this
section must establish return on investment criteria and
performance measures as prescribed by rule.
' (3) The Oregon Innovation Council shall make recommendations
to the department for rules to be adopted by the department to
administer the provisions of this section. + }
' { + SECTION 11. + } { + As used in sections 11 to 15 of
this 2011 Act, ' bond-related costs' means:
' (1) The costs and expenses of issuing and administering bonds
under sections 11 to 15 of this 2011 Act, including but not
limited to:
' (a) Paying or redeeming the bonds, including principal,
interest and premium, if any;
' (b) Paying amounts due in connection with credit enhancement
devices or reserve instruments;
' (c) Paying the administrative costs and expenses of the State
Treasurer, the Oregon Business Development Department and the
Oregon Innovation Council, including the cost of consultants,
attorneys and advisers retained by the State Treasurer, the
department or the council for the bonds; and
' (d) Any other costs or expenses that the State Treasurer, the
department or the council determines are necessary or desirable
in connection with issuing or administering the bonds;
' (2) The cost of funding bond reserves;
' (3) Capitalized interest for the bonds; and
' (4) Rebates or penalties due to the United States in
connection with the bonds. + }
' { + SECTION 12. + } { + (1)(a) The Oregon Innovation
Council, in consultation with the Oregon Business Development
Department, shall determine eligibility for revenue bond
financing of proposals for funding under section 10 of this 2011
Act pursuant to rules adopted by the council in consultation with
the department.
' (b) After determining that a proposal, grant or loan is
eligible for revenue bond financing under paragraph (a) of this
subsection, the department shall forward a request for the
issuance of revenue bonds to the State Treasurer.
' (2) The State Treasurer may issue revenue bonds subject to
the budget authorization for bond issuance established under ORS
286A.035 for the department and the council for the purpose of
financing or refinancing, in whole or part, grants and loans made
under section 10 of this 2011 Act, plus an additional amount to
be estimated by the State Treasurer for payment of bond-related
costs.
' (3) Net proceeds of the revenue bonds issued pursuant to this
section must be deposited in the Oregon Innovation Bond Fund
established under section 13 of this 2011 Act for disbursement to
the council to finance the making of grants and loans under
section 10 of this 2011 Act.
' (4) Bond-related costs must be paid from the gross proceeds
of the revenue bonds issued under this section and from moneys
deposited in an account or subaccount of the Oregon Innovation
Fund that has been established by the council specifically for
this purpose.
' (5) The department and the council, with the approval of the
State Treasurer, may irrevocably pledge and assign all or a
portion of the moneys deposited in an account or subaccount of
the Oregon Innovation Fund that has been established by the
council specifically for the purpose of securing revenue bonds
issued under this section or credit enhancements obtained for the
revenue bonds issued under this section.
' (6) Revenue bonds issued under this section:
' (a) Are payable from the moneys deposited in an account or
subaccount of the Oregon Innovation Fund that has been
established by the council specifically for the purpose of making
payments on revenue bonds issued under this section.
' (b) Do not constitute a debt or general obligation of the
state, the Legislative Assembly or a political subdivision of
this state but are secured solely by:
' (A) The moneys deposited in an account or subaccount of the
Oregon Innovation Fund that has been established by the council
specifically for the purpose of making payments on revenue bonds
issued under this section;
' (B) Amounts in a debt service reserve account established
with respect to revenue bonds issued under this section; or
' (C) A credit enhancement obtained for the revenue bonds
issued under this section.
' (7) The State Treasurer, the department and the council have
no obligation to pay bond-related costs except as provided in
this section. A holder of revenue bonds or other similar
obligations issued under this section does not have the right to
compel the exercise of the taxing power of the state to pay
bond-related costs.
' (8) The holders of revenue bonds issued under this section,
upon the issuance of the revenue bonds, have a perfected lien on
the moneys deposited in an account or subaccount of the Oregon
Innovation Fund that has been established by the council
specifically for the purpose of securing and making payments on
revenue bonds issued under this section or credit enhancements
obtained for the revenue bonds issued under this section. The
lien and pledge are valid and binding from the date of issuance
of the revenue bonds and are automatically perfected without
physical delivery, filing or other act. The lien and pledge are
superior to subsequent claims or liens on the moneys deposited in
the Oregon Innovation Fund.
' (9) As long as any revenue bonds issued under this section
are outstanding, the provisions of this section and the
provisions of a security document related to the revenue bonds
are deemed to be contracts between the state and holders of the
revenue bonds. The state:
' (a) May not create a lien, encumbrance or any other
obligation that is superior to the liens authorized by subsection
(8) of this section on the moneys in the Oregon Innovation Fund
that are pledged and assigned to the payment of the revenue
bonds; and
' (b) May not give force or effect to a statute or initiative
or referendum measure approved by the electors of this state if
doing so would unconstitutionally impair existing covenants made
with the holders of existing revenue bonds or would
unconstitutionally impair other obligations or agreements
regarding the security of revenue bonds to which the moneys
deposited in the Oregon Innovation Fund are pledged and assigned.
' (10) The council is authorized to establish separate accounts
or subaccounts within the Oregon Innovation Fund for separate
bond issues.
' (11) The council may:
' (a) Make all contracts, execute all instruments and do all
things necessary or convenient in the exercise of the powers
granted by this section, in the performance of its covenants or
duties, or in order to secure the payment of revenue bonds issued
under this section; and
' (b) Enter into covenants for the benefit of bond holders
regarding the use and expenditure of moneys in the Oregon
Innovation Fund.
' (12) The State Treasurer, the department or the council may
appoint bond counsel as prescribed in ORS 286A.130. + }
' { + SECTION 13. + } { + (1) The Oregon Innovation Bond
Fund is established in the State Treasury, separate and distinct
from the General Fund. The net proceeds from the sale of revenue
bonds issued under section 12 of this 2011 Act must be credited
to the Oregon Innovation Bond Fund. Investment earnings received
on moneys in the fund must be credited to the fund.
' (2) Moneys in the fund are continuously appropriated to the
Oregon Innovation Council for the purpose of making grants and
loans under section 10 of this 2011 Act. + }
' { + SECTION 14. + } { + (1) The Oregon Innovation Debt
Service Fund is established in the State Treasury, separate and
distinct from the General Fund. The Oregon Innovation Debt
Service Fund consists of:
' (a) An amount from the moneys deposited in the Oregon
Innovation Fund credited to the Oregon Innovation Debt Service
Fund by the State Treasurer that is necessary in a fiscal year,
as determined by the Oregon Innovation Council, in consultation
with the Oregon Business Development Department and the State
Treasurer, to pay the bond-related costs scheduled to be paid in
that fiscal year on the revenue bonds issued under section 12 of
this 2011 Act;
' (b) Any funds appropriated or allocated to the Oregon
Innovation Debt Service Fund; and
' (c) Investment earnings received on moneys in the Oregon
Innovation Debt Service Fund.
' (2) Moneys in the Oregon Innovation Debt Service Fund are
continuously appropriated to the Oregon Innovation Council to
pay, when due, the bond-related costs on outstanding revenue
bonds, to fund revenue bond reserves and to pay amounts due in
connection with credit enhancements.
' (3) The council, in consultation with the department and the
State Treasurer, shall use amounts in the Oregon Innovation Debt
Service Fund to pay, when due, the bond-related costs on
outstanding revenue bonds, to fund revenue bond reserves and to
pay amounts due in connection with credit enhancements.
' (4) If the moneys deposited in the Oregon Innovation Fund are
not sufficient to pay the bond-related costs due to be paid in a
fiscal year, the council, in consultation with the department and
the State Treasurer, shall make payments in that fiscal year
according to the relative priority of revenue bonds secured by
the moneys deposited in the Oregon Innovation Fund. + }
' { + SECTION 15. + } { + (1) The Oregon Innovation Bond
Administration Fund is established in the State Treasury,
separate and distinct from the General Fund. The Oregon
Innovation Bond Administration Fund consists of:
' (a) The amount of revenue bond proceeds remaining after
depositing the net proceeds in the Oregon Innovation Bond Fund
pursuant to section 13 of this 2011 Act;
' (b) The proceeds of revenue bonds issued to pay bond-related
costs;
' (c) Any funds appropriated or allocated to the Oregon
Innovation Bond Administration Fund; and
' (d) Investment earnings received on moneys in the Oregon
Innovation Bond Administration Fund.
' (2) Moneys in the Oregon Innovation Bond Administration Fund
are continuously appropriated to the Oregon Innovation Council
for paying bond-related costs during the term of revenue bonds
issued under section 12 of this 2011 Act.
' (3) The council, in consultation with the Oregon Business
Development Department and the State Treasurer, may use amounts
in the Oregon Innovation Bond Administration Fund to pay
bond-related costs during the term of revenue bonds issued under
section 12 of this 2011 Act. Amounts in the fund must be
disbursed upon the written request of the council in consultation
with the department. + }
' { + SECTION 16. + } { + This 2011 Act being necessary for
the immediate preservation of the public peace, health and
safety, an emergency is declared to exist, and this 2011 Act
takes effect on its passage. + } ' .
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